Exhibit 99.1

GRUPO FINANCIERO GALICIA S.A. REPORTS FINANCIAL RESULTS FOR THE FOURTH QUARTER AND FOR THE FISCAL YEAR ENDED ON DECEMBER 31, 2019

Buenos Aires, Argentina, February 20, 2020– Grupo Financiero Galicia S.A. (BYMA /NASDAQ: GGAL) announced its financial results for the fourth quarter (the “Quarter”) and for the fiscal year (the “Fiscal Year”) that ended on December 31, 2019.

HIGHLIGHTS

• Comprehensive income attributable to Grupo Financiero Galicia S.A. (or “GFG” or “Grupo Financiero Galicia”) for the Fiscal Year amounted to Ps.41,757 million, 191% higher than the Ps.14,352 million recorded in the prior fiscal year. Net income attributable to GFG amounted to Ps.41,557 million, 188% higher than the Ps.14,427 million recorded in the 2018 fiscal year. The profit per share for the Fiscal Year amounted to Ps.29.13, compared to Ps.10.11 per share for the 2018 fiscal year.

• The results of the Fiscal Year were mainly attributable to the income derived from GFG’s interests in Banco de Galicia y Buenos Aires S.A.U. (or “Banco Galicia” or “the Bank”), for Ps.35,230 million, in Tarjetas Regionales S.A. (or “Tarjetas Regionales”), for Ps.4,679 million, in Sudamericana Holding S.A. (or “Sudamericana Holding”), for Ps.1,005 million, and in Galicia Administradora de Fondos S.A. (or “GAF”), for Ps.307 million, which were increased by a net operating income of Ps.424 million and partially offset by personnel and administrative expenses of Ps.165 million.

• Comprehensive income attributable to GFG for the Quarter reached Ps.10,260 million, 131% higher than the Ps.4,432 million recorded in the same quarter of the 2018 fiscal year. Net income attributable to GFG amounted to Ps.9,359 million, 111% higher than the Ps.4,428 million recorded in the fourth quarter of the prior fiscal year. Net profit per share for the Quarter amounted to Ps.6.56, compared to Ps.3.10 per share for the same quarter of the 2018 fiscal year.

• The results of the Quarter were mainly attributable to the income derived from GFG’s interests in Banco Galicia, for Ps.7,193 million, in Tarjetas Regionales, for Ps.1,751 million, in Sudamericana Holding, for Ps.242 million, and in GAF, for Ps.31 million, which were increased by a net operating income of Ps.65 million and partially offset by personnel and administrative expenses of Ps.32 million.

• The Bank’s market share of loans to the private sector was 11.57% and for deposits from the private sector was 9.92%, increasing 106 basis points (“bp”) and decreasing 116 bp, respectively, as compared to December 31, 2018.

• As of the end of the Quarter, the minimum capital requirement amounted to Ps.37,662 million, increasing Ps.10,499 million (39%), and the computable capital was Ps.80,785 million, increasing Ps.31,456 million (64%) as compared to the fourth quarter of the 2018 fiscal year. The excess of computable capital over the capital requirement amounted to Ps.43,123 million, and the total capital ratio was 17.57%.

Conference Call:

February 21, 2020, 11:00 am Eastern Time (13:00 Buenos Aires Time)

Call-in number: +1 323-994-2093

Conference ID: 3863907

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For more information, contact:

José Luis Ronsini – CFO

Pablo Firvida – IRO Tel.: (5411) 6329-4881

inversores@gfgsa.com www.gfgsa.com

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CONSOLIDATED INFORMATION

Consolidated Financial Statement	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q19			vs 4Q18
Financial Information
Assets		664,125		658,248		565,246		1			17
Net loans and other financing		362,865		338,962		286,953		7			26
Deposits		393,906		379,996		360,097		4			9
Shareholders’ equity attributable to GFG		94,635		84,375		54,878		12			72
Shares outstanding (in thousands of shares) (1)		1,426,765		1,426,765		1,426,765		—			—
Book value per share (in pesos)		66.32		59.13		38.46		719			2,786
Net income attributable to GFG		9,359		11,581		4,428		(19	)		111
Net income per share (in pesos)		6.56		8.12		3.10		(156	)		346

(1) 10 ordinary shares = 1 ADS.

Selected Ratios	2019				2018		Variation (bp)						Fiscal Year
Percentages, except otherwise noted	4Q		3Q		4Q		vs 3Q19			vs 4Q18			12M		12M
Return (1) on average assets (2)		5.62		7.05		3.24		(143	)		238			6.47		3.37
Return (1) on average shareholders´ equity (2)		41.44		58.15		33.43		(1,671	)		801			56.38		30.53
Financial Margin (2) (3)		22.73		20.49		14.66		224			807			20.93		13.68
Efficiency ratio (4)		48.41		36.22		51.75		1,219			(334	)		38.77		52.07
Total capital ratio (5)		17.53		16.48		15.11		105			242			—		—
Non-performing loans / Private-sector loans		5.52		5.25		3.51		27			201			—		—
Allowance for loan losses / Private-sector loans		5.71		5.57		3.88		14			183			—		—
Allowance for loan losses / Non-accrual loans		103.38		106.01		110.59		(263	)		(721	)		—		—
Cost of risk (2)		4.79		3.91		4.74		88			5			5.51		6.80

(1) Net income attributable to GFG.

(2) Annualized.

(3) Net interest 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	4Q		3Q		4Q		vs 3Q19		vs 4Q18
Market price									(bp)
Shares – BYMA		121.60		81.55		103.30		4,005		1,830
ADS – NASDAQ (in US$)		16.23		13.00		27.57		323		(1,134	)
Price BYMA / book value		1.83		1.38		2.69		45		(86	)

Average daily volume (in thousands of shares)				(%)
BYMA	1,590	1,907	1,238	(17)	28
NASDAQ (1)	13,412	24,279	9,164	(45)	46

Market share (%)				(bp)
Banco Galicia
Loans to the private sector	11.57	11.43	10.51		14		106
Deposits from the private sector	9.92	10.13	11.08		(21	)	(116	)
Galicia Administradora de Fondos S.A.	9.60	10.66	10.08		(106	)	(48	)

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

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GRUPO FINANCIERO GALICIA

RESULTS FOR THE FISCAL YEAR

Income Statement	2019			2018			Variation (%)
In millions of pesos, except otherwise noted
Results from Equity Investments		41,297			14,316			188
Banco de Galicia y Buenos Aires S.A.U.		35,230			11,536			205
Tarjetas Regionales S.A.		4,679			1,768			165
Galicia Administradora de Fondos S.A.		307			402			(24	)
Sudamericana Holding S.A.		1,005			571			76
Other subsidiaries		76			39			95
Net operating income		424			286			48
Administrative expenses		(165	)		(116	)		42
Other operating income and expenses		(13	)		(5	)		160
Income tax		14			(54	)		(126	)
Net income attributable to GFG		41,557			14,427			188
Other comprehensive income		200			(75	)		(367	)
Comprehensive income attributable to GFG		41,757			14,352			191

Net income attributable to GFG for the Fiscal Year amounted to Ps.41,557 million, which represented a 6.47% annualized return on average assets and a 56.38% return on average shareholder’s equity.

The abovementioned result was mainly attributable to profits from GFG’s interests in Banco Galicia, for Ps.35,230 million, in Tarjetas Regionales, for Ps.4,679 million, in Sudamericana Holding, for Ps.1,005 million, and in GAF, for Ps.307 million.

RESULTS FOR THE QUARTER

Income Statement	2019						2018			Variation (%)
In millions of pesos, except otherwise noted	4Q			3Q			4Q			vs 3Q19			vs 4Q18
Results from Equity Investments		9,319			11,519			4,368			(19	)		113
Banco de Galicia y Buenos Aires S.A.U.		7,193			10,091			4,208			(29	)		71
Tarjetas Regionales S.A.		1,751			1,139			(22	)		54			8,059
Galicia Administradora de Fondos S.A.		31			85			44			(64	)		(30	)
Sudamericana Holding S.A.		242			228			140			6			73
Other subsidiaries		102			(24	)		(2	)		(525	)		5,200
Net operating income		65			131			105			(50	)		(38	)
Administrative expenses		(32	)		(53	)		(15	)		(40	)		113
Other operating income and expenses		—			(2	)		(5	)		—			—
Income tax		7			(14	)		(25	)		(150	)		(128	)
Net income attributable to GFG		9,359			11,581			4,428			(19	)		111
Other comprehensive income		901			(521	)		4			273			22,425
Comprehensive income attributable to GFG		10,260			11,060			4,432			(7	)		131

Net income attributable to GFG for the Quarter amounted to Ps.9,359 million, which represented a 5.62% annualized return on average assets and a 41.44% return on average shareholders’ equity.

