<p>加利西亚金融集团（Grupo Financiero Galicia，简称 GGAL）已举行其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<p>加利西亚金融集团最新的财报电话会议语气谨慎但积极。管理层承认 2025 年净收入暴跌 91%，主要由于准备金激增和银行损失，但强调集团强大的资本和流动性、持续的非银行收入以及明确的 2026 年目标是逐步复苏的基础。</p>
<h2>宏观经济稳定与通胀放缓的顺风</h2>
<p>阿根廷的背景变得不那么恶劣，预计 2025 年 GDP 增长约 4.4%，全年通胀从 2024 年的 117.8% 降至 31.5%。尽管如此，第二季度的月度价格增长再次加速，12 月和 1 月的读数接近 3%，提醒投资者去通胀并非板上钉钉。</p>
<h2>存款和贷款的强劲年度增长</h2>
<p>加利西亚强调了稳健的特许经营势头，12 月私营部门比索存款平均达到 104.1 万亿阿根廷比索，同比增长 40.1%。私营部门的比索贷款增长 73%，达到 87.6 万亿阿根廷比索，而美元贷款激增超过 80%，尽管短期内面临压力，但健康的信贷需求依然存在。</p>
<h2>舒适的流动性和资本缓冲</h2>
<p>集团强调其资产负债表的强劲，流动资产覆盖了 93.2% 的交易存款和近 60% 的总存款。监管资本稳健，达到 25.2%，一级资本为 25.1%，均较上季度上升超过 300 个基点，为进一步冲击提供了可观的缓冲。</p>
<h2>非银行单位缓解银行弱点</h2>
<p>多元化证明至关重要，非银行业务帮助抵消了银行的损失。加利西亚资产管理公司实现了 1270 亿阿根廷比索的利润，Naranja X 贡献了 590 亿阿根廷比索，而加利西亚保险增加了 400 亿阿根廷比索，显示出集团的盈利能力越来越超越传统贷款。</p>
<h2>经营和净利息收入扭转局面</h2>
<p>在第三季度疲软之后，经营收入在第四季度迅速反弹至 1640 亿阿根廷比索，而之前仅为 60 亿阿根廷比索。净利息收入环比增长 23%，得益于利息收入增长 7% 和利息支出下降 9%，资产收益率提高 130 个基点至 31.4%。</p>
<h2>明确的 2026 年增长和效率目标</h2>
<p>管理层列出了详细的 2026 年目标，包括贷款增长 25%，下半年表现更强，平均银行利润率约为 16.4%。银行目标为 10%-11% 的股本回报率，年末风险成本接近 8%，效率比率低于 40%，显示出向更精简、更盈利的运营推进。</p>
<h2>HSBC 交易的整合成本大部分已过</h2>
<p>与 HSBC 整合相关的一次性成本对 2025 年的业绩造成了沉重打击，但现在大部分已成为过去。排除这些项目后，预计 2026 年的管理费用将同比下降约 10%-11%，没有可比的特殊费用预期。</p>
<h2>91% 净收入骤降影响盈利能力</h2>
<p>集团净收入在 2025 年骤降至 1960 亿阿根廷比索，同比下降 91%，而第四季度单独显示净亏损 840 亿阿根廷比索，资产回报率和股本回报率均为负值。管理层认为，排除整合费用后，结果将为 3330 亿阿根廷比索，股本回报率为 4.2%，突显了一次性费用的规模。</p>
<h2>Banco Galicia 的损失和激增的准备金</h2>
<p>核心银行部门 Banco Galicia 遭受重大损失，仅第四季度就亏损约 1050 亿阿根廷比索，信贷成本激增。贷款损失准备金环比增长 42%，同比增长约 220%，成为盈利能力的主要拖累，突显出资产质量面临的挑战。</p>
<h2>零售信贷质量急剧恶化</h2>
<p>零售资产质量急剧恶化，不良贷款比例从一年前的 3.2% 飙升至 14.3%，尤其是在个人贷款和信用卡方面。管理层将这一激增归因于更高的实际利率和购买力下降，影响了家庭的还款能力。</p>
<h2>更高的不良贷款比率和更薄的覆盖缓冲</h2>
<p>整体不良贷款比例上升至总融资的 6.9%，环比上升 110 个基点，反映出零售以外的广泛压力。准备金覆盖率从 101.5% 下降至 97.4%，削弱了对进一步恶化的缓冲，并使信贷风险在投资者眼中保持高度关注。</p>
<h2>通胀会计和融资成本侵蚀利润率</h2>
<p>盈利能力还受到通胀会计的技术影响，导致货币损失并抑制了财务利润。由于更严格的准备金要求和年内高企的利率，融资成本进一步压缩了利差，尽管资产收益率有所改善。</p>
<h2>市场份额下滑与融资趋势混合</h2>
<p>竞争压力和谨慎的放贷导致特许经营出现一定程度的侵蚀，贷款市场份额下降至 14.3%，存款市场份额下降至 16.2%。对私营部门的银行融资环比下降 2%，其中比索贷款下降 1%，美元贷款下降 5%。</p>
<h2>宏观和执行风险影响目标路径</h2>
<p>管理层公开指出其计划面临的风险，包括通胀势头的重新抬头和宏观稳定向借款人传导的速度放缓。这些因素可能会延迟不良贷款的改善，使风险成本在较长时间内保持较高水平，并挑战银行实现贷款增长和股本回报率目标的能力。</p>
<h2>前瞻性指引：复苏路线图依赖于风险成本</h2>
<p>展望 2026 年，加利西亚预计通胀率接近 23%，GDP 增长约为 3.7%，银行贷款增长约 25%，存款增长 15% 至 20%。该集团预计利润率约为 16.4%，风险成本将从第四季度接近 12.5% 的峰值下降至大约 8%，不良贷款将在 3 月达到峰值，股本回报率为 10% 至 11%，效率低于 40%，行政费用降低，并提议大幅分红。</p>
<p>加利西亚的电话会议描绘了一个面临压力但并未崩溃的特许经营故事，资本、流动性和非银行收入为解决信贷问题争取了时间。投资者现在将关注该银行能否控制不良贷款，正常化拨备，并快速实现效率提升，从而将谨慎的乐观情绪转变为可持续的盈利复苏。</p>

GGAL.RTS

加利西亚金融

