Exhibit 99.1

GRUPO FINANCIERO GALICIA S.A. REPORTS FINANCIAL RESULTS FOR

THE FIRST QUARTER THAT ENDED ON MARCH 31, 2019

Buenos Aires, Argentina, May 9, 2019 – Grupo Financiero Galicia S.A. (BYMA /NASDAQ: GGAL) announced its financial results for the first quarter that ended on March 31, 2019 (“the quarter”).

HIGHLIGHTS

Ø Comprehensive income attributable to Grupo Financiero Galicia for the first quarter amounted to Ps.8,828 million, 195% higher than the Ps.2,991 million recorded in the same quarter of the prior year. Net income attributable to Grupo Financiero Galicia for the quarter reached Ps.9,037 million, 201% higher than the Ps.3,005 million recorded in the first quarter of 2018. Net income excluding the sale and the valuation of Prisma Medios de Pago S.A. would have been Ps.6,103 million, increasing Ps.3,098 million (103%) as compared with the first quarter of 2018. The profit per share for the quarter amounted to Ps.6.33, compared to Ps.2.11 per share for the same quarter of the 2018 fiscal year.

Ø The results of the quarter were mainly attributable to the income derived from Grupo Financiero Galicia’s interest in Banco de Galicia y Buenos Aires S.A.U. (or “Banco Galicia”), for Ps.7,839 million, in Tarjetas Regionales S.A., for Ps.867 million, in Sudamericana Holding S.A., for Ps.195 million, and in Galicia Administradora de Fondos S.A. (or “GAF”), for Ps.77 million, increased by a net operating income of Ps.50 million and partially offset by personnel and administrative expenses of Ps.25 million.

Ø Banco Galicia’s market share of loans to the private sector was 10.91% and that for deposits from the private sector was 11.47%, increasing 141 bp and 181 bp respectively, as compared to March 31, 2018.

Conference Call:

May 10, 2019, 11:00 am Eastern Time (12:00 Buenos Aires Time)

Call-in number: +1 323-994-2082

Conference ID: 6115890

For more information contact:

José Luis Ronsini - CFO

Pablo Firvida - IRO

Tel.: (5411) 6329-4881

inversores@gfgsa.com

www.gfgsa.com

1

CONSOLIDATED INFORMATION

Consolidated Financial Statement	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Financial Information
Assets		622,519		565,246		325,868		10		91
Net loans and other financing		301,477		286,953		208,616		5		45
Deposits		407,769		360,097		198,364		13		106
Shareholders’ equity attributable to Grupo Financiero Galicia		63,709		54,878		44,708		16		43
Shares outstanding (in thousands of shares) (1)		1,426,765		1,426,765		1,426,765		-		-
Book value per share (in pesos)		44.65		38.46		31.33		16 bp		43 bp
Net income attributable to Grupo Financiero Galicia		9,037		4,428		3,005		104		201
Net income per share (in pesos)		6.33		3.10		2.11		104 bp		200 bp

(1) 10 ordinary shares = 1 ADS.

Selected Ratios	2019				2018				Variation (bp)
Percentages, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Return (1) on average assets (2)		5.89		3.24		3.74		82		57
Return (1) on average shareholders´ equity (2)		62.39		33.43		28.23		87		121
Financial Margin (2) (3)		18.35		14.66		13.17		25		39
Efficiency ratio (4)		26.72		51.75		53.83		(48)		(50)
Total capital ratio (5)		15.33		15.11		14.57		1		5
Non-performing loans / Private sector loans		5.15		3.51		3.26		47		58
Allowance for loan losses / Private sector loans		5.14		3.88		3.40		32		51
Allowance for loan losses / Non-accrual loans		99.80		110.59		104.46		(10)		(4)
Cost of risk (2)		7.89		4.74		3.14		66		151

(1) Net income attributable to Grupo Financiero Galicia.

(2) Annualized.

(3) Net interest income plus net fee income plus net result from financial instruments plus foreign currency quotation differences plus insurance premiums earned plus certain items included in other operating income and expenses, divided by the average balance of interest-earning assets.

(4) Personnel expenses plus administrative expenses plus depreciation and devaluations of assets, divided by net interest income plus net fee income plus net result from financial instruments plus foreign currency quotation differences plus insurance premiums earned plus certain items included in other operating income.

(5) Banco Galicia consolidated with Tarjetas Regionales.

Market Indicators	2019				2018		Variation
In pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Market price										(bp)
Shares – BYMA		110.70		103.30		131.30		740		(2,060)
ADS – NASDAQ (in US$)		25.52		27.57		65.76		(205)		(4,024)
Price BYMA / book value		2.48		2.69		4.19		(21)		(171)
Average daily volume (in thousands of shares)									(%)
BYMA		1,260		1,238		682		2		(100)
NASDAQ (1)		9,494		9,164		4,620		4		105
Market share (%)									(bp)
Banco Galicia
Loans to the private sector		10.91		10.51		9.50		40		141
Deposits from the private sector		11.47		11.08		9.66		39		181
Galicia Administradora de Fondos S.A.		10.82		10.08		13.30		74		(248)

(1) Expressed in equivalent shares: 10 ordinary shares = 1 ADS.

2

GRUPO FINANCIERO GALICIA

RESULTS FOR THE QUARTER

Income Statement	2019				2018				Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Results from Equity Investments		9,038		4,368		2,976		107		204
Banco de Galicia y Buenos Aires S.A.U.		7,839		4,208		1,962		86		300
Tarjetas Regionales S.A. (1)		867		(22)		699		(4,041)		24
Galicia Administradora de Fondos S.A.		77		44		160		75		(52)
Sudamericana Holding S.A.		195		140		146		39		34
Other subsidiaries (2)		60		(2)		9		(3,100)		567
Net operating income		50		105		71		(52)		(30)
Administrative expenses		(25)		(15)		(30)		67		(17)
Other operating income and expenses		-		(5)		2		N/A		N/A
Income tax		(26)		(25)		(14)		4		86
Net income attributable to Grupo Financiero Galicia		9,037		4,428		3,005		104		201
Other comprehensive income		(209)		4		(14)		(5,325)		1,393
Comprehensive income attributable to Grupo Financiero Galicia		8,828		4,432		2,991		99		195

(1) 83% since January 1, 2018 (77% from the split-merger agreement with Banco Galicia and 6% from the acquisition of a minority interest).

(2) Includes the result from the interest in Galicia Warrants S.A. (87.5%) and Galicia Valores S.A. (1%).

Net income attributable to Grupo Financiero Galicia for the quarter amounted to Ps.9,037 million, which represented a 5.89% annualized return on average assets and a 62.39% return on average shareholders’ equity.

This result was mainly due to profits from Grupo Financiero Galicia’s interest in Banco Galicia, for Ps.7,839 million, in Tarjetas Regionales S.A., for Ps.867 million, in Sudamericana Holding S.A., for Ps.195 million, and in Galicia Administradora de Fondos S.A., for Ps.77 million.