The abovementioned result was mainly attributable to profits from GFG’s interests in Banco Galicia, for Ps.7,193 million, in Tarjetas Regionales, for Ps.1,751 million, in Sudamericana Holding, for Ps.242 million, and in GAF, for Ps.31 million.

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SELECTED FINANCIAL INFORMATION – CONSOLIDATED

Balance Sheet	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q19			vs 4Q18
Assets
Cash and due from banks		130,819		110,652		143,309		18			(9	)
Debt securities		65,690		57,149		75,989		15			(14	)
Net loans and other financing		362,865		338,962		286,953		7			26
Other financial assets		72,810		123,771		38,312		(41	)		90
Property, bank premises, equipment		14,088		13,890		10,885		1			29
Intangible assets		5,506		5,466		3,744		1			47
Other assets		12,308		8,195		5,650		50			118
Assets available for sale		39		163		404		(76	)		(90	)
Total assets		664,125		658,248		565,246		1			17
Liabilities
Deposits		393,906		379,996		360,097		4			9
Financing from financial entities		22,724		27,332		19,446		(17	)		17
Other financial liabilities		73,666		95,762		69,165		(23	)		7
Notes		29,241		26,762		29,984		9			(2	)
Subordinated notes		15,499		14,595		9,768		6			59
Other liabilities		31,673		27,003		20,187		17			57
Total liabilities		566,709		571,450		508,647		(1	)		11
Shareholders’ equity attributable to third parties		2,781		2,423		1,721		15			62
Shareholders’ equity attributable to GFG		94,635		84,375		54,878		12			72
Total shareholder’s equity		97,416		86,798		56,599		12			72

Income Statement	2019						2018			Variation (%)
In millions of pesos, except otherwise noted	4Q			3Q			4Q			vs 3Q19			vs 4Q18
Net interest income		14,288			8,657			6,667			65			114
Interest income		33,054			29,294			22,760			13			45
Interest related expenses		(18,766	)		(20,637	)		(16,093	)		(9	)		17
Net fee income		6,629			5,397			5,246			23			26
Fee income		8,520			6,981			6,038			22			41
Fee related expenses		(1,891	)		(1,584	)		(792	)		19			139
Net results from financial instruments		8,458			13,539			6,239			(38	)		36
Gold and foreign currency quotation differences		3,414			1,869			1,619			83			111
Other operating income		2,732			3,439			2,181			(21	)		25
Underwriting income from insurance business		900			816			507			10			78
Loan loss provisions		(4,354	)		(3,846	)		(3,487	)		13			25
Net operating income		32,067			29,871			18,972			7			69
Personnel expenses		(6,543	)		(5,133	)		(4,291	)		27			52
Administrative expenses		(6.996	)		(4,631	)		(4,345	)		51			61
Depreciations and devaluations of assets		(712	)		(648	)		(353	)		10			102
Other operating expenses		(6,429	)		(5,355	)		(3,621	)		20			78
Operating income		11,387			14,104			6,362			(19	)		79
Income tax		(1,669	)		(2,290	)		(1,939	)		(27	)		(14	)
Net income		9,718			11,814			4,423			(18	)		120
Net income attributable to third parties		359			233			(5	)		54			(7,280	)
Net income attributable to GFG		9,359			11,581			4,428			(19	)		111
Other comprehensive income(1)		901			(521	)		4			(273	)		22,425
Total comprehensive income		10,619			11,293			4,427			(6	)		140
Comprehensive income attributable to third parties		359			233			(5	)		54			(7,280	)
Comprehensive income attributable to GFG		10,260			11,060			4,432			(7	)		131

(1) Net of income tax.

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Additional Information	2019						2018
	4Q		3Q		2Q		4Q		3Q
Employees		9,718		9,824		9,888		9,926		10,209
Banco Galicia		6,118		6,247		6,256		6,205		6,294
Tarjetas Regionales		3,151		3,161		3,227		3,301		3,488
Galicia Administradora de Fondos		27		29		23		24		22
Sudamericana Holding		395		375		372		380		381
Other subsidiaries		27		12		10		16		24
Branches and other points of sales		544		545		552		558		563
Banco Galicia		326		325		325		325		325
Tarjetas Regionales S.A.		218		220		227		233		238
Deposit Accounts at Banco Galicia (in thousands)		5,279		5,140		4,965		4,781		4,760
Credit Cards (in thousands)		13,544		13,852		13,762		13,800		13,916
Banco Galicia		4,986		5,191		5,118		5,116		5,098
Tarjetas Regionales S.A.		8,558		8,661		8,644		8,684		8,818
GAF’ assets under management (millions of pesos)		81,750		69,222		86,496		80,910		60,404
Inflation, exchange rate and interest rates
Consumer price index (IPC) (%)		11.72		12.49		9.51		11.78		11.50
Wholesale price index (IPIM) (%)		13.22		15.94		11.57		8.22		4.50
Acquisition value unit (UVA)		47.16		41.26		38.03		33.97		31.06
Exchange rate (Ps./US$)(1)		59.90		57.56		42.45		43.35		37.81
Badlar (quarterly averages)(2)		48.06		54.67		50.82		41.83		50,21

(1) References foreign currency exchange rates 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.

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BANCO GALICIA

HIGHLIGHTS

• Net income for the Fiscal Year amounted to Ps.35,230 million, Ps.23,694 million (205%) higher than the figure recorded in the 2018 fiscal year, mainly due to a 100% increase in net operating income.

• Net income for the Quarter amounted to Ps.7,193 million, Ps.2,985 million (71%) higher than the figure recorded in the same quarter of the 2018 fiscal year, mainly due to a 67% increase in net operating income.

• Net operating income for the Quarter amounted to Ps.24,698 million, Ps.9,887 million higher than the Ps.14,811 million recorded in the fourth quarter of the 2018 fiscal year, mainly as a consequence of the growth in net interest income and net income from financial instruments, partially offset by higher loan-loss provisions.

• The credit exposure to the private sector reached Ps.369,472 million for the Quarter, up 28% from Ps.287,891 million recorded in the fourth quarter of the 2018 fiscal year, and deposits reached Ps.397,840 million, up 10% from Ps.361,302 million. As of December 31, 2019, the Bank’s estimated market share of loans to the private sector was 11.57% while its estimated market share of deposits from the private sector was 9.92%.

• The non-accrual loan portfolio represented 4.43% of total loans to the private sector, recording an increase of 155 bp from the 2.88% recorded at the end of the same quarter of the prior fiscal year, while coverage with allowances for loan losses reached 110.13%.

• As of the end of the Quarter, the minimum capital requirement amounted to Ps.37,662 million (up Ps.10,499 million or 39%), and the computable capital amounted to Ps.80,785 million (up Ps.31,456 million or 64%). The excess of computable capital over the minimum capital requirement amounted to Ps.43,123 million, and the total capital ratio was 17.57%.

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. Due to the sale of the Bank´s stake in Galicia Valores S.A., since the third quarter of the 2019 fiscal year figures reflect the balances of Banco Galicia on an individual basis. The balances of the previous quarters reflect those of Banco Galicia consolidated line by line with Galicia Valores S.A. and, until the first quarter of the 2019 fiscal year, consolidated with Saturno Financial Trust.