<p>加利西亚金融的第四季度财报电话会议透露，2025 年净收入下降 91% 后，展望谨慎，主要归因于高额拨备和银行损失。尽管如此，管理层强调了强劲的资本和流动性，专注于逐步复苏。阿根廷的经济背景正在改善，预计 GDP 增长为 4.4%，通胀率下降。该银行报告了存款和贷款的显著增长，而非银行部门的单位帮助抵消了银行损失。2026 年的明确目标包括 25% 的贷款增长和效率提升，尽管零售信贷质量显著恶化</p>

<p>Grupo Financiero Galicia ((GGAL)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>加利西亚金融集团（Grupo Financiero Galicia，简称 GGAL）已举行其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 70% Off TipRanks Premium</h3>
<div class="lb-trans"><h3>在 TipRanks Premium 上享受 70% 的折扣</h3>
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<li>Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential</li>
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<li>通过最新的新闻和分析保持市场领先，最大化您的投资组合潜力</li>
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</div><p>Grupo Financiero Galicia’s latest earnings call struck a cautious but constructive tone. Management acknowledged a brutal 91% plunge in 2025 net income, driven by soaring provisions and banking losses, yet stressed the group’s strong capital and liquidity, recurring non-bank earnings, and clear 2026 targets as the foundation for a gradual recovery.</p>
<div class="lb-trans"><p>加利西亚金融集团最新的财报电话会议语气谨慎但积极。管理层承认 2025 年净收入暴跌 91%，主要由于准备金激增和银行损失，但强调集团强大的资本和流动性、持续的非银行收入以及明确的 2026 年目标是逐步复苏的基础。</p>
</div><h2>Macroeconomic Stabilization and Slower Inflation Tailwinds</h2>
<div class="lb-trans"><h2>宏观经济稳定与通胀放缓的顺风</h2>
</div><p>Argentina’s backdrop has turned less toxic, with GDP estimated up about 4.4% in 2025 and full-year inflation dropping to 31.5% from 117.8% in 2024. Even so, monthly price gains re-accelerated in the second half, with December and January readings near 3%, reminding investors that disinflation is far from guaranteed.</p>
<div class="lb-trans"><p>阿根廷的背景变得不那么恶劣，预计 2025 年 GDP 增长约 4.4%，全年通胀从 2024 年的 117.8% 降至 31.5%。尽管如此，第二季度的月度价格增长再次加速，12 月和 1 月的读数接近 3%，提醒投资者去通胀并非板上钉钉。</p>
</div><h2>Robust Yearly Growth in Deposits and Loans</h2>
<div class="lb-trans"><h2>存款和贷款的强劲年度增长</h2>
</div><p>Galicia highlighted solid franchise momentum, with private-sector peso deposits averaging ARS 104.1 trillion in December, up 40.1% year on year. Peso loans to the private sector climbed 73% to ARS 87.6 trillion, while dollar loans surged more than 80%, underscoring healthy underlying credit demand despite near-term stress.</p>
<div class="lb-trans"><p>加利西亚强调了稳健的特许经营势头，12 月私营部门比索存款平均达到 104.1 万亿阿根廷比索，同比增长 40.1%。私营部门的比索贷款增长 73%，达到 87.6 万亿阿根廷比索，而美元贷款激增超过 80%，尽管短期内面临压力，但健康的信贷需求依然存在。</p>
</div><h2>Comfortable Liquidity and Capital Buffers</h2>
<div class="lb-trans"><h2>舒适的流动性和资本缓冲</h2>