3

SELECTED FINANCIAL INFORMATION - CONSOLIDATED

Balance Sheet	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Assets
Cash and due from banks		131,824		143,309		46,441		(8)		184
Debt securities		108,810		75,989		31,373		43		247
Net loans and other financing		301,477		286,953		208,616		5		45
Other financial assets		57,681		38,312		23,790		51		142
Equity investments in subsidiaries, associates and joint businesses		-		-		47		N/A		N/A
Property, bank premises, equipment		14,048		10,885		9,901		29		42
Intangible assets		4,254		3,744		1,077		14		295
Other assets		4,219		5,650		4,395		(25)		(4)
Assets available for sale (1)		206		404		228		(49)		(10)
Total assets		622,519		565,246		325,868		10		91
Liabilities
Deposits		407,769		360,097		198,364		13		106
Financing from financial entities		14,627		19,446		11,292		(25)		30
Other financial liabilities		67,701		69,165		37,141		(2)		82
Notes		35,581		29,984		14,379		19		147
Subordinated notes		10,983		9,768		5,079		12		116
Other liabilities		20,251		20,187		13,331		-		52
Total liabilities		556,912		508,647		279,586		9		99
Shareholders’ equity attributable to third parties		1,898		1,721		1,574		10		21
Shareholders’ equity attributable to Grupo Financiero Galicia		63,709		54,878		44,708		16		43
Shareholders’ equity		65,607		56,599		46,282		16		42

(1) Information for 2018 includes the interest in Prisma Medios de Pago S.A..

Income Statement	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Net interest income		4,209		6,667		6,170		(37)		(32)
Interest income		21,982		22,760		11,059		(3)		99
Interest related expenses		(17,773)		(16,093)		(4,889)		10		264
Net fee income		6,012		5,246		3,916		15		54
Fee income		6,761		6,038		4,477		12		51
Fee related expenses		(749)		(792)		(561)		(5)		34
Net results from financial instruments		15,719		6,239		1,847		152		751
Gold and foreign currency quotation differences		(48)		1,619		775		(103)		(106)
Other operating income		6,510		2,181		1,423		198		357
Underwriting income from insurance business		672		507		642		33		5
Loan loss provisions		(7,561)		(3,489)		(1,622)		117		366
Net operating income		25,513		18,970		13,151		34		94
Personnel expenses		(4,063)		(4,291)		(3,095)		(5)		31
Administrative expenses		(4,065)		(4,345)		(2,925)		(6)		39
Depreciations and devaluations of assets		(569)		(353)		(257)		61		121
Other operating expenses		(4,260)		(3,619)		(2,398)		18		78
Operating income		12,556		6,362		4,476		97		181
Income tax		(3,341)		(1,939)		(1,380)		72		142
Net income		9,215		4,423		3,148		108		193
Net income attributable to third parties		178		(5)		143		(3,660)		24
Net income attributable to Grupo Financiero Galicia		9,037		4,428		3,005		104		201
Other comprehensive income (1)		(209)		4		(14)		(5,325)		1,393
Total comprehensive income		9,006		4,427		3,134		103		187
Comprehensive income attributable to third parties		178		(5)		143		(3,660)		24
Comprehensive income attributable to Grupo Financiero Galicia		8,828		4,432		2,991		99		195

(1) Net of income tax.

4

Additional Information	2019								2018
(Number of, except otherwise noted)	1Q		4Q		3Q		2Q		1Q
Employees		9,926		10,209		10,455		10,574		10,581
Banco Galicia		6,205		6,294		6,457		6,478		6,393
Tarjetas Regionales		3,301		3,488		3,564		3,657		3,760
Galicia Administradora de Fondos		24		22		21		19		19
Sudamericana Holding		380		381		386		391		381
Other companies		16		24		27		29		28
Branches and other points of sales		558		560		556		558		564
Banco Galicia		325		325		319		309		308
Tarjetas Regionales		233		238		237		249		256
Deposit Accounts at Banco Galicia (in thousands)		4,781		4,760		4,637		4,505		4,348
Credit Cards (in thousands)		14,185		13,916		14,286		14,205		13,391
Banco Galicia		5,501		5,098		5,029		4,953		4,222
Tarjetas Regionales		8,684		8,818		9,257		9,252		9,169
GAF’ assets under management (millions of pesos)		80,910		60,404		58,115		72,922		91,609
Inflation, exchange rate and interest rates
Consumer price index (IPC) (%)		11.78		11.50		14.10		8.80		6.70
Wholesale price index (IPIM) (%)		8.22		4.50		27.50		16.60		11.80
Acquisition value unit (UVA)		9.37		31.06		26.73		24.31		22.61
Exchange rate (Ps./US$) (1)		43.35		37.81		40.90		28.86		20.14
Badlar (quarterly averages) (2)		41.83		50.21		37.08		27.31		22.86

(1) References foreign currency exchange rate in accordance with Communiqué “A” 3500 from the Argentine Central Bank, as of the last working day of the quarter.

(2) Private banks’ 30-day time deposits rate for amounts over Ps.1 million.

5

BANCO GALICIA

HIGHLIGHTS

Ø Net income for the first quarter amounted to Ps.7,839 million, Ps.5,877 million (300%) higher than in the same quarter of the 2018 fiscal year, mainly due to an increase of net operating income (131%). Net income excluding the sale and the valuation of Prisma Medios de Pago S.A. (or “Prisma”) would have been Ps.4,905 million, increasing Ps.2,943 million (150%) as compared with the first quarter of 2018.

Ø Net operating income amounted to Ps.20,166 million, Ps.11,437 million higher than in the first quarter of 2018, mainly as a consequence of the growth of net income from financial instruments and of other operating income, partially offset by higher loan-loss provisions. The increase in net income from financial instruments was due the growth of the portfolio and the higher yield on Argentine Central Bank paper and to the valuation of Banco Galicia’s interest in Prisma. The increase in other operating income is related to profits from the sale of Prisma. The higher loan-loss provisions were due to the evolution of credits in arrears of the consumer portfolio and to higher regulatory provisions on the portfolio in normal situation as a consequence of the increase in the volume of credit and to a provision recorded in accordance with Argentine Central Bank requirements related to the financed portion of the sale price of Prisma.

Ø The credit exposure to the private sector reached Ps.309,429 million, up 56% from Ps. 198,302 million recorded in the first quarter of 2018, and deposits reached Ps.410,170 million, up 107% from Ps.198,479 million. As of March 31, 2019, Banco Galicia’s estimated market share of loans to the private sector was 10.91% while its estimated market share of deposits from the private sector was 11.47%.

Ø The non-accrual loan portfolio represented 3.95% of total loans to the private sector, recording an increase of 164 basis points (“bp”) from the 2.31% recorded at the end of the same quarter of the 2018 fiscal year, while its coverage with allowances for loan losses reached 104.13%.

Ø As of the end of the quarter, the minimum capital requirement amounted to Ps.30,411 million (up Ps.8,984 million or 42%), and the computable capital was Ps.56,132 million (up Ps.19,320 million or 52%). The excess over the capital requirement amounted to Ps.25,721 million, and the total capital ratio was 15.19%.

INFORMATION DISCLOSURE

The data shown in this report and the consolidated financial statements correspond to Banco de Galicia y Buenos Aires S.A.U. consolidated, except where otherwise noted.