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RESULTS FOR THE FISCAL YEAR

Income Statement	2019			2018			Variation (%)
In millions of pesos, except otherwise noted
Net interest income		21,339			19,247			11
Net fee income		13,012			10,248			27
Net results from financial instruments		53,493			14,018			282
Gold and foreign currency quotation differences		7,134			3,100			130
Other operating income		12,865			5,727			125
Loan-loss provisions		(16,073	)		(6,511	)		147
Net operating income		91,770			45,829			100
Personnel expenses		(14,793	)		(9,498	)		56
Administrative expenses		(14,344	)		(8,618	)		66
Depreciations and devaluations of assets		(1,887	)		(837	)		125
Other operating expenses		(17,297	)		(10,477	)		65
Operating income		43,449			16,399			165
Results from associates and joint businesses		180			110			64
Income tax		(8,399	)		(5,023	)		67
Result from discontinued activities(1)		—			51			(100	)
Net Income		35,230			11,537			205
Net Income attributable to third parties		—			1			(100	)
Net income attributable to Banco Galicia		35,230			11,536			205
Other comprehensive income		212			(65	)		(426	)
Total comprehensive income		35,442			11,472			209

(1) Net of income tax.

Profitability and Efficiency	2019		2018		Variation (bp)
Percentages, except otherwise noted
Return (1) on average assets		6.60		3.19		341
Return (1) on average shareholders’ equity		58.15		30.86		2,729
Financial margin(1)(2)		19.43		12.29		714
Efficiency ratio (3)		32.62		51.50		(1,888	)

(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.

During the Fiscal Year, net income attributable to Banco Galicia amounted to Ps.35,230 million, Ps.23,694 million (205%) higher than the Ps.11,536 million profit recorded for the same quarter of the previous fiscal year, which represented a 6.60% annualized return on average assets and a 58.15% return on average shareholder’s equity.

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RESULTS FOR THE QUARTER

Income Statement	2019						2018			Variation (%)
In millions of pesos, except otherwise noted	4Q			3Q			4Q			vs 3Q19			vs 4Q18
Net interest income		12,119			6,562			4,623			85			162
Net fee income		3,668			2,928			2,978			25			23
Net results from financial instruments		7,617			12,945			6,026			(41	)		26
Gold and foreign currency quotation differences		3,250			1,678			1,678			94			94
Other operating income		2,065			2,488			1,561			(17	)		32
Loan-loss provisions		(4,021	)		(2,767	)		(2,055	)		45			96
Net operating income		24,698			23,834			14,811			4			67
Personnel expenses		(4,846	)		(3,723	)		(2,916	)		30			66
Administrative expenses		(5,200	)		(3,230	)		(2,522	)		61			106
Depreciations and devaluations of assets		(508	)		(482	)		(249	)		5			104
Other operating expenses		(5,175	)		(4,408	)		(3,094	)		17			67
Operating income		8,969			11,991			6,030			(25	)		49
Results from associates and joint businesses		41			57			24			(28	)		71
Income tax		(1,817	)		(1,957	)		(1,846	)		(7	)		(2	)
Net Income		7,193			10,091			4,208			(29	)		71
Other comprehensive income		874			(486	)		3			(280	)		29,033
Total comprehensive income		8,067			9,605			4,211			(16	)		92

Profitability and Efficiency	2019				2018		Variation (bp)
Percentages, except otherwise noted	4Q		3Q		4Q		vs 3Q19			vs 4Q18
Return (1) on average assets		5.12		6.82		3.68		(170	)		144
Return (1) on average shareholders’ equity		38.26		61.39		39.99		(2,313	)		(173	)
Financial margin(1)(2)		21.02		19.05		13.95		197			707
Efficiency ratio (3)		44.62		33.61		47.61		1,101			(299	)

(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, 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.

During the Quarter, net income attributable to Banco Galicia amounted to Ps.7,193 million, Ps.2,985 million (71%) higher than the Ps.4,208 million for the same quarter of the previous year, as a consequence of a Ps.9,887 million (67%) higher net operating income, which was mainly due to the Ps.7,496 million (162%) growth of the net interest income.

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Net Interest Income	2019						2018			Variation (%)
In millions of pesos, except otherwise noted	4Q			3Q			4Q			vs 3Q19			vs 4Q18
Interest income		29,238			25,374			18,840			15			55
Private sector securities		(27	)		25			34			(208	)		(179	)
Public sector securities		1,288			882			576			46			124
Loans and other financing		25,920			20,540			18,183			26			43
Financial sector		980			696			621			41			58
Non-financial private sector		24,940			19,844			17,562			26			42
Overdrafts		2,842			3,244			3,052			(12	)		(7	)
Promissory notes		7,176			4,329			3,193			66			125
Mortgage notes		3,790			2,283			2,568			66			48
Pledge loans		150			235			71			(36	)		111
Personal loans		2,867			2,500			2,118			15			35
Credit-card loans		6,714			5,643			5,268			19			27
Financial leases		137			146			171			(6	)		(20	)
Other		1,264			1,464			1,121			(14	)		13
Other interest-earning assets		2,057			3,925			47			(48	)		4,277
Interest expenses		(17,119	)		(18,810	)		(14,217	)		(9	)		20
Deposits from the non-financial private sector		(14,973	)		(16,631	)		(12,309	)		(10	)		22
Saving accounts		(1	)		(2	)		(1	)		(50	)		—
Time deposits and term investments		(13,699	)		(14,279	)		(10,626	)		(4	)		29
Other		(1,273	)		(2,350	)		(1,682	)		(46	)		(24	)
Financing from financial institutions		(328	)		(359	)		(356	)		(9	)		(8	)
Repurchase agreement transactions		(144	)		(77	)		(22	)		87			555
Other interest-bearing liabilities		(324	)		(332	)		(195	)		(2	)		66
Notes		(1,350	)		(1,411	)		(1,335	)		(4	)		1
Net interest income		12,119			6,562			4,623			85			162

Net interest income for the Quarter amounted to Ps.12,119 million, representing a Ps.7,496 million (162%) increase as compared to the Ps.4,623 million profit recorded from the same quarter of the 2018 fiscal year.

Interest income for the Quarter reached Ps.29,238 million, up 55% from the Ps.18,840 million recorded in the same quarter of the 2018 fiscal year. This increase was primarily a consequence of a Ps.7,737 million higher interest on loans and other financing and of Ps.2,010 million from repurchase agreement transactions.

Interest expenses amounted to PS.17,119 million, up 20% from the same quarter of the 2018 fiscal year, mainly due to higher interest on time deposits and term investments, which amounted to Ps.3,073 million (29%).

10

Yield and Rates(1)			2019								2018					Variation (%/ bp)
Average balances: in millions of pesos			4Q					3Q					4Q						vs 3Q19						vs 4Q18
Yields and rates: annualized nominal %	Av. B.		Int.			Av. B.		Int.			Av. B.		Int.			Av. B.			Int.			Av. B.			Int.
In pesos		270,272		51.79			269,968		52.44			194,082		49.70			—			(65	)		39			209
Government securities		59,591		58.04			88,913		58.12			49,073		57.71			(33	)		(8	)		21			33
Loans		192,239		50.01			153,345		47.66			141,109		46.74			25			235			36			327
Other interest-earning assets		18,442		50.10			27,710		60.64			3,900		56.21			(33	)		(1,054	)		373			(611	)
In foreign currency		107,070		4.93			127,375		2.51			93,409		5.90			(16	)		242			15			(97	)
Government securities		12,238		(13.14	)		12,509		(38.31	)		2,627		(1.07	)		(2	)		2,517			366			(1,207	)
Loans		93,251		7.21			113,421		6.94			88,812		6.07			(18	)		27			5			114
Other interest-earning assets		1,581		10.37			1,445		7.75			1,970		7.51			9			262			(20	)		286
Interest-earning assets		377,342		38.49			397,343		36.43			287,491		35.47			(5	)		206			31			302
In pesos		169,953		38.19			179,124		38.58			144,635		38.03			(5	)		(39	)		18			16
Saving accounts		37,708		1.64			34,241		1.00			27,358		1.46			10			64			38			18
Time deposits		119,987		48.90			132,114		49.86			103,448		47.01			(9	)		(96	)		16			189
Debt securities		8,750		42.38			9,532		11.88			10,503		42.31			(8	)		3,050			(17	)		7
Other interest-bearing liabilities		3,508		54.39			3,237		54.37			3,326		45.82			8			2			5			857
In foreign currency		149,083		2.35			182,435		1.77			151,755		1.29			(18	)		58			(2	)		106
Saving accounts		79,942		—			113,649		—			90,227		—			(30	)		—			(11	)		—
Time deposits		25,991		2.12			27,697		0.91			33,926		0.61			(6	)		121			(23	)		151
Debt securities		20,714		8.07			20,951		7.92			12,910		7.56			(1	)		15			60			51
Other interest-bearing liabilities		22,436		5.69			20,138		6.50			14,692		5.25			11			(81	)		53			44
Interest-bearing liabilities		319,036		21.44			361,559		20.01			296,390		19.22			(12	)		143			8			222

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

The average interest-earning assets amounted to Ps.377,342 million, growing Ps.89,851 million (31%) as compared to the fourth quarter of the previous fiscal year, primarily as a consequence of the Ps.51,130 million (36%) increase in the average peso-denominated loan-portfolio and of the Ps.14,542 million (373%) in the average balance of other interest-earning assets.

