Report on Banks

Thisreport analyzes the situation of the Argentine financial system on a monthly basis.

Executive summary

• Throughout 2025, the financial intermediation of all entities with the private sector grew. During the period, the financial system maintained significant levels of coverage with capital, forecasts and liquidity, thus preserving a significant degree of resilience. The means of payment provided by the financial system also expanded during the year, with a significant boost from electronic modalities.
• In the last month of the year, the real balance of credit to the private sector in pesos increased by 1.2%, mainly driven by commercial lines. In 2025, financing to the private sector in pesos expanded 27.4% in real terms, with greater dynamism in lines with real collateral. In the month, almost 3,000 additional registrations of mortgage loans to families were registered, accumulating in 2025 about 43,700 new debtors in this segment. The balance of loans to the private sector in foreign currency grew 4% between the peak of the month – in the currency of origin – accumulating an expansion of 73% throughout the year.
• The reconfiguration among the main components of the total assets of the financial system throughout the year accounts for the process of crowding in credit to the private sector. As of December 2025, financing to companies and households accounted for 43.9% of total assets (+8.6 p.p. y.o.y.), while the balance of financing to the public sector fell to 27.8% of total assets (-8 p.p. y.o.y.).
• The irregularity ratio of credit to the private sector closed 2025 at around 5.5%. Disaggregated by segment, the default on financing to households amounted to 9.3% of the portfolio allocated to this type of debtor, while the indicator of irregularity of financing to companies stood at 2.5%. The forecast of the group of entities represented 93% of the balance of credit in an irregular situation and 5.2% of the total balance of credit to the private sector.
• In the context of seasonal factors, in December deposits in pesos arranged by the private sector grew by 4.6% in real terms, an increase mainly explained by unremunerated demand accounts (15.4% real monthly) and time deposits (4.3% in real terms). Throughout 2025, the balance of private sector deposits in pesos increased by 7.7% in real terms, driven mainly by time deposits. The balance of deposits in foreign currency of the private sector grew 3.5% in December and 17.7% in all of 2025 – in the currency of origin.
• The systemic indicator of liquidity in national currency, which considers only availability, was reduced monthly by 0.9 p.p. of deposits in pesos to a total of 13.3% (+1.4 p.p. y.o.y.), within the framework of the adjustments to the minimum cash (MA) standard. When including the public securities used to make up EM, the liquidity ratio in pesos stood at 32.9% of deposits in the same denomination at the end of the year, 1.1 p.p. below the previous month’s record (-2.9 p.p. y.o.y.). On the other hand, liquidity in foreign currency decreased by 3 p.p. of the corresponding deposits, reaching 58.9% in the same period (-13.1 p.p. y.o.y.).
• At the end of the year, capital integration (RPC) in the financial system remained at around 28.6% of risk-weighted assets (RWA) (-2.1 p.p. y.a.), while excess capital (RPC minus the minimum regulatory requirement) with respect to the regulatory requirement totaled 253% for the aggregate of entities (-32.3 p.p. y.o.y.). In December, the leverage ratio of the aggregate financial system—according to Basel Committee guidelines—reached 19.7%, well above the regulatory minimum (3%). From these comfortable levels, in the last 12 months there was a slight reduction in the indicator, in line with the expansion of the aggregate balance sheet. In December, the profitability of all financial institutions was positive, leading to the accumulated ROA in the year reaching 1% (ROE of 4.4%), lower than in 2024.