6

RESULTS FOR THE QUARTER

Income Statement	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Net interest income		1,838		4,623		4,155		(60)		(56)
Net fee income		3,350		2,978		2,119		12		58
Net results from financial instruments		15,286		6,026		1,643		154		830
Gold and foreign currency quotation differences		(57)		1,678		745		(103)		(108)
Other operating income		5,892		1,561		1,030		277		472
Loan-loss provisions		(6,143)		(2,055)		(963)		199		538
Net operating income		20,166		14,811		8,729		36		131
Personnel expenses		(2,903)		(2,916)		(2,123)		-		37
Administrative expenses		(2,514)		(2,522)		(1,768)		-		42
Depreciations and devaluations of assets		(418)		(249)		(186)		68		125
Other operating expenses		(3,462)		(3,094)		(1,944)		12		78
Operating income		10,869		6,030		2,708		80		301
Results from associates and joint businesses		32		24		33		33		(3)
Income tax		(3,062)		(1,846)		(830)		66		269
Results from discontinued activities (1) (2)		-		-		51		N/A		N/A
Net income		7,839		4,208		1,962		86		300
Other comprehensive income (1)		(211)		3		(3)		(7,133)		6,933
Total comprehensive income		7,628		4,211		1,959		81		289
(1) Net of income tax. (2) Corresponds to the sale of Banco Galicia’s interest in Compañía Financiera Argentina S.A. (CFA) and in Cobranzas y Servicios S.A.
Profitability and Efficiency	2019				2018		Variation (bp)
Percentages, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Return (1) on average assets		6.13		3.68		2.91		245		322
Return (1) on average shareholders´ equity		70.27		39.99		23.06		3,028		4,721
Financial margin (1) (2)		19.26		13.48		11.69		578		757
Efficiency ratio (3)		29.35		41.88		52.44		(1,253)		(2,309)

(1) Annualized.

(2) Net interest income plus net fee income plus net result from financial instruments plus foreign currency quotation differences plus certain items included in other operating income, divided by average interest-earning assets.

(3) Personnel expenses plus administrative expenses plus depreciation and devaluations of assets, divided by net interest income plus net fee income plus net result from financial instruments plus foreign currency quotation differences plus insurance premiums earned plus certain items included in other operating income.

In the first quarter of the 2019 fiscal year a Ps.7,839 million net income attributable to Banco Galicia was recorded, Ps.5,877 million (300%) higher than the Ps.1,962 million for the same quarter of the previous year, as a result of a Ps.11,437 million (131%) higher net operating income, mainly due to the Ps.13,643 million growth of the net income from financial instruments and to the Ps.4,862 million growth of other operating income, partially offset by Ps.5,180 million higher in loan-loss provisions.

7

Net Interest Income	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Interest income		17,825		18,840		8,398		(5)		112
Private sector securities		41		34		47		21		(13)
Public sector securities (1)		677		576		-		18		N/A
Loans and other financing		16,883		18,183		8,287		(7)		104
Financial sector		447		621		204		(28)		119
Non-financial private sector		16,436		17,562		8,083		(6)		103
Overdrafts		2,097		3,052		944		(31)		122
Promissory notes		2,950		3,193		1,858		(8)		59
Mortgage loans		1,933		2,568		475		(25)		307
Pledge loans		50		71		68		(30)		(26)
Personal loans		2,211		2,119		1,611		4		37
Credit-card loans		5,756		5,269		2,677		9		115
Financial leases		120		171		97		(30)		24
Other		1,319		1,119		353		18		274
Other interest-earning assets		224		47		64		377		250
Interest expenses		(15,987)		(14,217)		(4,243)		12		277
Deposits from the non-financial private sector		(13,963)		(12,309)		(3,629)		13		285
Saving accounts		(1)		(1)		(1)		-		-
Time deposits and term investments		(12,794)		(10,626)		(3,404)		20		276
Other		(1,168)		(1,682)		(224)		(31)		421
Financing from financial institutions		(405)		(356)		(149)		14		172
Repurchase agreement transactions		(171)		(22)		(24)		677		613
Other interest-bearing liabilities		(1,237)		(195)		(62)		534		1,895
Notes		(211)		(1,335)		(379)		(84)		(44)
Net interest income		1,838		4,623		4,155		(60)		(56)

(1) Corresponds to interest on Bote 2020.

Net interest income for the quarter amounted to Ps.1,838 million, with a Ps.2,317 million (56%) decrease compared to the Ps.4,155 million profit from the same quarter of 2018. This decrease was primarily a consequence of a Ps.9,390 million (276%) higher interest on time deposits and term investments.

Yields and Rates (1)	2019								2018								Variation (% / bp)
Average balances: in millions of pesos	1Q						4Q				1Q				vs 4Q18				vs 1Q18
Yields and rates: annualized nominal %	Av. B.		Int.		Av. B.		Int.		Av. B.		Int.		Av. B.		Int.		Av. B.		Int.
Interest-earning assets		344,312		37.47		287,490		35.47		200,103		20.41		20		200		72		1,706
In pesos		239,788		51.51		194,081		49.70		146,250		26.52		24		181		64		2,499
Government securities		98,642		52.03		49,073		57.71		24,848		25.39		101		(568)		297		2,664
Loans		136,160		44.74		141,109		46.74		117,113		26.61		(4)		(200)		16		1,813
Other interest-earning assets		4,986		225.99		3,900		56.21		4,289		30.59		28		16,978		16		19,540
In foreign currency		104,524		5.28		93,409		5.90		53,853		3.81		12		(62)		94		147
Government securities		3,607		(32.49)		2,627		(1.07)		7,609		3.31		37		(3,142)		(53)		(3,580)
Loans		93,903		5.78		88,812		6.07		45,450		3.89		6		(29)		107		189
Other interest-earning assets		7,014		18.08		1,970		7.51		794		4.03		256		1,057		783		1,405
Interest-bearing liabilities		339,594		18.79		296,389		19.22		168,580		10.06		15		(43)		101		873
In pesos		176,503		34.90		144,635		38.03		97,329		16.60		22		(313)		81		1,830
Saving accounts		30,886		0.96		27,358		1.46		28,245		0.42		13		(50)		9		54
Time deposits		130,944		42.34		103,448		47.02		62,036		22.96		27		(468)		111		1,938
Debt securities		10,404		35.83		10,503		42.31		4,357		25.43		(1)		(648)		139		1,040
Other interest-bearing liabilities		4,269		49.94		3,326		45.82		2,691		25.27		28		412		59		2,467
In foreign currency		163,091		1.34		151,754		1.29		71,251		1.13		7		5		129		21
Saving accounts		103,938		-		90,227		-		47,441		-		15		-		119		-
Time deposits		28,645		0.54		33,926		0.61		12,033		1.23		(16)		(7)		138		(69)
Debt securities		14,974		7.51		12,910		7.56		4,886		8.35		16		(5)		206		(84)
Other interest-bearing liabilities		15,534		5.87		14,692		5.25		6,891		3.66		6		62		125		221

(1) Does not include foreign currency quotation differences. Annual nominal interest rates were calculated using a 360-day denominator.

