Banco BBVA Argentina S A : Presentación Corporativa 4T20

BBVA Argentina

4Q20 Corporate Presentation

March 2020

Safe Harbour Statement

This document contains certain forward-looking statements that reflect the current views and/or expectations of Banco BBVA Argentina and its management with respect to its performance, business and future events. We use words such as "believe," "anticipate," "plan," "expect," "intend," "target," "estimate," "project," "predict," "forecast," "guideline," "seek," "future," "should" and other similar expressions to identify forward-looking statements, but they are not the only way we identify such statements. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this release. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) changes in general economic, financial, business, political, legal, social or other conditions in Argentina or elsewhere in Latin America or changes in either developed or emerging markets, (ii) changes in regional, national and international business and economic conditions, including inflation, (iii) changes in interest rates and the cost of deposits, which may, among other things, affect margins, (iv) unanticipated increases in financing or other costs or the inability to obtain additional debt or equity financing on attractive terms, which may limit our ability to fund existing operations and to finance new activities, (v) changes in government regulation, including tax and banking regulations, (vi) changes in the policies of Argentine authorities, (vii) adverse legal or regulatory disputes or proceedings, (viii) competition in banking and financial services, (ix) changes in the financial condition, creditworthiness or solvency of the customers, debtors or counterparties of Banco BBVA Argentina, (x) increase in the allowances for loan losses, (xi) technological changes or an inability to implement new technologies, (xii) changes in consumer spending and saving habits, (xiii) the ability to implement our business strategy and (xiv) fluctuations in the exchange rate of the Peso. The matters discussed herein may also be affected by risks and uncertainties described from time to time in Banco BBVA Argentina's filings with the U.S. Securities and Exchange Commission (SEC) and Comisión Nacional de Valores (CNV). Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as the date of this document. Banco BBVA Argentina is under no obligation and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Information

This document has been prepared in accordance with the accounting framework established by the Central Bank of Argentina ("BCRA"), based on International Financial Reporting Standards ("I.F.R.S.") and the resolutions adopted by the International Accounting Standards Board ("I.A.S.B") and by the Federación Argentina de Consejos Profesionales de Ciencias Económicas ("F.A.C.P.E."), with the transitory exceptions: (i) the record of a prevision for contingencies referred to uncertain fiscal positions required by the BCRA, (ii) the adjustment in valuation established by the B.C.R.A. applied to the valuation of the remaining investment the Bank keeps of Prisma Medios de Pago S.A. ("Prisma"), and (iii) the temporary exclusion of the application of the IFRS 9 impairment model for non-financial public sector debt instruments.

As of 1Q20, the Bank started to inform its inflation adjusted results pursuant to IAS 29 reporting. To facilitate comparison, figures of comparable quarters of 2019 have been updated according to IAS 29 reporting to reflect the accumulated effect of inflation adjustment for each period up to December 31, 2020.

The information in this press release contains unaudited financial information that consolidates, line item by line item, all of the banking activities of BBVA Argentina, including: BBVA Asset Management Argentina S.A., Consolidar AFJP-undergoing liquidation proceeding, and as of July 1, 2019, PSA Finance Argentina Compañía Financiera S.A. ("PSA") and Volkswagen Financial Services Compañía Financiera S.A ("VWFS").

BBVA Consolidar Seguros S.A. is disclosed on a consolidated basis recorded as Investments in associates (reported under the proportional consolidation method), and the corresponding results are reported as "Income from associates"), same as Rombo Compañía Financiera S.A. ("Rombo"), Play Digital S.A. and Interbanking S.A.

Financial statements of subsidiaries have been elaborated as of the same dates and periods as Banco BBVA Argentina S.A.'s. In the case of consolidated companies PSA and VWFS, financial statements were prepared considering the B.C.R.A. accounting framework for institutions belonging to "Group B", without considering the model established by the IFRS 9 5.5. "Impairment" section for periods starting as of January 1, 2022. As of October 2020, PSA and VWFS will belong to "Group C" institutions, keeping the same accounting framework as for "Group B" institutions.

The information published by the BBVA Group for Argentina is prepared according to IFRS, without considering the temporary exceptions established by BCRA.

BBVA Argentina 2020 Highlights

As of 1Q20, the Bank started to inform its inflation adjusted results pursuant to IAS 29 reporting. To facilitate comparison, figures of comparable quarters of 2019 and 2020 have been updated according to IAS 29 reporting to reflect the accumulated effect of inflation adjustment for each period up to December 31, 2020.