Average interest-bearing liabilities reached Ps.319,036 million, increasing Ps.22,646 million (8%) during the same period, primarily due to increases of Ps.16,539 million (16%) and Ps.10,350 million (38%) in peso-denominated time deposits and saving accounts, respectively

The average yield on interest-earning assets for the Quarter was 38.49%, representing a 302 bp increase as compared to the same quarter of the prior fiscal year, mainly due to an increase of 327 bp in the average yield on peso-denominated loans and of 286 bp on other interest-earning assets in foreign currency. Likewise, the average cost of interest-bearing liabilities was 21.44%, with a 222 bp increase as compared to the fourth quarter of the prior fiscal year, mainly due to the 857 bp increase in the average interest rate on other interest-bearing liabilities in pesos and the 189 bp increase in the interest rate on peso-denominated time deposits.

11

Net Fee Income	2019						2018			Variation (%)
In millions of pesos, except otherwise noted	4Q			3Q			4Q			vs 3Q19			vs 4Q18
Credit cards		2,179			1,540			1,576			41			38
Deposit accounts		952			765			847			24			12
Insurance		216			189			163			14			33
Financial fees		52			59			58			(12	)		(10	)
Credit- related fees		29			24			27			21			7
Foreign trade		346			379			248			(9	)		40
Collections		304			279			176			9			73
Utility-Bills collection services		456			375			228			22			100
Mutual Funds		198			183			125			8			58
Other		293			306			233			(4	)		26
Total fee income		5,025			4,099			3,681			23			37
Total expenditures		(1,357	)		(1,171	)		(703	)		16			93
Net fee income		3,668			2,928			2,978			25			23

Net fee income amounted to Ps.3,668 million, up 23% from the Ps.2,978 million recorded in the fourth quarter of the previous fiscal year. The increase in fees of note were those related to credit-cards (Ps.603 million or 38%).

Net Income from Financial Instruments	2019						2018			Variation (%)
In millions of pesos, except otherwise noted	4Q			3Q			4Q			vs 3Q19			vs 4Q18
Government securities		7,063			11,052			6,482			(36	)		9
Argentine Central Bank		7,613			13,343			6,113			(43	)		25
Other		(550	)		(2,291	)		369			(76	)		(249	)
Private sector securities		320			209			174			53			84
Derivative financial instruments		234			1,684			(630	)		(86	)		(137	)
Forward transactions		245			1,707			(546	)		(86	)		(145	)
Interest-rate swaps		(11	)		(23	)		(84	)		(52	)		(87	)
Net income from financial instruments		7,617			12,945			6,026			(41	)		26

Net income from financial instruments for the Quarter amounted to Ps.7,617 million, up Ps.1,591 million from the Ps.6,026 million recorded in the same quarter of the 2018 fiscal year, as a consequence of the increase in results from government securities, due to a higher holding of instruments issued by the Argentine Central Bank (Leliq).

During the Quarter a Ps.3,250 million profit from gold and foreign currency quotation differences was recorded, as compared to a Ps.1,678 million profit from the same quarter of the 2018 fiscal. This result includes a Ps.2,799 million gain from foreign-currency trading.

Other Operating Income	2019				2018			Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q			vs 3Q19			vs 4Q18
Other financial income(1)(2)		130		744		(71	)		(83	)		283
Fees from bundles of products(1)		977		877		641			11			52
Rental of safe deposit boxes(1)		185		154		120			20			54
Other fee income(1)		193		177		131			9			47
Other adjustments and interest on miscellaneous receivables		308		367		413			(16	)		(25	)
Other		272		169		327			61			(17	)
Total other operating income		2,065		2,488		1,561			(17	)		32

(1) Item included for calculating the efficiency ratio.

(2) Item included for calculating the financial margin.

12

Other Operating Income for the Quarter reached Ps.2,065 million, increasing Ps.504 million from the Ps.1,561 million profit recorded in the fourth quarter of the 2018 fiscal year. Of note with respect to such increase Other Operating Income was the significant increase in fees from bundles of products, which grew Ps.336 million (52%).

Provisions for loan losses for the Quarter amounted to Ps.4,021 million, Ps.1,966 million higher than those recorded in the same quarter of the prior fiscal year, due to the evolution of credits in arrears of the consumer portfolio and to higher regulatory provisions on the portfolio in normal situations as a consequence of the increase in the volume of credit.

Personnel expenses amounted to Ps.4,846 million, increasing 66% from the same quarter of the 2018 fiscal year, mainly due to salary increase agreements with the union.

Administrative Expenses	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q19			vs 4Q18
Fees and compensations for services		690		262		168		163			311
Fees to directors and syndics		9		9		9		—			—
Publicity, promotion and research expenses		214		209		167		2			28
Taxes		774		668		492		16			57
Maintenance and communications		1,668		385		342		333			388
Electricity and communications		294		264		185		11			59
Stationery and office supplies		74		60		30		23			147
Rentals(1)		—		—		144		—			N/A
Hired administrative services		607		307		303		98			100
Security		97		100		123		(3	)		(21	)
Insurance		24		21		18		14			33
Other		749		945		541		(21	)		38
Total administrative expenses		5,200		3,230		2,522		61			106

(1) As of fiscal year 2019, due to the application of IFRS 16, rentals are recognized as a right-of-use asset and a financial liability, consequently the results are exposed in depreciation and other operating expenses, respectively.

Administrative expenses for the Quarter totaled Ps.5,200 million, up 106% in the same period, as a consequence of higher maintenance expenses, for Ps.1,326 million (388%), and higher fees and compensation for services, for Ps.522 million (311%), as compared to the fourth quarter of the 2018 fiscal year.

Depreciation and devaluation of assets amounted to Ps 508 million, up 104% from the fourth quarter of the 2018 fiscal year. This loss includes Ps.106 million from financial leases.

Other Operating Expenses	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q19			vs 4Q18
Contribution to the Deposit Insurance Fund(1)(2)		182		190		143		(4	)		27
Other financial expenses(1)(2)		386		601		222		(36	)		74
Turnover tax		2,649		2,134		1,779		24			49
On financial income(1)(2)		1,836		1,542		1,228		19			50
On fees(1)		718		519		487		38			47
On other items		95		73		64		30			48
Other fee-related expenses(1)		1,366		1,090		808		25			69
Claims		111		64		66		73			68
Other		481		329		76		46			533
Total other operating expenses		5,175		4,408		3,094		17			67

(1) Item included for calculating the efficiency ratio.

(2) Item included for calculating the financial margin.

13

Other Operating Expenses reached Ps.5,175 million, increasing Ps.2,081 million (67%) from the Ps.3,094 million recorded in the fourth quarter of the 2018 fiscal year.

The income tax charge was Ps.1,817 million, Ps.29 million lower than in the fourth quarter of the 2018 fiscal year. In the second quarter of the 2019 fiscal year, the income tax charge was adjusted as a result of the application of the tax inflation adjustment established by the income tax law.