8

The average interest-earning assets amounted to Ps.344,312 million, growing Ps.144,209 million (72%) as compared to the first quarter of the previous fiscal year, primarily as a consequence of the Ps.73,794 million (297%) increase in the average portfolio of peso-denominated government securities and of Ps.48,453 million (107%) in the average balance of loans to the private sector, due to the evolution of the exchange rate.

Interest-bearing liabilities reached Ps.339,594 million, increasing Ps.171,014 million (101%) during the same period, primarily due to a Ps.68,908 million (111%) increase in peso-denominated time deposits and to a Ps.56,497 million (119%) increase in the average balances of dollar-denominated saving accounts as a consequence of the evolution of the exchange rate.

The average yield on interest-earning assets for the first quarter of the 2019 fiscal year was 37.47%, with a 1,706 bp increase compared to the same quarter of the prior year, mainly due to an increase of 2,664 bp in the average yield on peso-denominated government securities, and of 1,813 bp in the average interest rate on peso-denominated loans. Likewise, the average cost of interest-bearing liabilities was 18.79%, with an 873 bp increase compared to the first quarter of the prior year mainly due to the 1,938 bp increase in the average interest rate on peso-denominated time deposits and to the 1,040 bp increase in the average interest rate on debt securities.

Net Fee Income	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Credit cards		1,547		1,576		1,154		(2)		34
Deposit accounts		1,046		847		569		23		84
Insurance		182		163		149		12		22
Financial fees		70		58		57		21		23
Credit-related fees		83		27		15		207		453
Foreign trade		260		248		146		5		78
Collections		202		176		121		15		67
Utility-bills collection services		282		228		136		24		107
Mutual funds		163		125		42		30		288
Other		221		233		174		(5)		27
Total fee income		4,056		3,681		2,563		10		58
Total expenditures		(706)		(703)		(444)		-		59
Net fee income		3,350		2,978		2,119		12		58

Net fee income amounted to Ps.3,350 million, up 58% from the Ps.2,119 million recorded in the first quarter of the previous fiscal year. The increases of fees which stood out were those related to deposit accounts (Ps.477 million or 84%) and to and to credit cards (Ps.393 million or 34%).

Net Income from Financial Instruments	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Government securities		12,163		6,482		1,619		88		651
Argentine Central Bank		11,622		6,113		1,151		90		910
Other		541		369		468		47		16
Private sector securities		2,346		174		127		1,248		1,747
Derivative financial instruments		777		(630)		(103)		(223)		(854)
Forward transactions		795		(546)		(103)		(246)		(872)
Interest-rate swaps		(18)		(84)		-		(79)		N/A
Net income from financial instruments		15,286		6,026		1,643		154		830

9

Net income from financial instruments for the quarter amounted to Ps.15,286 million, up Ps.13,643 million from the Ps.1,643 million recorded in the same quarter of 2018, as a consequence of the increase in results from government securities, due to a higher holding of Argentine Central Bank paper (Leliq), and from private sector securities, as a consequence of changes in exposition and valuation criteria of Banco Galicia’s interest in Prisma.

During the quarter a Ps.57 million loss from gold and foreign currency quotation differences was recorded, compared to a Ps.745 million profit from the same quarter of 2018. This result includes a Ps. 1,693 million profit from foreign-currency trading.

Other Operating Income	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Other financial income / (losses) (1) (2)		75		(73)		46		(203)		63
Fees from bundles of products (1)		734		642		517		14		42
Rental of safe deposit boxes (1)		120		120		91		-		32
Other fee income (1)		136		130		85		5		60
Other adjustments and interest on miscellaneous receivables		569		412		193		38		195
Other		4,258		330		98		1,190		4,245
Total other operating income		5,892		1,561		1,030		277		472

(1) Item included for calculating the efficiency ratio.

(2) Item included for calculating the financial margin.

Other operating income for the quarter reached Ps.5,892 million, increasing Ps.4,862 million from the Ps.1,030 million profit recorded in the first quarter of 2018, as a result of the sale of 51% of Banco Galicia’s interest in Prisma.

Provisions for loan losses for the first quarter of the 2019 fiscal year amounted to Ps.6,143 million, Ps.5,180 million higher than those recorded in the same quarter of the prior year, due to the evolution of credits in arrears of the consumer portfolio and to higher regulatory provisions on the portfolio in normal situation as a consequence of the increase in the volume of credit. In addition, in accordance to Argentine Central Bank requirements, a provision of 100% of the financed portion of the sale price of Prisma was recorded.

Personnel expenses amounted to Ps.2,903 million, increasing 37% from the same quarter of 2018, mainly due to salary increase agreements with the union.

Administrative Expenses	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Fees and compensations for services		85		168		98		(49)		(13)
Fees to directors and syndics		8		9		5		(11)		60
Publicity, promotion and research expenses		155		167		130		(7)		19
Taxes		607		492		363		23		67
Maintenance		273		342		173		(20)		58
Electricity and communications		262		185		110		42		138
Stationery and office supplies		32		30		21		7		52
Rentals		-		144		83		N/A		N/A
Hired administrative services		449		303		216		48		108
Security		97		123		105		(21)		(8)
Insurance		27		18		14		50		93
Other		519		541		449		(4)		16
Total administrative expenses		2,514		2,522		1,767		-		42

10

Administrative expenses for the quarter totaled Ps.2,514 million, up 42% in the same period, as a consequence of higher taxes, for Ps.244 million (67%) and to higher hired administrative services, for Ps.233 million (108%) as compared with the first quarter of 2018.

Other Operating Expenses	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Contribution to the Deposit Insurance Fund (1) (2)		153		143		82		7		87
Other financial expenses (1) (2)		292		222		2		32		14,500
Turnover tax (1)		1,825		1,779		1,043		3		75
On operating income (2)		1,254		1,228		738		2		70
On fees		367		487		269		(25)		36
On other items		204		64		36		219		467
Other fee-related expenditures (2)		911		808		537		13		70
Other		281		142		280		98		-
Total other operating expenses		3,462		3,094		1,944		12		78

(1) Item included for calculating the efficiency ratio.

(2) Item included for calculating the financial margin.

Other operating expenses reached Ps.3,462 million, increasing Ps.1,518 million (78%) from the Ps.1,944 million recorded in the first quarter of 2018.

The income tax charge was Ps.3,062 million, Ps.2,232 million higher than in the first quarter of 2018.