BranchesIn-company branches

Total assets

Loans to the private sectorTotal Deposits

247

15

AR$689.0 bn

AR$290.3 bn

AR$471.7 bn

ATMs

Customer service booths

888

2

Net Interest IncomeNet Fee Income

Op. Expenses*

Net Income

ATSs

Employees**

AR$77.9 bn

AR$12.2 bn

AR$59.6 bn

AR$12.0 bn

857

6,065

ROE

ROANPL ratioCoverage ratioEfficiency ratio***

11.8% 1.8%

1.42% 324.43% 45.1%

TOTAL ACTIVE CUSTOMERS

DIGITAL SALES

DECEMBER 2020

Digital Customers1

Mobile Customers2

PRV3

RETAIL

SMEs

CIB

+2.6 m

+50 k

+700

+1.9 m

+1.6 m

70%

• 1. Digital Customers: We consider a customer to be an active user of online banking when they have been logged at least once within the last three months using the internet or a cell phone and SMS banking

• 2. Mobile Customers: Customers who have been active in online banking at least once in the last three months using a mobile device

• 3. Retail PRV: Product Relative Value as a proxy of a better economic representation of units sold

*Operating expenses: includes administration, personnel benefits, depreciations and other expenses.

**Total active employees at the end of the period, includes effective and temporary employees. Excludes expatriates. ***excluding inflation adjustments. Including inflation adjustments it would be 56.8%.

Macro View

POLITICS

Main Variables

91.63 $/US$	ARS/USD rate
+43.1%	YoY
39.8 U$S Bn	INTERNATIONAL RESERVES
-10.0%	YoY
40.7% Feb'21	INFLATION YoY
48.1%	REM Consensus Dec. 2021
37.0%	Monetary Policy Rate
-91 bp	YoY

As of March 25, 2021

• • The National Congress passed the government´s proposal for a new pension mobility formula and is currently discussing a bill that aims to update the minimum non-taxable amount of income tax. This bill would cause a drop in tax collection, which the government expects to restore with an increase in private consumption, resulting from the additional income the lower taxation would cause, and the postponement of the reduction in the companies tax rate (from 30% to 25%).

INFLATION

• • February inflation (3.6% MoM, 40.7% YoY) was in line with the Central Bank consensus (3.5% MoM) and accumulated 7.8% in the first two months of 2021. Core inflation was 4.1% MoM maintaining the previous months trend. Prices should grow at 1.8% MoM on average for the rest of the year to fulfil the government´s 2021 target (29%). The monetary overhang, and the pressure this could have on the foreign exchange market, together with the expected increase in the public utility rates, could drive inflation above the government´s target for the rest of the year.

ACTIVITY

• • Economic Activity fell 9.9% YoY in 2020 (+4.5% QoQ s.a., -4.3% YoY in 4Q20) thus recording the sharpest decline since 2002. The aforementioned drop was mainly driven by the contractionary effects of the pandemic and the mobility restrictions. Financial intermediation (+2.1% YoY), together with electricity, gas and water services (+0.9% YoY) were the only sectors that grew in 2020, compared to 2019.

FISCAL POLICY

• • Primary fiscal deficit reached 6.5% GDP in 2020, the highest in 45 years. The Covid-19 assistance package (approx. 4.2% of GDP) is the main reason for the aforementioned outcome. The first two months of 2021 registered an ARS 5.3 bn fiscal surplus. The partial withdrawal of the assistance package should result in a fiscal deficit reduction for 2021 vs 2020.

SOVEREIGN DEBT

• • The National Treasury issued ARS 670 bn (ARS 168 bn fresh funds) in 2021. Maintaining this positive net financing is crucial for the government to reduce the monetary financing of the fiscal deficit. Minister Guzmán travelled to USA to meet with IMF representatives, regarding the negotiations for a new multi-annual program.

We Face this Crisis from a Strong Position

01

Financial System

Adequate systemic levels of liquidity and solvency

Allowances /Irregular non-financial private sector portfolio

LIQUIDITY (%)

Cash + net repos with BCRA+ BCRA bills/Total Deposits

COVERAGE (%)

CAPITAL (%)

Capital/RWA according to BCRA regulation

NPL (%)

Irregular non-financial private sector portfolio/Financing to the non-financial private sector

Source: "Informe sobre bancos", BCRA, as of December, 2020. Values as of January 2020 are not comparable to previous periods due to inflation adjustments.