</div><p>The group underscored its balance-sheet strength, noting liquid assets covered 93.2% of transactional deposits and nearly 60% of total deposits. Regulatory capital stood at a robust 25.2% with Tier 1 at 25.1%, both up over 300 basis points quarter on quarter, providing a sizable cushion against further shocks.</p>
<div class="lb-trans"><p>集团强调其资产负债表的强劲，流动资产覆盖了 93.2% 的交易存款和近 60% 的总存款。监管资本稳健，达到 25.2%，一级资本为 25.1%，均较上季度上升超过 300 个基点，为进一步冲击提供了可观的缓冲。</p>
</div><h2>Non-Bank Units Cushion Banking Weakness</h2>
<div class="lb-trans"><h2>非银行单位缓解银行弱点</h2>
</div><p>Diversification proved critical as non-bank businesses helped offset bank losses. Galicia Asset Management delivered ARS 127 billion in profit, Naranja X contributed ARS 59 billion, and Galicia Seguros added ARS 40 billion, showing the group’s earnings power increasingly extends beyond traditional lending.</p>
<div class="lb-trans"><p>多元化证明至关重要，非银行业务帮助抵消了银行的损失。加利西亚资产管理公司实现了 1270 亿阿根廷比索的利润，Naranja X 贡献了 590 亿阿根廷比索，而加利西亚保险增加了 400 亿阿根廷比索，显示出集团的盈利能力越来越超越传统贷款。</p>
</div><h2>Operating and Net Interest Income Turn a Corner</h2>
<div class="lb-trans"><h2>经营和净利息收入扭转局面</h2>
</div><p>After a weak third quarter, operating income rebounded sharply to ARS 164 billion in Q4 from just ARS 6 billion previously. Net interest income rose 23% quarter on quarter, helped by a 7% increase in interest income and a 9% drop in interest expenses as asset yields improved 130 basis points to 31.4%.</p>
<div class="lb-trans"><p>在第三季度疲软之后，经营收入在第四季度迅速反弹至 1640 亿阿根廷比索，而之前仅为 60 亿阿根廷比索。净利息收入环比增长 23%，得益于利息收入增长 7% 和利息支出下降 9%，资产收益率提高 130 个基点至 31.4%。</p>
</div><h2>Clear 2026 Targets for Growth and Efficiency</h2>
<div class="lb-trans"><h2>明确的 2026 年增长和效率目标</h2>
</div><p>Management laid out detailed 2026 goals, including 25% loan growth with a stronger second half and an average banking margin of around 16.4%. The bank aims for a 10%–11% return on equity, a cost-of-risk near 8% by year-end, and an efficiency ratio below 40%, signaling a push toward leaner, more profitable operations.</p>
<div class="lb-trans"><p>管理层列出了详细的 2026 年目标，包括贷款增长 25%，下半年表现更强，平均银行利润率约为 16.4%。银行目标为 10%-11% 的股本回报率，年末风险成本接近 8%，效率比率低于 40%，显示出向更精简、更盈利的运营推进。</p>
</div><h2>Integration Costs from HSBC Deal Mostly Behind</h2>
<div class="lb-trans"><h2>HSBC 交易的整合成本大部分已过</h2>
</div><p>One-off costs tied to the HSBC integration weighed heavily on 2025 results but are now largely in the rear-view mirror. Excluding these items, administrative expenses are expected to fall roughly 10%–11% year on year in 2026, with no comparable extraordinary charges anticipated.</p>
<div class="lb-trans"><p>与 HSBC 整合相关的一次性成本对 2025 年的业绩造成了沉重打击，但现在大部分已成为过去。排除这些项目后，预计 2026 年的管理费用将同比下降约 10%-11%，没有可比的特殊费用预期。</p>