SELECTED FINANCIAL INFORMATION

Balance Sheet	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Assets
Cash and due from banks		130,542		142,049		45,843		(8)		185
Debt securities		109,013		75,974		29,463		43		270
Net loans and other financing		256,404		243,276		173,743		5		48
Other financial assets		53,533		33,135		20,323		62		163
Equity investments in subsidiaries, associates and joint businesses		216		203		226		6		(4)
Property, bank premises, equipment		12,369		9,869		9,076		25		36
Intangible assets		3,720		3,260		715		14		420
Other assets		1,474		842		2,511		75		(41)
Assets available for sale (1)		206		404		229		(49)		(10)
Total assets		567,477		509,012		282,129		11		101
Liabilities
Deposits		410,170		361,302		198,479		14		107
Financing from financial entities		14,244		17,491		10,193		(19)		40
Other financial liabilities		45,134		47,484		20,517		(5)		120
Notes		19,624		15,528		4,481		26		338
Subordinated Notes		10,983		9,768		5,079		12		116
Other liabilities		15,720		13,468		8,922		17		76
Total liabilities		515,875		465,041		247,671		11		108
Shareholders’ equity		51,602		43,971		34,458		17		50
Foreign currency assets and liabilities
Assets		214,276		200,001		89,629		7		139
Liabilities		229,661		200,421		92,371		15		149
Net forward purchases/(sales) of foreign currency (2)		13,866		102		2,052		13,494		576
Net global position in foreign currency		(1,519)		(318)		(690)		378		120

(1) Information for 2018 includes the interest in Prisma Medios de Pago S.A.

(2) Recorded off-balance sheet.

11

LEVEL OF ACTIVITY

Financing to the Private Sector(1)	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
In pesos		170,766		170,640		144,065		-		19
Loans		129,715		131,792		119,564		(2)		8
UVA-adjusted loans		19,843		17,438		7,398		14		168
Financial leases		1,207		1,361		1,528		(11)		(21)
Debt securities		452		411		680		10		(34)
Other financing (2)		19,549		19,638		14,895		-		31
In foreign currency		138,663		117,251		54,237		18		156
Loans		109,802		93,773		46,595		17		136
Financial leases		1,167		1,013		390		15		199
Debt securities		4,601		4,293		2,493		7		85
Other financing (2)		23,093		18,172		4,759		27		385
Total financing to the private sector		309,429		287,891		198,302		7		56

(1) Includes IFRS adjustment.

(2) Includes certain off-balance sheet accounts related to guarantees granted.

As of March 31, 2019, the total financing to the private sector reached Ps.309,429 million, with a 56% increase from a year before, mainly as a consequence of the growth of the loan portfolio, both of foreign-currency loans (136%) and of UVA-adjusted loans (168%). Dollar-denominated loans measured in dollars increased 10% from the same quarter of 2018.

Market Share (1)	2019				2018		Variation (bp)
Percentages, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Total loans		10.94		10.62		9.45		40		149
Loans to the private sector		10.91		10.51		9.50		40		141

(1) According to the daily information on loans published by the Argentine Central Bank. Only principal as of the last day of each quarter.

Banco Galicia’s market share of loans to the private sector as of March 31, 2019, was 10.91%, increasing 141 bp from March 31, 2018.

12

Break down of loans and other financing	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Financial entities		7,729		7,943		4,597		(3)		68
Loans		7,728		7,942		4,591		(3)		68
Other financing		1		1		6		-		(83)
Non-financial private sector and residents abroad		259,449		242,691		173,570		7		49
Loans		251,632		235,061		168,966		7		49
Overdrafts		12,891		14,430		11,826		(11)		9
Promissory notes		35,269		36,101		34,144		(2)		3
Mortgage loans		11,954		11,793		8,105		1		47
Pledge loans		954		998		1,122		(4)		(15)
Personal loans		25,877		25,312		21,054		2		23
Credit card loans		68,323		67,709		56,609		1		21
Other		90,814		74,735		35,999		22		152
Accrued interest, adjustments and foreign currency quotation differences receivable		6,872		5,395		1,052		27		553
Documented interest		(1,322)		(1,412)		(945)		(6)		40
Financial leases		2,374		2,374		1,918		-		24
Other financing		5,443		5,256		2,686		4		103
Non-financial public sector		-		12		-		N/A		N/A
Total loans and other financing		267,178		250,646		178,167		7		50
Allowances		(10,774)		(7,370)		(4,424)		46		144
Loans		(10,659)		(7,263)		(4,365)		47		144
Financial leases		(31)		(29)		(22)		7		41
Other financing		(84)		(78)		(37)		8		127
Net loans and other financing		256,404		243,276		173,743		5		48

As of March 31, 2019, net loans and other financing after provisions amounted to Ps.256,404 million, growing 48% from March 31, 2018, mainly due to a 49% increase in loans to the private sector, as a consequence of the evolution of the exchange rate and of UVA-adjusted loans.

Loans by Type of Borrower	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Large corporations		102,208		91,754		40,906		11		150
SMEs		53,097		48,462		52,354		10		1
Individuals		96,128		93,253		75,537		3		27
Financial sector		7,728		7,942		4,591		(3)		68
Residents abroad		3,664		5,248		1,447		(30)		153
Other		8,128		554		863		1,367		842
IFRS adjustment		(3,890)		(4,198)		(2,141)		(7)		82
Total loans		267,063		243,015		173,557		10		54
Allowances		(10,659)		(7,263)		(4,365)		47		144
Net total loans		256,404		235,752		169,192		9		52

13

Loans by Sector of Activity	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Financial sector		7,728		7,942		4,591		(3)		68
Residents abroad		3,664		5,248		1,447		(30)		153
Services		14,076		13,771		11,041		2		27
Agriculture and livestock		34,889		31,852		20,628		10		69
Consumer		96,133		93,282		75,597		3		27
Retail and wholesale trade		22,981		20,589		20,680		12		11
Construction		3,324		3,224		2,569		3		29
Manufacturing industry		59,050		50,537		33,349		17		77
Other		29,108		20,768		5,796		40		402
IFRS adjustment		(3,890)		(4,198)		(2,141)		(7)		82
Total loans		267,063		243,015		173,557		10		54
Allowances		(10,659)		(7,263)		(4,365)		47		144
Net total loans		256,404		235,752		169,192		9		52

In the last twelve months, loans to the private sector registered growth, mainly those granted to large corporations (Ps.61,302 million or 150%) and to individuals (Ps.20,591 million or 27%). By sector of activity, the higher growth was recorded in the manufacturing industry (Ps.25,701 million or 77%), the consumer sector (Ps.20,536 million or 27%) and in the agricultural and livestock sector (Ps.14,261 million or 69%).

Net Exposure to the Argentine Public Sector (1)	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Government securities’ net position		124,015		84,205		36,207		47		243
Lebac				-		9,798		N/A		N/A
Leliq		99,480		70,157		4,494		42		2,114
Bote		10,510		8,976		-		17		-
Other		14,025		5,072		21,915		177		(36)
Other receivables resulting from financial brokerage		43		57		42		(25)		2
Loans and other financing		1		13		6		(92)		(83)
Trust certificates of participation and securities		42		44		36		(5)		17
Total exposure to the public sector		124,058		84,262		36,249		47		242

(1) Excludes deposits with the Argentine Central Bank, which constitutes one of the items by which Banco Galicia complies with minimum cash requirements.

As of March 31, 2019, Banco Galicia’s exposure to the public sector amounted to Ps.124,058 million, recording a 242% increase during the last twelve months. Excluding Central Bank paper, net exposure to the public sector reached Ps.24,578 million (4% of total assets), while as of March 31, 2018, it amounted to Ps.21,957 million (8% of total assets).