180%

160%

140%

120%

100%

80%

60%

40%

20%

0%

Positive real profitability for the system

ROE (ACCUMULATED ANNUALIZED) AND INFLATION

59.2%

47.6%

53.8%

36.1%

44.4%

35.6%

17.5% 16.8%

BBVA ACCUMULATED ROE 11.

8%

15.1% 15.1%

2018

2019

3Q20

4Q20

ROE Private Banks

YoY Inflation

Source: BCRA and IPC CABA (from Jan-13 to Apr-16) - IPC GBA INDEC (from May -16 to May -17) - IPC Nacional INDEC (from June -17)

ROE System

ROE: "Informe sobre Bancos" BCRA as of December, 2020. Values as of January 2020 are not comparable to previous periods due to inflation adjustments.

Inflation adjusted figures

A small financial system with good infrastructure, ready for potential growth

ARGENTINA PRIVATE LOANS AND DEPOSITS (% of GDP)

23.4 %

BRANCHES AND ATMs/100,000 ADULT POPULATION (Branches and ATMs / 100,000 adult population)

126.7

dec-15

dec-16

dec-17

dec-18

dec-19

Loans/GPD

mar-20

jun-20

Deposits/GDP

sep-20

dec-20

99.7%

Credit (%GDP)

Deposits (%GDP)

ArgentinaChileColombiaPeru

ArgentinaChileColombiaPeru

Source: IMF and BBVA Research as of 2019 for Credit and Deposits as % of GDP, and as of 2019 for Branches and ATMs. Last information available..

13.4

13.0

14.5

6.6

60.9

49.6

41.3

Branches

ATMs

Financial System Private Nominal Growth Rates

RETAIL & COMMERCIAL LOANS GROWTH (AR$ billions)

3,700 300

System

700 0

Dec-18

Mar-19

Jun-19

System total loans

Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20

System total Commercial loansSystem total Retail loans

BBVA total loans

SIGHT & TIME DEPOSITS GROWTH (AR$ billions)

7,700

Sistema

6,700

4,700

3,700

2,700

5,700

1,700

700

Dec-18

Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20

System total DepositsSystem Sight DepositsSystem Time DepositsBBVA total Deposits

500

450

400

350

300

250

BBVA

200

150

100

50

0

Var YoY%	2018	2019	2020
System total loans	33%	16%	31%
System total Retail loans	30%	16%	32%
System total Commercial loans	36%	15%	30%
BBVA total loans	39%	2%	44%

Sources: Capital balance as of last day of each quarter. BCRA as of December, 2020

Var YoY %	2018	2019	2020
System total Deposits	62%	26%	63%
System Sight Deposits	52%	30%	59%
System Time Deposits	79%	19%	69%
BBVA total deposits	67%	13%	63%

02

BBVA Argentina

A leading bank…

Assets (AR$ bn - % Market share)

9,930

Equity (AR$ bn - % Market Share)

Nacion

Macro

Galicia

Santander

BBVA

Provincia

Credicoop

Citi

ICBC

HSBC

Restofthe System

Public Banks

Source: "Informe de entidades financieras", BCRA, as of December 2020. Last quarterly information available.

1,495

Liabilities (AR$ bn - % Market Share)Accumulated Net income (AR$ bn - % Market Share)

35.7% 80.2

8,435

224.5

68.5% 153.8

9.3% 21.0

7.8% 17.5

7.1% 15.9

4.3% 9.7

4.2% 9.4

4.1% 9.2

4.0% 9.0

3.4% 7.7

3.1% 7.1

Financial System

Nacion

Macro

Private Banks

120.0%

1 00. 0%

80.0%

60.0%

40.0%

20.0%

0. 0%

Galicia

Citi

Patagonia

Santander

HSBC

BBVA

Credicoop

ICBC

Restofthe System

Financial System

…in a fragmented financial system…

Total Private Loans (AR$ bn - % Market Share)

Total Private Deposits (AR$ bn - % Market Share)

3,159

6,036

Public Banks

*Includes PSA + Volkswagen.+ Rombo

Source: "Informe de entidades financieras", BCRA, as of December 2020. Last quarterly information available.