SELECTED FINANCIAL INFORMATION

Balance Sheet	2019						2018			Variation (%)
In millions of pesos, except otherwise noted	4Q			3Q			4Q			vs 3Q19			vs 4Q18
Assets
Cash and due from banks		129,142			109,545			142,049			18			(9	)
Debt securities		65,698			57,728			75,974			14			(14	)
Net loans and other financing		312,029			297,322			243,276			5			28
Other financial assets		64,684			115,985			33,135			(44	)		95
Equity investments in subsidiaries, associates and joint businesses		254			272			203			(7	)		25
Property, bank premises, equipment		12,389			12,279			9,869			1			26
Intangible assets		4,432			4,776			3,260			(7	)		36
Other assets		7,427			3,978			842			87			782
Assets available for sale		39			163			404			(76	)		(90	)
Total assets		596,094			602,048			509,012			(1	)		17
Liabilities
Deposits		397,840			382,810			361,302			4			10
Financing from financial entities		20,456			27,010			17,491			(24	)		17
Other financial liabilities		40,235			71,847			47,484			(44	)		(15	)
Notes		18,909			14,503			15,528			30			22
Subordinated notes		15,499			14,595			9,768			6			59
Other liabilities		25,244			21,439			13,468			18			87
Total liabilities		518,183			532,204			465,041			(3	)		11
Shareholders’ equity		77,911			69,844			43,971			12			77
Foreign currency assets and liabilities
Assets		198,403			224,394			200,001			(12	)		(1	)
Liabilities		199,238			217,223			200,421			(8	)		(1	)
Net forward purchases/(sales) of foreign currency (1)		24			(1,106	)		102			(102	)		(76	)
Net global position in foreign currency		(811	)		6,065			(318	)		(113	)		155

(1) Recorded off-balance sheet.

14

LEVEL OF ACTIVITY

Financing to the Private Sector(1)	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q19			vs 4Q18
In pesos		253,215		220,834		170,640		15			48
Loans		198,785		173,418		131,792		15			51
UVA-adjusted loans		26,935		24,907		17,438		8			54
Financial leases		855		982		1,361		(13	)		(37	)
Debt securities		217		321		411		(32	)		(47	)
Other financing(2)		26,423		21,206		19,638		25			35
In foreign currency		116,257		127,748		117,251		(9	)		(1	)
Loans		92,069		104,601		93,773		(12	)		(2	)
Financial leases		1,521		1,610		1,013		(6	)		50
Debt securities		288		1,606		4,293		(82	)		(93	)
Other financing(2)		22,379		19,931		18,172		12			23
Total financing to the private sector		369,472		348,582		287,891		6			28

(1) Includes IFRS adjustment.

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

As of December 31, 2019, the total financing to the private sector reached Ps.369,472 million, representing a 28% increase from the prior fiscal year, mainly as a consequence of the growth of the peso-denominated loan portfolio (51%). Dollar-denominated loans, measured in dollars, decreased 38% from the same quarter of the 2018 fiscal year.

Market Share(1)	2018		2019		2018		Variation (bp)
Percentages, except otherwise noted	4Q		3Q		4Q		vs 3Q19		vs 4Q18
Total loans		11.59		11.51		10.62		8		97
Loans to the private sector		11.57		11.43		10.51		14		106

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

The Bank’s market share of loans to the private sector as of December 31, 2019, was 11.57%, increasing 106 bp from December 31, 2018.

15

Breakdown of loans and other financing	2019						2018			Variation(%)
In millions of pesos, except otherwise noted	4Q			3Q			4Q			vs 3Q19			vs 4Q18
Financial entities		10,818			10,634			7,943			2			36
Loans		10,796			10,633			7,942			2			36
Other financing		22			1			1			2,100			2,100
Non-financial private sector and residents abroad		316,946			300,250			242,691			6			31
Loans		306,993			292,293			235,061			5			31
Overdrafts		16,560			23,716			14,430			(30	)		15
Promissory notes		75,212			66,093			36,101			14			108
Mortgage loans		15,053			14,772			11,793			2			28
Pledge loans		3,209			3,137			998			2			222
Personal loans		26,565			25,961			25,312			2			5
Credit-card loans		95,268			78,913			67,709			21			41
Other Loans		61,306			69,794			74,735			(12	)		(18	)
Accrued interest, adjustments and foreign currency quotation differences receivable		15,141			11,196			5,395			35			181
Documented interest		(1,321	)		(1,289	)		(1,412	)		2			(6	)
Financial leases		2,376			2,592			2,374			(8	)		—
Other financing		7,577			5,365			5,256			41			44
Non-financial public sector		7			—			12			N/A			(42	)
Total loans and other financing		327,771			310,884			250,646			5			31
Allowances		(15,742	)		(13,562	)		(7,370	)		16			114
Loans		(15,488	)		(13,294	)		(7,263	)		17			113
Financial leases		(44	)		(34	)		(29	)		29			52
Other financing		(210	)		(234	)		(78	)		(10	)		169
Net loans and other financing		312,029			297,322			243,276			5			28

As of December 31, 2019, net loans and other financing after provisions amounted to Ps.312,029 million, growing 28% from December 31, 2018, mainly due to a 31% increase in loans to the private sector. Higher growth was recorded in promissory notes, representing a 108% increase.

Loans by Type of Borrower	2019						2018			Variation (%)
In millions of pesos, except otherwise noted	4Q			3Q			4Q			vs 3Q19			vs 4Q18
Large corporations		111,627			119,836			91,754			(7	)		22
SMEs		66,633			61,457			48,462			8			37
Individuals		126,059			112,226			93,253			12			35
Financial sector		10,796			10,633			7,942			2			36
Residents abroad		7,404			2,938			5,248			152			41
Other		1,258			506			554			149			127
IFRS adjustment		(5,981	)		(4,670	)		(4,198	)		28			42
Total loans		317,796			302,926			243,015			5			31
Allowances		(15,488	)		(13,294	)		(7,263	)		17			113
Net total loans		302,308			289,632			235,752			4			28

16

Loans by Sector of Activity	2019						2018			Variation (%)
In millions of pesos, except otherwise noted	4Q			3Q			4Q			vs 3Q19			vs 4Q18
Financial sector		10,796			10,633			7,942			2			36
Residents abroad		7,404			2,938			5,248			152			41
Services		27,896			26,328			13,771			6			103
Agriculture and livestock		47,804			40,798			31,852			17			50
Consumer		126,073			112,239			93,282			12			35
Retail and wholesale trade		23,101			24,209			20,589			(5	)		12
Construction		4,500			4,362			3,224			3			40
Manufacturing industry		48,598			59,726			50,537			(19	)		(4	)
Other		27,605			26,363			20,768			5			33
IFRS adjustment		(5,981	)		(4,670	)		(4,198	)		28			42
Total loans		317,796			302,926			243,015			5			31
Allowances		(15,488	)		(13,294	)		(7,263	)		17			113
Net total loans		302,308			289,632			235,752			4			28

In the last twelve months, loans to the private sector registered growth, particularly in those granted to individuals (Ps.32,806 million or 35%), to large corporations (Ps.19,873 million or 22%) and to SMEs (Ps.18,171 million or 37%). By sector of activity, higher growth was recorded in the consumer sector (Ps.32,791 million or 35%), in the agricultural and livestock sector (Ps.15,952 million or 50%) and in services (Ps.14,125 million or 103%).

Net Exposure to the Argentine Public Sector(1)	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q19			vs 4Q18
Government securities’ net position		80,900		72,076		84,204		12			(4	)
Leliq		58,141		45,759		70,157		27			(17	)
Botes		10,830		11,254		8,986		(4	)		21
Other		11,929		15,063		5,061		(21	)		136
Other receivables resulting from financial brokerage		30,057		46,539		2,059		(35	)		1,360
Repurchase agreement transactions – BCRA		29,996		46,501		2,002		(35	)		1,398
Loans and other financing		29		1		13		2,800			123
Trust certificates of participation and securities		32		37		44		(14	)		(27	)
Total exposure to the public sector		110,957		118,615		86,263		(6	)		29

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

As of December 31, 2019, the Bank’s exposure to the public sector amounted to Ps.110,957 million, recording a 29% increase during the last twelve months. Excluding the exposure to the Argentine Central Bank (with respect to Leliq and repurchase agreement transactions), net exposure to the public sector reached Ps.22,820 million (4% of total assets), while as of December 31, 2018, it amounted to Ps.14,104 million (3% of total assets).