14

Deposits	2019				2018				Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
In pesos		228,545		198,601		125,416		15		82
Current accounts		39,559		40,069		31,127		(1)		27
Saving accounts		56,157		61,129		32,054		(8)		75
Time deposits		123,320		90,143		56,637		37		118
UVA-adjusted time deposits		1,963		1,984		3,027		(1)		(35)
Other		1,650		1,273		1,128		30		46
Interests and adjustments		5,896		4,003		1,443		47		309
In foreign currency		181,625		162,701		73,063		12		149
Saving accounts		154,879		137,796		59,131		12		162
Time deposits		25,749		24,064		13,375		7		93
Other		950		793		531		20		79
Interests and adjustments		47		48		26		(2)		81
Total deposits		410,170		361,302		198,479		14		107

As of March 31, 2019, Banco Galicia’s deposits amounted to Ps.410,170 million, representing an 107% increase during the last twelve months. Peso-denominated deposits increased 82% in the same period, mainly due to a Ps.66,683 million (118%) increase in time deposits and Ps.24,103 million (75%) in deposits in saving accounts. Dollar-denominated deposits increased 149% in the last twelve months, as a consequence of the evolution of the exchange rate. Deposits in dollar-denominated saving accounts reached Ps.154,879 million, increasing 38% measured in dollars.

At the end of the quarter, there were 4.7 million deposit accounts, 10% more than a year before.

Market Share (1)	2019				2018		Variation (bp)
Percentages, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Total deposits		9.33		8.85		7.31		48		202
Private sector deposits		11.47		11.08		9.66		39		181

(1) According to the daily information on loans published by the Argentine Central Bank. Balances as of the last day of each quarter.

As of March 31, 2019, Banco Galicia’s estimated market share of private sector deposits in the Argentine financial system was 11.47%, recording a 181 bp increase from a year before.

Financial Liabilities	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Financial entities		14,244		17,491		10,193		(19)		40
Financing from credit card purchases		13,791		15,274		9,539		(10)		45
Notes		19,624		15,528		4,481		26		338
Subordinated notes		10,983		9,768		5,079		12		116
Creditors for purchases of foreign currency		2,522		14,410		829		(82)		204
Collections on account of third parties		7,579		7,647		3,392		(1)		123
Other financial liabilities		21,242		10,152		6,757		109		214
Total financial liabilities		89,985		90,270		40,270		-		123

Financial liabilities at the end of the first quarter of 2019 amounted to Ps.89,985 million, Ps.49,715 million (123%) higher than the Ps.40,270 million recorded a year before. This growth was mainly due to the increase of notes (Ps.15,143 million or 338%) and of other financial liabilities (Ps.14,485 million or 214%).

15

ASSET QUALITY

Loan Portfolio Quality	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Non-accrual loans (1)		10,236		7,003		4,109		46		149
With preferred guarantees		475		492		207		(3)		129
With other guarantees		844		737		340		15		148
Without guarantees		8,917		5,774		3,562		54		150
Allowance for loan losses		10,659		7,263		4,365		47		144
Relevant ratios (%)								Variation (bp)
Non-accrual loans to private sector loans		3.95		2.88		2.31		107		164
Allowance for loan losses to private sector loans		4.11		2.99		2.45		112		166
Allowance for loan losses to non-accrual loans		104.13		103.73		106.23		40		(210)
Non-accrual loans with guarantees to non-accrual loans		12.89		17.54		13.31		(465)		(42)
Cost of risk (2)		7.03		3.56		2.23		347		480

(1) The non-accrual portfolio includes loans classified under the following categories of the Argentine Central Bank: With Problems and Medium Risk, High Risk of Insolvency and High Risk, Uncollectible and Uncollectible due to Technical Reasons.

(2) Annualized.

Banco Galicia’s non-accrual loan portfolio amounted to Ps.10,236 million as of March 31, 2019, representing 3.95% of total loans to the private sector, increasing 164 bp from the 2.31% ratio of a year before.

The coverage of the non-accrual loan portfolio with allowances for loan losses reached 104.13% as of the end of the quarter, compared to 106.23% from a year before.

In terms of total financing—defined as loans, certain other receivable financial asset accounts, guarantees granted and unused balances of loans granted—Banco Galicia’s non-accrual portfolio represented 3.50% of total financing to the private sector, and its coverage with allowances for loan losses reached 100.23%, compared to 2.22% and 104.64% of a year before, respectively.

Analysis of Loan Loss Experience	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Allowance for loan losses at the beginning of the quarter		7,263		6,157		3,594		18		102
Changes in the allowance for loan losses
Provisions charged to income		4,140		1,954		884		112		368
Charge offs		(744)		(848)		(113)		(12)		558
Allowance for loan losses at the end of the quarter		10,659		7,263		4,365		47		144
Charge to the income statement
Provisions charged to income (1)		(4,140)		(1,954)		(884)		112		368
Direct charge offs (1)		(113)		(90)		(50)		26		126
Bad debts recovered		21		43		21		(51)		-
Net charge to the income statement		(4,232)		(2,001)		(913)		111		364

(1) Item included for calculating the cost of risk.

During the quarter, Ps.744 million were charged off against the allowance for loan losses and direct charges to the income statement for Ps.113 million were made.

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CAPITALIZATION AND LIQUIDITY

Regulatory Capital	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Minimum capital required (A)		30,411		27,163		21,427		13		43
Allocated to credit risk		24,267		22,171		17,004		10		44
Allocated to market risk		1,346		969		1,535		39		(12)
Allocated to operational risk		4,798		4,023		2,888		19		66
Computable capital (B)		56,132		49,329		36,812		15		54
Tier I		42,635		36,584		26,699		15		58
Tier II		14,497		12,745		7,113		14		104
Excess over required capital (B) - (A)		25,721		22,166		15,385		18		70
Risk weighted assets		369,470		325,853		260,319		14		43
								Variation (bp)
Total capital ratio (%)		15.19		15.14		14.14		5		105
Tier I capital ratio (%)		11.24		11.23		11.41		1		(17)

As of March 31, 2019, Banco Galicia’s computable capital amounted to Ps.56,132, Ps.25,721 million (85%) higher than the Ps.30,411 million capital requirement. As of March 31, 2018, this excess amounted to Ps.15,385 million (72%).

The minimum capital requirement increased Ps.8,984 million as compared to March 31, 2018, mainly due to the growth of the private sector loan portfolio. Computable capital increased Ps.19,320 million in the same period, primarily as a consequence of a Ps.15,936 million increase in Tier I, due to the increase of results that were partially offset by higher regulatory deductions. Tier II capital increased Ps.7,384 million as a consequence of the effect of the evolution of the exchange rate on the subordinated debt. The total capital ratio was 15.19%, increasing 105 bp during the last twelve months.

Liquidity	2019				2018		Variation (%)
Percentages, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Cash and due from banks		130,542		142,049		45,843		(8)		185
Government securities		81,500		62,388		18,807		31		333
Call-money		-		938		1,096		N/A		N/A
Overnight placements in correspondent banks		4,771		6,256		1,737		(24)		175
Repurchase agreement transactions		5,129		(419)		2,854		(1,124)		80
Escrow accounts		5,400		5,188		3,820		4		41
Total liquid assets		227,342		216,400		74,157		5		207
Liquidity ratios								Variation (bp)
Liquid assets (*) as a percentage of transactional deposits		90.72		90.55		60.63		17		3,009
Liquid assets (*) as a percentage of total deposits		55.43		59.89		37.36		(446)		1,807

(*) Liquid assets include cash and amounts due from banks (including deposits with the Argentine Central Bank and the special escrow accounts with the monetary authority), holdings of Lebac (Argentine Central Bank’s bills), net call money interbank loans, short-term placements with correspondent banks and reverse repurchase agreement transactions with the local market.