Private Banks

…with a diversified business model

MULTICHANNEL STRUCTURE

*POS: Includes points of sale in supermarkets and shopping centers

03

2020 Financial Results

2020 Highlights - In Real Terms

01

Net Income

AR$ 12.0 bn

-38.9% YoY

• 02 Comprehensive Income

  AR$ 17.0 bn

  +15.1% YoY

• 03 Net Interest Income

  c

  AR$ 77.9 bn

  -14.1% YoY

• 04 Net Fee Income

  AR$ 12.2 bn

  +9.9% YoY

• 05 Operating expenses

  AR$ 59.6 bn

  22.9% YoY

• 06 Risk indicators

  NPL ratio 1.42%

  Coverage ratio 324.43%

• 07 Strong capital position

  Capital Ratio 20.2%

  TIER I 19.6%

• 08 Focus on shareholder value

ROE 11.8%

ROA 1.8%

Solid Balance Sheet Structure
ASSETS	LIABILITIES & EQUITY
(AR$ billions, INFLATION ADJUSTED)	(AR$ billions, INFLATION ADJUSTED)
+12%	+12%

615

657

689

615

657

689

4Q19

4Q19

Cash and Deposits in banksLoans and other financingRepo transactions

3Q20

TOTAL NET LOANS / TOTAL DEPOSITS

Private and Public Debt securitiesProperty and EquipmentLiquidity bills of B. C. R. A.

Total L6o6a%ns/Total Dep6o3s%its 67%

4Q20

3Q20

Total Equity

Financing received from other financial instDeposits

4Q20

Other liabilitiesCorporate bonds issued

58%

Loans - annual loan growth above inflation boosted by peso loans

TOTAL PRIVATE LOAN PORTFOLIO

(AR$ billions, INFLATION ADJUSTED

16%

-38%

NET PRIVATE LOANS STRUCTURE

Retail*

57%

Public + Financial sectors 1%

255

259

224

Corporate 11%

82%

49.9

18%

4Q19

PRIVATE SECTOR LOANS MARKET SHARE %*

Bank Consolidated**

89%

89%

32.7

11%

3Q20 4Q20

AR$USD

4Q19 6.94% 7.71%

3Q20 4Q20

• 7.46% 7.66%

• 8.27% 8.49%

*Based on daily information from BCRA. Capital balance as of last day of each quarter. **Consolidates PSA, VWFS and Rombo

SMEs 32%

*Corporate credit cards included

NET TOTAL LOANS BY ECONOMIC ACTIVITY

30.9

11%

Consumer 55%

Loans by Segment - pick up in retail segment demand

BBVA ARGENTINA (% over total private loans AR$ billions, inflation adjusted)

Retail Loan Portfolio - credit cards boosted by "Ahora" programs

CONSUMER LOANS

(AR$ billions, INFLATION ADJUSTED)

120.00

-12%

32.2

4Q19

3Q20

CONSUMER LOANS MARKET SHARE*

5.00%

5.31%

5.36%

*Based on daily information from BCRA. Capital balance as of last day of every quarter.

CREDIT CARDS

(AR$ billions, INFLATION ADJUSTED)

115.00

110.00

105.00

100.00

95.00

90.00

85.00

80.00

4Q20

4Q19

Credit Cards

3Q20

4Q20

Credit card stock (in thousands)

CREDIT CARD MARKET SHARE %*	4Q19	3Q20	4Q20
Financing	12.19%	11.94%	12.21%
Consumption	14.95%	14.26%	14.33%

*Credit cards: Consumption market share. Based on information provided by Visa and Mastercard administrators. Spending is considered as of the end of the last month of the quarter.

Retail Loan Portfolio - UVA loans affected by local regulations

PLEDGE LOANS (CONSOLIDATED)

(AR$ billions, INFLATION ADJUSTED)

MORTGAGE LOANS

-2%

(AR$ billions, INFLATION ADJUSTED)

-11%

11.83

11.62

19.3

4Q19

3Q20

BankJVs

PLEDGE LOANS MARKET SHARE**

4Q20

14.48%

13.92%

13.98%

**Consolidated market share. Based on daily information from BCRA. Capital balance as of last day of every quarter.

4Q19

3Q20

MORTGAGE LOANS MARKET SHARE*

4Q20

3.15%

2.82%

2.73%

*Based on daily information from BCRA. Capital balance as of last day of every quarter.