</div><h2>Profitability Hammered by 91% Net Income Drop</h2>
<div class="lb-trans"><h2>91% 净收入骤降影响盈利能力</h2>
</div><p>Group net income plunged to ARS 196 billion in 2025, a 91% collapse from the prior year, and Q4 alone showed a net loss of ARS 84 billion with negative ROA and ROE. Management argued that excluding integration expenses, results would have been ARS 333 billion with a modest 4.2% ROE, underscoring the scale of one-offs.</p>
<div class="lb-trans"><p>集团净收入在 2025 年骤降至 1960 亿阿根廷比索，同比下降 91%，而第四季度单独显示净亏损 840 亿阿根廷比索，资产回报率和股本回报率均为负值。管理层认为，排除整合费用后，结果将为 3330 亿阿根廷比索，股本回报率为 4.2%，突显了一次性费用的规模。</p>
</div><h2>Banco Galicia Losses and Surging Provisions</h2>
<div class="lb-trans"><h2>Banco Galicia 的损失和激增的准备金</h2>
</div><p>The core banking arm, Banco Galicia, posted heavy losses, with Q4 alone losing about ARS 105 billion as credit costs exploded. Provisions for loan losses jumped 42% quarter on quarter and roughly 220% year on year, becoming the primary drag on profitability and highlighting mounting asset-quality challenges.</p>
<div class="lb-trans"><p>核心银行部门 Banco Galicia 遭受重大损失，仅第四季度就亏损约 1050 亿阿根廷比索，信贷成本激增。贷款损失准备金环比增长 42%，同比增长约 220%，成为盈利能力的主要拖累，突显出资产质量面临的挑战。</p>
</div><h2>Sharp Deterioration in Retail Credit Quality</h2>
<div class="lb-trans"><h2>零售信贷质量急剧恶化</h2>
</div><p>Retail asset quality worsened dramatically, with non-performing loans soaring to 14.3% from just 3.2% a year earlier, especially in personal loans and credit cards. Management linked this spike to higher real interest rates and eroding purchasing power, which hit households’ repayment capacity.</p>
<div class="lb-trans"><p>零售资产质量急剧恶化，不良贷款比例从一年前的 3.2% 飙升至 14.3%，尤其是在个人贷款和信用卡方面。管理层将这一激增归因于更高的实际利率和购买力下降，影响了家庭的还款能力。</p>
</div><h2>Higher NPL Ratios and Thinner Coverage Cushion</h2>
<div class="lb-trans"><h2>更高的不良贷款比率和更薄的覆盖缓冲</h2>
</div><p>Overall NPLs rose to 6.9% of total financing, up 110 basis points in the quarter, reflecting broad pressure beyond retail. Coverage with allowances slipped to 97.4% from 101.5%, trimming the buffer against further deterioration and keeping credit risk firmly in focus for investors.</p>
<div class="lb-trans"><p>整体不良贷款比例上升至总融资的 6.9%，环比上升 110 个基点，反映出零售以外的广泛压力。准备金覆盖率从 101.5% 下降至 97.4%，削弱了对进一步恶化的缓冲，并使信贷风险在投资者眼中保持高度关注。</p>
</div><h2>Inflation Accounting and Funding Costs Erode Margins</h2>
<div class="lb-trans"><h2>通胀会计和融资成本侵蚀利润率</h2>
</div><p>Profitability was also squeezed by the technical impact of inflation accounting, which generated monetary losses and dampened the financial margin. Higher funding costs, driven by stricter reserve requirements and elevated interest rates during the year, further compressed spreads despite better asset yields.</p>