As of March 31, 2019, Banco Galicia’s liquid assets represented 90.72% of Banco Galicia’s transactional deposits and 55.43% of its total deposits, as compared to 60.63% and 37.36%, respectively, as of March 31, 2018.

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TARJETAS REGIONALES

INFORMATION DISCLOSURE

The data shown in the following tables correspond to Tarjetas Regionales S.A., consolidated line by line with its subsidiaries.

RESULTS FOR THE QUARTER

Income Statement	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Net interest income		2,147		1,792		1,929		20		11
Net fee income		2,959		2,511		2,070		18		43
Net results from financial instruments		368		218		107		69		244
Gold and foreign currency quotation differences		(10)		(50)		4		(80)		(350)
Other operating income		378		292		155		29		144
Loan loss provisions		(1,419)		(1,432)		(659)		(1)		115
Net operating income		4,423		3,331		3,606		33		23
Personnel expenses		(962)		(1,200)		(848)		(20)		13
Administrative expenses		(1,415)		(1,598)		(1,048)		(11)		35
Depreciations and devaluations of assets		(126)		(83)		(61)		52		107
Other operating expenses		(775)		(512)		(437)		51		77
Operating income		1,145		(62)		1,212		1,947		(6)
Income tax		(101)		36		(370)		(381)		(73)
Net income		1,044		(26)		842		4,115		24

Profitability and Efficiency			2018		2018		Variation (bp)
Percentages, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Return (1) on average assets		6.53		(0.21)		8.97		674		(244)
Return (1) on average shareholders´ equity		32.49		(1.02)		38.62		3,351		(613)
Financial margin (1) (2)		15.89		14.61		19.81		128		(392)
Efficiency ratio (3)		41.53		72.42		53.05		(3,089)		(1,152)

(1) Annualized.

(2) Net interest income plus net result from financial instruments plus foreign currency quotation differences plus certain items included in other operating income and expenses, divided by average interest-earning assets.

(3) Personnel expenses plus administrative expenses plus depreciation and devaluations of assets, divided by net interest income plus net fee income plus net result from financial instruments plus foreign currency quotation differences plus insurance premiums earned plus certain items included in other operating income.

In the first quarter of the 2019 fiscal year, Tarjetas Regionales S.A. recorded a Ps.1,044 million net income, Ps.202 million (24%) higher than in the same quarter of 2018. This profit represented a 6.53% annualized return on average assets and a 32.49% return on average shareholders’ equity, compared to 8.97% and 38.62%, respectively, from the first quarter of 2018.

Net operating income amounted to Ps.4,423 million, increasing 23% from the first quarter of 2018.

Provisions for loan losses for the quarter amounted to Ps.1,419 million, 115% higher than the Ps.659 million recorded in the same quarter of the prior year.

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SELECTED FINANCIAL INFORMATION

Balance Sheet			2018		2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Assets
Cash and due from banks		1,247		1,365		662		(9)		88
Debt securities		-		54		233		N/A		N/A
Net loans and other financing		46,327		45,313		35,538		2		30
Other financial assets		2,812		3,628		2,064		(22)		36
Property, bank premises, equipment		1,494		835		678		79		120
Intangible assets		462		423		293		9		58
Other non-financial assets		1,090		1,090		797		-		(37)
Total assets		53,432		52,708		40,265		1		33
Liabilities
Financing from financial entities		370		2,131		1,284		(83)		(71)
Other financial liabilities		23,307		23,244		16,973		-		37
Notes		16,396		14,979		10,066		9		63
Other non-financial liabilities		2,193		2,232		2,685		(2)		(18)
Total liabilities		42,266		42,586		31,008		(1)		36
Shareholders’ equity		11,166		10,122		9,257		10		21

ASSET QUALITY

Loan Portfolio Quality			2018		2018		Variation (%)
Percentages, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Non-accrual loans (1)		5,608		3,322		2,684		69		109
Allowances for loan losses		5,153		4,045		2,844		27		81
Ratios (%)							Variation (bp)
Non-accrual loans to loans to the private sector		11.55		6.84		7.00		471		455
Allowance for loan losses to loans to the private sector		10.61		8.33		7.41		228		320
Allowance for loan losses to non-accrual loans		91.89		121.76		105.96		2,987		1,407
Cost of risk (2)		12.52		12.44		7.54		8		498

(1) The non-accrual portfolio includes loans classified under the following categories of the Argentine Central Bank: With Problems and Medium Risk, High Risk of Insolvency and High Risk, Uncollectible and Uncollectible due to Technical Reasons.

(2) Annualized.

Analysis of Loan Loss Experience			2018		2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Allowance for loan losses
At the beginning of the quarter		4.045		3.110		2.380		30		70
Changes in the allowance for loan losses
Provisions charged to income		1,350		1,350		605		-		123
Charge offs (1)		(242)		(415)		(141)		(42)		72
Allowance for loan losses at the end of the quarter		5.153		4.045		2.844		27		81
Charge to the income statement
Provisions charged to income (2)		(1350)		(1,350)		(605)		-		123
Direct charge offs (2)		(67)		(83)		(44)		(19)		52
Bad debts recovered		39		59		10		(34)		290
Net charge to the income statement		(1.378)		(1.374)		(639)		-		116

(1) 4Q18 includes Ps.785 million from the sale of bad loans.

(2) Item included for calculating the cost of risk.

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GALICIA ADMINISTRADORA DE FONDOS

RESULTS FOR THE QUARTER

Income Statement	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Net interest income		-		10		10		N/A		N/A
Net fee income		-		-		(1)		N/A		N/A
Net results from financial instruments		42		3		25		1.300		68
Gold and foreign currency quotation differences		1		(1)		-		(200)		-
Other operating income		116		90		246		29		(53)
Net operating income		159		102		280		56		(43)
Personnel and administrative expenses		(33)		(29)		(27)		14		22
Other operating expenses		(8)		(6)		(13)		33		(38)
Operating income		118		67		240		76		(51)
Income tax		(37)		(21)		(72)		76		(49)
Net income		81		46		168		76		(52)

ASSETS UNDER MANAGEMENT

Mutual Fund	Assets Under Management as of:						Variation
In millions of pesos, except otherwise noted	1Q19		4Q18		1Q18		vs 4Q18		vs 1Q18
Fima Premium		39,462		29,475		10,690		34		269
Fima Ahorro Pesos		14,471		9,892		25,998		46		(44)
Fima Ahorro Plus		13,461		9,968		25,542		35		(47)
Fima Capital Plus		284		205		709		39		(60)
Fima Renta en Pesos		443		245		771		81		(43)
Fima Renta Plus		251		145		585		73		(57)
Fima Abierto Pymes		487		313		273		56		78
Fima Acciones		336		328		630		2		(47)
Fima PB Acciones		742		718		1,729		3		(57)
Fima Mix I		7		7		572		-		(99)
Fima Renta Dólares I		7,331		7,352		17,439		-		(58)
Fima Renta Dólares II		1,865		1,564		6,671		19		(72)
Fima Renta Acciones Latinoamerica		143		13		-		1,000		N/A
Fima Renta Fija Internacional		1,627		179		-		809		N/A
Total Assets Under Management		80.910		60.404		91,609		34		(12)

