Income Tax (Tables)

12 Months Ended

Dec. 31, 2019

Income tax [Abstract]

Table of deferred income tax assets and liabilities

Account				Changes recognized in								As of December 31, 2019
	As of December 31, 2018			Consolidated statement of profit or loss			Other comprehensive income		Gain of control over subsidiaries			Deferred tax asset		Deferred tax liabilities
Allowance for loan losses		1,854,136			2,610,232			—		—			4,464,368		—
Provisions		759,726			1,269,558			—		—			2,029,284		—
Loan Commissions		288,579			(160,562	)		—		—			128,017		—
Expenses capitalized for tax purpose		(613,366	)		407,777			—		—			—		(205,589	)
Property and equipment		(5,355,621	)		(393,084	)		—		—			—		(5,748,705	)
Investments in debt securities and equity instruments		162,098			(3,654,867	)		1,445,390		—			—		(2,047,379	)
Derivatives		17,231			(6,030	)		—		—			11,201		—
Inflation adjustment (see Note 15.5)		—			4,392,821			—		—			4,392,821		—
Others		1,200			64,130			—		(65,690	)		—		(360	)
Balance		(2,886,017	)		4,529,975			1,445,390		(65,690	)		11,025,691		(8,002,033	)

Account				Changes recognized in										As of December 31, 2018
	As of December 31, 2017			Consolidated statement of profit or loss			Consolidated statement of comprehensive income		Impact of IFRS 9 adoption (see Note 2.2)		Loss of control over subsidiary			Deferred tax asset		Deferred tax liabilities
Allowance for loan losses		989,796			423,413			—		478,248		(37,321	)		1,854,136		—
Provisions		1,062,063			(297,876	)		—				(4,461	)		759,726		—
Loan Commissions		446,159			(157,580	)		—				—			288,579		—
Expenses capitalized for tax purpose		(488,565	)		(124,801	)		—				—			—		(613,366	)
Property and equipment		(4,684,010	)		(671,251	)		—				(360	)		—		(5,355,621	)
Investments in debt securities and equity instruments		(272,197	)		331,395			102,900				—			162,098		—
Derivatives		25,441			(8,210	)		—				—			17,231		—
Others		(507	)		1,387			—				320			1,200		—
Balance		(2,921,820	)		(503,523	)		102,900		478,248		(41,822	)		3,082,970		(5,968,987	)

Table of income tax expense

	December 31, 2019			December 31, 2018			December 31, 2017
Current Tax		10,784,385			8,300,692			5,224,982
Deferred Tax		(4,529,975	)		545,345			(947,132	)
Inflation adjustment for prior period (see Note 15.5)		(4,182,243	)		(2,175,295	)		(3,166,423	)
Income tax expense		2,072,167			6,670,742			1,111,427

Table of reconciliation effective tax rate

	December 31, 2019			December 31, 2018			December 31, 2017
Profit before income tax		18,096,387			4,256,031			3,971,956
Income tax rate		30	%		30	%		35	%
Income tax using the Bank´s income tax rate		5,428,916			1,276,809			1,390,185
Tax -exempt income		(481,363	)		(302,054	)		(397,886	)
Non-deductible expenses		64,150			107,659			55,237
Change in tax rate (see Note 15.4)		(941,342	)		(443,693	)		(1,357,294	)
Other		(15,641	)		(27,109	)		(42,209	)
Net monetary inflation adjustment		7,705,386			8,234,425			4,629,817
Subtotal		11,760,106			8,846,037			4,277,850
Inflation adjustment (see Note 15.5)		(9,687,939	)		(2,175,295	)		(3,166,423	)
Income tax expense		2,072,167			6,670,742			1,111,427
Effective tax rate		11	%		157	%		28	%