<div class="lb-trans"><p>盈利能力还受到通胀会计的技术影响，导致货币损失并抑制了财务利润。由于更严格的准备金要求和年内高企的利率，融资成本进一步压缩了利差，尽管资产收益率有所改善。</p>
</div><h2>Market Share Slippage Amid Mixed Funding Trends</h2>
<div class="lb-trans"><h2>市场份额下滑与融资趋势混合</h2>
</div><p>Competitive pressures and cautious lending resulted in some franchise erosion, with loan market share slipping to 14.3% and deposit share to 16.2%. Bank financing to the private sector dropped 2% quarter on quarter, including a 1% decline in peso lending and a 5% drop in dollar lending.</p>
<div class="lb-trans"><p>竞争压力和谨慎的放贷导致特许经营出现一定程度的侵蚀，贷款市场份额下降至 14.3%，存款市场份额下降至 16.2%。对私营部门的银行融资环比下降 2%，其中比索贷款下降 1%，美元贷款下降 5%。</p>
</div><h2>Macro and Execution Risks Cloud the Path to Targets</h2>
<div class="lb-trans"><h2>宏观和执行风险影响目标路径</h2>
</div><p>Management openly flagged risks to its plan, including renewed inflation momentum and slower transmission of macro stabilization to borrowers. These factors could delay NPL improvement, keep cost of risk higher for longer, and challenge the bank’s ability to hit its loan growth and ROE objectives.</p>
<div class="lb-trans"><p>管理层公开指出其计划面临的风险，包括通胀势头的重新抬头和宏观稳定向借款人传导的速度放缓。这些因素可能会延迟不良贷款的改善，使风险成本在较长时间内保持较高水平，并挑战银行实现贷款增长和股本回报率目标的能力。</p>
</div><h2>Forward Guidance: Recovery Roadmap Hinges on Cost of Risk</h2>
<div class="lb-trans"><h2>前瞻性指引：复苏路线图依赖于风险成本</h2>
</div><p>Looking ahead to 2026, Galicia is assuming inflation near 23% and GDP growth around 3.7%, with bank loans up about 25% and deposits rising 15%–20%. The group expects margins around 16.4%, cost of risk falling from a Q4 peak near 12.5% to roughly 8%, NPLs peaking by March, ROE of 10%–11%, efficiency below 40%, lower administrative expenses, and proposes a sizable dividend payout.</p>
<div class="lb-trans"><p>展望 2026 年，加利西亚预计通胀率接近 23%，GDP 增长约为 3.7%，银行贷款增长约 25%，存款增长 15% 至 20%。该集团预计利润率约为 16.4%，风险成本将从第四季度接近 12.5% 的峰值下降至大约 8%，不良贷款将在 3 月达到峰值，股本回报率为 10% 至 11%，效率低于 40%，行政费用降低，并提议大幅分红。</p>
</div><p>Galicia’s call painted a story of a franchise under pressure but not broken, with capital, liquidity, and non-bank earnings buying time to fix credit issues. Investors will now focus on whether the bank can tame NPLs, normalize provisions, and execute on efficiency gains fast enough to turn cautious optimism into a sustainable earnings recovery.</p>
<div class="lb-trans"><p>加利西亚的电话会议描绘了一个面临压力但并未崩溃的特许经营故事，资本、流动性和非银行收入为解决信贷问题争取了时间。投资者现在将关注该银行能否控制不良贷款，正常化拨备，并快速实现效率提升，从而将谨慎的乐观情绪转变为可持续的盈利复苏。</p>
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加利西亚金融集团预计收益将谨慎反弹