SELECTED FINANCIAL INFORMATION

Balance Sheet	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Assets
Cash and due from banks		3		35		2		(91)		50
Other financial assets		156		635		391		(75)		(60)
Other non-financial assets		240		4		119		5,900		102
Total assets		405		674		534		(40)		(24)
Liabilities
Other non-financial liabilities		265		229		344		16		(23)
Total liabilities		265		229		344		16		(23)
Shareholders’ equity		140		445		190		(69)		(26)

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SUDAMERICANA HOLDING

INFORMATION DISCLOSURE

The data shown in the tables of this report and the consolidated financial statements correspond to Sudamericana Holding S.A., consolidated line by line with the subsidiaries under its control.

RESULTS FOR THE QUARTER

Income Statement	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Earned premium		1,089		1,009		894		8		22
Incurred claims		(173)		(133)		(91)		30		90
Withdrawals		(1)		(2)		-		(50)		N/A
Life annuities		(2)		(2)		(2)		-		-
Acquisition and general expenses		(551)		(725)		(415)		(24)		33
Other income and expenses		(2)		28		(17)		(107)		(88)
Underwriting income		360		175		369		106		(2)
Interest income		111		142		76		(22)		46
Net results from financial instruments		7		36		19		(81)		(63)
Gold and foreign currency quotation differences		(23)		(2)		1		1,050		(2,400)
Other operating income		95		9		3		956		3,067
Net operating income		550		360		468		53		18
Personnel expenses		(132)		(139)		(99)		(5)		33
Administrative expenses		(80)		(118)		(64)		(32)		25
Depreciations and devaluations of assets		(20)		(20)		(11)		-		82
Other operating expenses		-		147		(29)		N/A		N/A
Operating income		318		230		265		38		20
Income tax		(95)		(70)		(98)		36		(3)
Net income		223		160		167		39		34
Other comprehensive income		2		1		(12)				(117)
Total comprehensive income		225		161		155		40		45

Profitability	2019				2018		Variation (pb)
Percentages, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Return on average assets (1)		27.18		20.50		27.83		668		(65)
Return on average shareholders’ equity (1)		72.41		53.12		62.02		1,929		1,039
Efficiency ratio (2)		50.69		69.91		47.32		(1,922)		337
Combined ratio (3)		60.48		80.56		52.93		(2,008)		755

(1) Annualized.

(2) Acquisition and general expenses divided by earned premiums plus other income and expenses.

(3) Acquisition and general expenses divided by earned premiums plus incurred claims, withdrawals, life annuities, other income and expenses.

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SELECTED FINANCIAL INFORMATION

Balance Sheet	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	1Q		4Q		1Q		vs 4Q18		vs 1Q18
Assets
Cash and due from banks		57		55		39		4		46
Debt securities		62		83		689		(25)		(91)
Net loans and other financing		527		426		20		24		2,535
Other financial assets		1,318		1,226		1,489		8		(11)
Property, bank premises, equipment		179		178		143		1		25
Intangible assets		71		61		69		16		3
Other non-financial assets		1,212		1,105		169		10		617
Total assets		3.426		3.134		2.618		9		31
Liabilities
Financial entities		18		-		3		-		500
Other non-financial liabilities		1,930		1,881		1,415		3		36
Total liabilities		1,948		1,881		1,418		4		37
Shareholders’ equity		1,478		1,253		1,200		18		23

22

RECENT DEVELOPMENTS

SALE OF PRISMA MEDIOS DE PAGO S.A.

On February 1, 2019, shares equivalent to 51% of Banco Galicia’s holding in Prisma were transferred. The payment in cash amounted to US$ 63 million, while the remaining amount is going to be paid in 5 years. Such amount was fully provisioned due to Argentine Central Bank requirements.

The holding of the remaining 49% interest in the company does not fulfill the requirements established in IFRS 5 to be considered a non-current asset held for sale, and thus, it was reclassified as ‘Private Securities’ and recorded at its fair value with changes in results, net of a valuation adjustment required by the Argentine Central Bank.

DIVIDEND PAYMENT

At the Shareholders’ meeting held on April 25, 2019, the Shareholders approved the payment of a cash dividend of Ps.2,000 million.

REGULATORY CHANGES

CREDIT RISK LARGE EXPOSURES

Effective as of January 1, 2019, the Argentine Central Bank established a regulation on “Credit Risk Large Exposures” which intends to limit the maximum loss that a financial institution could experience—to a level that does not compromise its solvency—in case of an unexpected breach by a counterparty or a group of connected counterparties not belonging to the Argentine non-financial public sector. With this regulation, lending limits are established in relation to the Tier 1 Capital.

LIMITS ON HOLDINGS OF LELIQ

The Argentine Central Bank established that the daily net position that financial institutions record in Central Bank Liquidity Bills (LELIQ) and reverse repurchase agreement transactions in pesos against the Argentine Central Bank may not exceed the computable capital of the previous month or 100% of the monthly average of daily balances of total deposits in pesos—excluding those of the financial sector—of the previous month, whichever is higher.

LEASES – IFRS 16

For financial statements beginning on January 1, 2019, IFRS 16 “Leases” comes into force. This regulation establishes new principles for the recognition, measurement, presentation and disclosure of leases.

23

INFLATION ADJUSTMENT

Through its Communiqué “A” 6651, the Argentine Central Bank established that the presentation of information restated in homogeneous currency shall be applied for financial periods beginning on or after January 1, 2020, in accordance with Law 27,468. As a consequence, the criteria for restating the financial information established in IAS 29 have not been used. Its application would have widespread effects on the financial statements, and as a consequence the reported balances would be significantly affected. As of March 31, 2019, Grupo Financiero Galicia’s equity would have amounted to Ps.75,141 million and the result for the fiscal year would have been a Ps.4,089 million profit, approximately.

This report is a summary analysis of Grupo Financiero Galicia’s financial condition and results of operations as of and for the periods indicated. For a correct interpretation, this report must be read in conjunction with Grupo Financiero Galicia’s financial statements, as well as with all other material periodically filed with the Argentine National Securities Commission (www.cnv.gob.ar), the Buenos Aires Stock Exchange (www.bolsar.com), the Cordoba Stock Exchange (www.bolsacba.com.ar) and the Nasdaq (www.nasdaq.com). In addition, the Argentine Central Bank (www.bcra.gob.ar) may publish information related to Banco Galicia as of a date subsequent to the last date for which Banco Galicia has published information.

Readers of this report must note that this is a translation made from an original version written and expressed in Spanish. Therefore, any matters of interpretation should be referred to the original version in Spanish.

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