17

Deposits	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q19			vs 4Q18
In pesos		251,529		226,302		198,601		11			27
Current accounts		67,856		55,789		40,069		22			69
Saving accounts		59,494		53,697		61,129		11			(3	)
Time deposits		116,688		108,660		90,143		7			29
UVA-adjusted time deposits		750		550		1,984		36			(62	)
Other		1,697		1,983		1,273		(14	)		33
Interests and adjustments		5,044		5,623		4,003		(10	)		26
In foreign currency		146,311		156,508		162,701		(7	)		(10	)
Saving accounts		120,980		132,072		137,796		(8	)		(12	)
Time deposits		24,330		23,365		24,064		4			1
Other		938		1,035		793		(9	)		18
Interests and adjustments		63		36		48		75			31
Total deposits		397,840		382,810		361,302		4			10

As of December 31, 2019, the Bank’s deposits amounted to Ps.397,840 million, representing a 10% increase during the last twelve months. Peso-denominated deposits increased 27% during the same period, mainly due to a Ps.27,787 million (69%) increase in deposits in current accounts and to a Ps.26,545 million (29%) increase in time deposits. Dollar-denominated deposits, measured in dollars, decreased 43% in the last twelve months.

At the end of the Quarter, there were 5,2 million deposit accounts, 11% more than a year before.

Market Share(1)	2018		2019		2018		Variation (%)
Percentages, except otherwise noted	4Q		3Q		4Q		vs 3Q19			vs 4Q18
Total deposits		8.23		8.41		8.85		(18	)		(62	)
Private sector deposits		9.92		10.13		11.08		(21	)		(116	)

(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 December 31, 2019, the Bank’s estimated market share of private sector deposits in the Argentine financial system was 9.92%, recording a 116 bp decrease from a year before.

Financial Liabilities	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q19			vs 4Q18
Financial entities		20,456		27,010		17,491		(24	)		17
Financing from credit-card purchases		17,333		13,463		15,274		29			13
Notes		18,909		14,503		15,528		30			22
Subordinated notes		15,499		14,595		9,768		6			59
Creditor from purchases of foreign currency		1,643		38,645		14,410		(96	)		(89	)
Collections on account of third parties		11,736		10,400		7,647		13			53
Other financial liabilities		9,523		9,339		10,153		2			(6	)
Total financial liabilities		95,099		127,955		90,271		(26	)		5

Financial liabilities at the end of the Quarter amounted to Ps.95,099 million, Ps.4,828 million (5%) higher than the Ps.90,271 million recorded a year before. This growth was mainly due to a Ps.5,731 million (59%) increase resulting from subordinated notes as consequence of the evolution of the foreign exchange rate, and to a Ps.4,089 million (53%) increase in collections on account of third parties.

18

ASSET QUALITY

Loan Portfolio Quality	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q19		vs 4Q18
Non-accrual loans(1)		14,064		12,024		7,003		17		101
With preferred guarantees		1,286		1,015		492		27		161
With other guarantees		1,325		1,060		737		25		80
Without guarantees		11,453		9,949		5,774		15		98
Allowance for loan losses		15,488		13,294		7,263		17		113

Relevant ratios (%)				Variation (bp)
Non-accrual loans to private-sector loans	4.43	3.97	2.88		46		155
Allowance for loan losses to private-sector loans	4.87	4.39	2.99		48		188
Allowance for loan losses to non-accrual loans	110.13	110.56	103.71		(43	)	642
Non-accrual loans with guarantees to non-accrual loans	18.57	17.26	17.55		131		102
Cost of risk(2)	5.15	3.08	3.56		207		159

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

(2) Annualized.

The Bank’s non-accrual loan portfolio amounted to Ps.14,064 million as of December 31, 2019, representing 4.43% of total loans to the private-sector, increasing 155 bp from the 2.88% ratio recorded from a year before.

The coverage of the non-accrual loan portfolio with allowances for loan losses reached 110.13% as of the end of the Quarter, as compared to 103.71% from the prior fiscal year.

In terms of total financing (defined as loans, certain other receivable financial asset accounts, guarantees granted and unused balances of loans granted) the Bank’s non-accrual portfolio represented 3.92% of total financing to the private-sector, and its coverage with allowances for loan losses reached 110.19%, compared to 2.54% and 101.82% of a year before, respectively.

Analysis of Loan Loss Experience	2019						2018			Variation (%)
In millions of pesos, except otherwise noted	4Q			3Q			4Q			vs 3Q19			vs 4Q18
Allowance for loan losses at the beginning of the Quarter
Changes in the allowance for loan losses		13,294			12,697			6,157			5			116
Provisions charged to income
Provisions charged to income		3,636			2,139			1,954			70			86
Charge offs		(1,347	)		(1,455	)		(848	)		(7	)		59
Others		(95	)		(87	)		—			9			—
Allowance for loan losses at the end of the Quarter		15,488			13,294			7,263			17			113
Charge to the income statement
Provisions charged to income(1)		(3,636	)		(2,139	)		(1,954	)		70			86
Direct charge offs(1)		(136	)		(112	)		(90	)		21			51
Bad debts recovered		57			68			43			(16	)		33
Net charge to the income statement		(3,715	)		(2,183	)		(2,001	)		70			86

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

During the Quarter, Ps.1,347 million were charged off against the allowance for loan losses and direct charges to the income statement for Ps.136 million were made.

19

CAPITALIZATION AND LIQUIDITY

Regulatory Capital	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q19			vs 4Q18
Minimum capital required (A)		37,662		36,905		27,163		2			39
Allocated to credit risk		29,149		28,809		22,171		1			31
Allocated to market risk		905		1,392		969		(35	)		(7	)
Allocated to operational risk		7,608		6,704		4,023		13			89
Computable capital (B)		80,785		73,457		49,329		10			64
Tier I		61,393		54,718		36,584		12			68
Tier II		19,392		18,739		12,745		3			52
Excess over required capital (B) (A)		43,123		36,552		22,166		18			95
Risk weighted assets		459,900		449,140		325,853		2			41

					Variation (bp)
Total capital ratio (%)	17.57	16.36	15.14	121		243
Tier I capital ratio (%)	13.35	12.18	11.23	117		212

As of December 31, 2019, the Bank’s computable capital amounted to Ps.80,785 million, Ps.43,123 million (115%) higher than the Ps.37,662 million minimum capital requirement. As of December 31, 2018, this excess amounted to Ps.22,166 million (82%).

The minimum capital requirement increased Ps.10,499 million as compared to December 31, 2018, mainly due to the growth of the private-sector loan portfolio, which was due to the evolution of the foreign exchange rate. Computable capital increased Ps.31,456 million in the same period, primarily as consequence of a Ps.24,809 million increase in Tier I, which was due to an increase in certain results, that were partially offset by higher regulatory deductions. Tier II capital increased Ps.6,647 million as a consequence of the effect of the evolution of the foreign exchange rate on subordinated debt. The total capital ratio was 17.57%, increasing 243 bp during the last twelve months.

Liquidity	2019				2018			Variation (%)
Percentages, except otherwise noted	4Q		3Q		4Q			vs 3Q19			vs 4Q18
Cash and due from banks		129,142		109,545		142,049			18			(9	)
Government securities		54,239		20,240		62,388			168			(13	)
Call-money		1,101		1,587		1,952			(31	)		(44	)
Overnight placements in correspondent banks		7,398		2,928		5,242			153			41
Repurchase agreement transactions		29,996		46,242		(419	)		(35	)		(7,259	)
Escrow accounts		7,526		6,881		5,188			9			45
Total liquid assets		229,402		187,423		216,400			22			6

Liquidity ratios				Variation (bp)
Liquid assets (*) as a percentage of transactional deposits	92.38	77.59	90.55		1,479	183
Liquid assets (*) as a percentage of total deposits	57.66	48.96	59.89		870	(223	)

(*) Liquid assets include cash and 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 December 31, 2019, the Bank’s liquid assets represented 92.38% of the Bank’s transactional deposits and 57.66% of its total deposits, as compared to 90.55% and 59.89%, respectively, as of December 31, 2018.

20

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 FISCAL YEAR

Income Statement	2019			2018			Variation (%)
In millions of pesos, except otherwise noted
Net interest income		7,878			7,516			5
Net fee income		10,242			9,136			12
Net results from financial instruments		2,105			696			202
Gold and foreign currency quotation differences		115			(50	)		330
Other operating income		3,369			956			252
Loan loss provisions		(4,331	)		(3,816	)		13
Net operating income		19,378			14,438			34
Personnel expenses		(4,556	)		(3,940	)		16
Administrative expenses		(5,014	)		(5,304	)		(5	)
Depreciations and devaluations of assets		(569	)		(286	)		99
Other operating expenses		(3,845	)		(1,907	)		102
Operating income		5,394			3,001			80
Income tax		243			(871	)		(128	)
Net income		5,637			2,130			165

Profitability and Efficiency	2019		2018		Variation (bp)
Percentages, except otherwise noted
Return(1) on average assets		10.18		4.93		525
Return(1) on average shareholders’ equity		44.89		22.36		2,253
Financial margin(1)(2)		17.04		17.02		2
Efficiency ratio (3)		53.38		61.62		(824	)

(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.

21

RESULTS FOR THE QUARTER

Income Statement	2019						2018			Variation (%)
In millions of pesos, except otherwise noted	4Q			3Q			4Q			vs 3Q19			vs 4Q18
Net interest income		1,905			1,786			1,792			7			6
Net fee income		3,163			2,750			2,511			51			26
Net results from financial instruments		744			573			218			30			241
Gold and foreign currency quotation differences		114			46			(50	)		148			328
Other operating income		682			944			292			(28	)		134
Loan loss provisions		(399	)		(1,078	)		(1,432	)		(63	)		(72	)
Net operating income		6,209			5,021			3,331			24			86
Personnel expenses		(1,387	)		(1,174	)		(1,200	)		18			16
Administrative expenses		(1,603	)		(1,232	)		(1,598	)		30			—
Depreciations and devaluations of assets		(172	)		(137	)		(83	)		26			107
Other operating expenses		(1,158	)		(933	)		(512	)		24			126
Operating income		1,889			1,545			(62	)		22			(3,147	)
Income tax		221			(173	)		36			(228	)		514
Net income		2,110			1,372			(26	)		54			8,215

Profitability and Efficiency	2019				2018			Variation (bp)
Percentages, except otherwise noted	4Q		3Q		4Q			vs 3Q19		vs 4Q18
Return(1) on average assets		14.36		9.64		(0.21	)		472		1,457
Return(1) on average shareholders’ equity		57.30		40.10		(1.02	)		1,720		5,832
Financial margin(1)(2)		23.03		10.49		14.61			1,254		842
Efficiency ratio (3)		59.34		58.53		72.42			81		(1,308	)

(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.

During the Quarter, Tarjetas Regionales recorded a Ps.2,110 million net income, Ps.2,136 million higher than the loss recorded in the same quarter of the 2018 fiscal year. This profit represented a 14.36% annualized return on average assets and a 57.30% return on average shareholders’ equity, as compared to (0.21)% and (1.02)%, respectively, from the fourth quarter of the 2018 fiscal year.

Net operating income amounted to Ps.6,209 million, increasing 86% from the fourth quarter of the 2018 fiscal year, mainly as a consequence of the Ps.652 million (26%) increase in net fee income.

Provisions for loan losses for the Quarter amounted to Ps.399 million, 72% lower than the Ps.1,432 million recorded in the same quarter of the prior fiscal year.

22

SELECTED FINANCIAL INFORMATION

Balance Sheet	2019				2018		Variation (bp)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q19			vs 4Q18
Assets
Cash and due from banks		4,127		3,530		1,365		17			202
Debt securities		—		—		54		—			(100	)
Net loans and other financing		50,036		41,424		45,313		21			10
Other financial assets		5,875		5,383		3,628		9			62
Property, bank premises, equipment		1,469		1,396		835		5			76
Intangible assets		1,020		627		423		63			141
Other non-financial assets		2,932		2,496		1,090		17			169
Total assets		65,459		54,856		52,708		19			24
Liabilities
Financing from financial entities		2,938		300		2,131		879			38
Other financial liabilities		31,891		24,439		23,244		30			37
Notes		10,508		13,026		14,979		(19	)		(30	)
Other non-financial liabilities		3,760		2,839		2,232		32			68
Total liabilities		49,097		40,604		42,586		21			15
Shareholders’ equity		16,362		14,252		10,122		15			62

ASSET QUALITY

Loan Portfolio Quality	2T		2019		2018		Variation (%)
Percentages, except otherwise noted	4Q		3Q		4Q		vs 3Q19			vs 4Q18
Non-accrual loans(1)		6,522		6,404		3,322		2			96
Allowances for loan losses		5,793		6,241		4,045		(7	)		43

Ratios (%)				Variation (bp)
Non-accrual loans to loans to the private sector	11.77	13.45	6.84		(168	)	493
Allowance for loan losses to loans to the private sector	10.45	13.10	8.33		(265	)	212
allowance for loan losses to non-accrual loans	88.82	97,45	121,76		(863	)	(3,294	)
Cost of risk (2)	2.54	8.99	12.44		(645	)	(990	)

(1) The non-accrual portfolio includes loans classified under the following categories of the Argentine Central Bank classification: 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	2019						2018			Variation (%)
In millions of pesos, except otherwise noted	4Q			3Q			4Q			vs 3Q19			vs 4Q18
Allowances for loan losses
At the beginning of the Quarter		6,241			5,772			3,110			8			101
Changes in the allowance for loan losses
Provisions charged to income		206			990			1,350			(79	)		(85	)
Reversals of allowances for loan losses		(455	)		(415	)		—			10			—
Charge offs(1)		(199	)		(106	)		(415	)		88			(52	)
Allowance for loan losses at the end of the Quarter		5,793			6,241			4,045			(7	)		43
Charge to the income statement
Provisions charged to income(1)		(206	)		(990	)		(1,350	)		(79	)		(85	)
Direct charge offs(1)		(91	)		(88	)		(83	)		3			10
Bad debt recovered		59			42			59			40			—
Net charge to the income statement		(238	)		(1,036	)		(1,374	)		(77	)		(83	)

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

23

GALICIA ADMINISTRADORA DE FONDOS

RESULTS FOR THE FISCAL YEAR

Income Statement	2019			2018			Variation (bp)
In millions of pesos, except otherwise noted
Net interest income		—			20			(100	)
Net fee income		—			(1	)		(100	)
Net results from financial instruments		110			153			(28	)
Gold and foreign currency quotation differences		18			6			200
Other operating income		532			591			(10	)
Net operating income		660			769			(14	)
Personnel and administrative expenses		(197	)		(126	)		56
Other operating expenses		(39	)		(39	)		—
Operating income		424			604			(30	)
Income tax		(107	)		(182	)		(41	)
Net income		317			422			(25	)

RESULTS FOR THE QUARTER

Income Statement	2019						2018			Variation (%)
In millions of pesos, except otherwise noted	4Q			3Q			4Q			vs 3Q19			vs 4Q18
Net interest income		—			—			10			—			(100	)
Net results from financial instruments		30			20			3			50			900
Gold and foreign currency quotation differences		3			14			(1	)		(79	)		(400	)
Other operating income		137			127			90			8			52
Net operating income		170			161			102			6			67
Personnel and administrative expenses		(95	)		(39	)		(29	)		144			228
Other operating expenses		(15	)		(8	)		(6	)		88			150
Operating income		60			114			67			(47	)		(10	)
Income tax		(29	)		(29	)		(21	)		—			38
Net income		31			85			46			(64	)		(33	)

24

ASSETS UNDER MANAGEMENT

Mutual Fund	Assets Under Management as of:						Variation (%)
In millions of pesos, except otherwise noted	4Q19		3Q19		4Q18		vs 3Q19			vs 4Q18
Fima Premium		68,787		56,905		29,475		21			133
Fima Ahorro Pesos		2,664		2,284		9,892		17			(73	)
Fima Ahorro Plus		2,732		2,339		9,968		17			(73	)
Fima Capital Plus		113		103		205		10			(45	)
Fima Renta en Pesos		232		125		245		86			(5	)
Fima Renta Plus		146		73		145		99			—
Fima Abierto Pymes		584		499		313		17			87
Fima Acciones		402		294		328		37			22
Fima PB Acciones		691		540		718		28			(4	)
Fima Mix I		57		4		7		1,328			716
Fima Renta Dolares I		2,059		2,160		7,352		(5	)		(72	)
Fima Renta Dolares II		674		659		1,564		2			(57	)
Fima Renta Acciones Latinoamerica		116		163		13		(29	)		789
Fima Renta Fija Internacional		2,493		3,074		179		(19	)		1,293
Total Assets Under Management		81,750		69,222		60,404		18			35

SELECTED FINANCIAL INFORMATION

Balance Sheet	2019				2018		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q19			vs 4Q18
Assets
Cash and due from banks		121		68		35		78			246
Other financial assets		305		278		635		10			(52	)
Other non-financial assets		8		11		4		(27	)		100
Total assets		434		357		674		22			(36	)
Liabilities
Other non-financial liabilities		57		10		229		470			(75	)
Total liabilities		57		10		229		470			(75	)
Shareholders’ equity		377		347		445		9			(15	)

25

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 FISCAL YEAR

Income Statement	2019			2018			Variation (bp)
In millions of pesos, except otherwise noted
Earned premium		4,555			3,784			20
Incurred claims		(633	)		(478	)		32
Withdrawals		(10	)		(5	)		100
Life annuities		(10	)		(7	)		43
Acquisition and general expenses		(2,280	)		(2,016	)		13
Other income and expenses		—			(44	)		(100	)
Underwriting income		1,622			1,234			31
Interest income		704			423			66
Net results from financial instruments		63			96			(34	)
Gold and foreign currency quotation differences		1			4			(75	)
Other operating income		285			89			220
Net operating income		2,675			1,846			45
Personnel expenses		(677	)		(472	)		43
Administrative expenses		(436	)		(340	)		28
Depreciations and devaluations of assets		(100	)		(59	)		69
Other operating expenses		(51	)		—			N/A
Operating income		1,411			975			45
Income tax		(261	)		(322	)		(19	)
Net income		1,150			653			76
Other comprehensive income		(14	)		(11	)		27
Total comprehensive income		1,136			642			77

Profitability
Percentages, except otherwise noted	2019		2018		Variation (bp)
Return on average assets(1)		29.43		22.99		644
Return on average shareholders’ equity(1)		67.48		54.18		1.330
Efficiency ratio (2)		50.05		53.90		(385	)
Combined ratio(3)		58.43		62.03		(360	)

(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.

26

RESULTS FOR THE QUARTER

Income Statement	2019						2018			Variation (%)
In millions of pesos, except otherwise noted	4Q			3Q			4Q			vs 3Q19			vs 4Q18
Earned premium		1.272			1.160			1.009			10			26
Incurred claims		(205	)		(180	)		(133	)		14			54
Withdrawals		(1	)		(6	)		(2	)		(83	)		(50	)
Life annuities		(3	)		(3	)		(2	)		—			50
Acquisition and general expenses		(561	)		(600	)		(725	)		(6	)		(23	)
Other income and expenses		(4	)		14			28			(129	)		(114	)
Underwriting income		498			385			175			29			185
Interest income		222			251			142			(12	)		56
Net results from financial instruments		19			(1	)		36			(2,000	)		(47	)
Gold and foreign currency quotation differences		2			(3	)		(2	)		(167	)		(200	)
Other operating income		68			43			9			58			656
Net operating income		809			675			360			20			125
Personnel expenses		(236	)		(166	)		(139	)		42			70
Administrative expenses		(155	)		(109	)		(118	)		42			31
Depreciations and devaluations of assets		(29	)		(27	)		(20	)		7			45
Other operating expenses		(51	)		—			147			—			(135	)
Operating income		338			373			230			(9	)		47
Income tax		(61	)		(112	)		(70	)		(46	)		(13	)
Net income		277			261			160			6			73
Other comprehensive income		31			(41	)		1			(176	)		3.000
Total comprehensive income		308			220			161			40			91

Profitability	2019				2018		Variation (bp)
Percentages, except otherwise noted	4Q		3Q		4Q		vs 3Q19			vs 4Q18
Return on average assets(1)		25,79		24,40		20,50		139			529
Return on average shareholders’ equity(1)		55,90		53,49		53,12		241			278
Efficiency ratio (2)		44.24		51,11		69,91		(687	)		(2,567	)
Combined ratio(3)		52.97		60,91		80,56		(794	)		(2.759	)

(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	4Q		3Q		4Q		vs 3Q19			vs 4Q18
Assets
Cash and due from banks		76		75		55		1			38
Debt securities		37		27		83		37			(55	)
Net loans and other financing		263		307		426		(14	)		(38	)
Other financial assets		2,044		2,148		1,226		(5	)		67
Property, bank premises, equipment		202		204		178		(1	)		13
Intangible assets		55		63		61		(13	)		(10	)
Assets for insurance contracts		1,181		1,200		957		(2	)		23
Other non-financial assets		193		248		148		(22	)		30
Total assets		4,051		4,272		3,134		(5	)		29
Liabilities
Financial entities		3		29		—		(90	)		—
Liabilities for insurance contracts		1,473		1,338		1,147		10			28
Other non-financial liabilities		785		919		734		(15	)		7
Total liabilities		2,261		2,286		1,881		(1	)		20
Shareholders’ equity		1,790		1,986		1,253		(10	)		43

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RELEVANT INFORMATION

NOTES

On November 25, 2019, Banco Galicia issued Class VII Notes for Ps.4,182 million with an interest rate of Badlar plus 4%.

NARANJA AND DESPEGAR

During the Quarter, Tarjeta Naranja signed a ten-year commercial alliance with Despegar.com.ar S.A., one of the main travel agencies in Argentina, to engage in the joint promotion and sale of certain products and services of Despegar.com.ar S.A.

REGULATORY CHANGES

RESERVE REQUIREMENTS

As of January 1, 2020, the Argentine Central Bank increased the limit used to compute the decrease in the reserve requirement based on the granting of financing under the “Ahora 12” Program. This deduction may not exceed 1.5% (previously 1%) of the concepts in pesos subject to requirement, on average, from the month prior to the calculation, which may increase up to 2.5% if certain conditions are met.

In addition, a new decrease with respect to the reserve requirement was incorporated as of January 1, 2020, pursuant to which the reserve requirement can be reduced for an amount equivalent to 30% of certain financings in pesos granted to Micro SMEs with an interest rate equivalent or lower than 40%.

PROVIDERS OF PAYMENT SERVICES

The Argentine Central Bank issued regulations for the operation of payment accounts offered by Payment Service Providers (PSPs), which must be implemented, at latest, as of January 31, 2020.

PSPs are defined as legal entities that, without being financial entities, fulfill at least one function within a retail payment scheme, within the overall framework of the payment system.

One of these regulations establishes that the funds of clients accredited in payment accounts offered by PSPs must be made in sight accounts, in pesos, in financial institutions of Argentina and, at all times, available immediately before its requirement, for an amount at least equivalent to what was credited in such payment account.

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INFLATION ACCOUNTING AND EXPECTED LOSS

The Financial Statements of Grupo Financiero Galicia, corresponding to the Fiscal Year, and the information included in this Press Release, do not contemplate the restatement criteria established in IAS 29 “Financial information in hyperinflationary economies”, nor point 5.5, impairment of IFRS 9 “Financial Instruments”.

As of the fiscal year beginning on January 1, 2020, in accordance with Communiqué “A” 6651 of the Argentine Central Bank, Grupo Financiero Galicia’s financial information will be restated in homogeneous currency.

The abovementioned application implies the recognition of the effects of inflation on the entity’s equity and its results, stating them in constant currency as of the date of the financial information.

In addition, in accordance with Communiqué “A” 6847, the expected credit loss model will be applied, which contemplates the application of point 5.5 of IFRS 9.

The net worth and the result of the Fiscal Year restated in homogeneous currency and considering the expected loss effect, would have amounted to Ps.112,654 million and Ps.21,854 million, respectively.

This report is a summary analysis of GFG’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 GFG’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 the Bank 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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