Commercial Loan Portfolio - annual change in currency mix boosted by peso loans

COMMERCIAL LOANS

(AR$ billions, INFLATION ADJUSTED)

COMMERCIAL LOANS BY CURRENCY (%)

+5%

113

128

119

YoY

-36% USD

+33% ARS

4Q19

Other loansDiscounted instruments

3Q20

Prefinancing and financing of exportsOverdrafts

COMMERCIAL LOANS MKT SHARE%*

Loans in $

Loans in USD

Receivables from financial leases

4Q19

3Q20

7.55% 7.91% 7.68% 5.74% 6.79% 7.16%

*Based on daily information from BCRA. Capital values as of last day of every quarter.

4Q20

4Q20

Deposits - growth above inflation in real terms

TOTAL PRIVATE DEPOSITS

(AR$ billions, INFLATION ADJUSTED

41%

-14%

PRIVATE DEPOSITS STRUCTURE

IN AR$ (%)

Savings accounts 87%

4Q19

3Q20

AR$USD

PRIVATE DEPOSITS MARKET SHARE*

7.14%

6.46%

7.13%

*Based on daily information from BCRA. Capital balance as of last day of every quarter.

IN USD (%)

4Q20

Time deposits 11%

2020 Profitability Indicators

Efficiency affected by lower income in spite of improvement in cost management

NET INCOME (AR$ billions, INFLATION ADJUSTED)

2019

ROA (%, INFLATION ADJUSTED)

2020

2019

ROE (%, INFLATION ADJUSTED)

2019

2020

EFFICIENCY (%, EXCLUDING INFLATION ADJUSTMENTS)

2020

2019

2020

Net Interest Income

NET INTEREST INCOME

(AR$ billions, INFLATION ADJUSTED)

2

156

1

-1

-1

0

1

-66

NET INTEREST INCOME (IN AR$ BILLIONS)

-2

2019

-14%

90.7

Savings accounts represent less than 1% of expenses

119

80%

70%

Interest Income

60%

Financial Sector

50%

CER/UVA clause adjustment income

40%

Commercial

Retail

30%

From Private and Public Securities

20%

Other interest income

10%

-41

Interest Expense

0%

2020

Time deposits & Investment accounts

CER/UVA clause adjustment expense

Checking accounts

77.9

Other

NII based on:

• • Regulation of passive and active rates

• • Lower LELIQ position decreases income from public securities

• • Reduced economic activity due to the pandemic

Net Fee Income & Operating Expenses - Effective fee income strategy boosted by lower acquisition costs

NET FEE INCOME

(AR$ billions, INFLATION ADJUSTED)

OPERATING EXPENSES

(AR$ billions, INFLATION ADJUSTED)

+10%

-23%

Fee Income

2019

Fee expenses

2020

Net Fee Income

Sound Risk Indicators - Improvement in Retail NPLs

NPL & COVERAGE

(%, consolidated, INFLATION ADJUSTED)

NPL PEER GROUP & FINANCIAL SYSTEM

(%, INFLATION ADJUSTED)

9%

400%

7.80%

8%

0%

6%

4%

3%

2%

5%

7%

1%

3Q20

4Q19

CoverageCommercial NPL

NPLRetail NPL

4Q20

Cost of Risk

350%

300%

250%

200%

150%

100%

50%

0%

Cost of Risk: Current period loan loss allowances / Total average loans. Total average loans calculated as the average between loans at prior period end, and total loans in the current period.

Source: System: "Informe de Bancos", BCRA, as of December 2020. Peers & BBVA : 4Q20 Earnings Releases.

System

SUPV

Private banks

BBAR

GGAL

BMA

4.16%

2.19%

1.42%

1.39%

0.78%

3.65%

Limited Public Sector Exposure

% PUBLIC SECTOR EXPOSURE (EXCL. BCRA) /TOTAL ASSETS

(INFLATION ADJUSTED)

12.1%

4Q19

3Q20

BBVA

Financial System*

4Q20

*Source: "Informe sobre bancos", BCRA, as of December 2020. As of January 2020, System figures are inflation adjusted and not comparable to prior periods.

BBVA PUBLIC SECTOR EXPOSURE

(AR$ billions, INFLATION ADJUSTED)

22.0

28.0

38.3

4Q19

Public Debt in pesosProvinces

3Q20

Public Debt in US dollarsPublic sector loans

Provinces and Public Sector loans amount for 0.1% in 4Q20

BBVA BCRA EXPOSURE

(AR$ billions, INFLATION ADJUSTED)

4Q20

Public Debt in pesos, US dollar-Linked

45.0

124.5

139.1

4Q19

3Q20

4Q20

RepoLELIQs

Liquid Assets - stable low cost of funding despite regulations

TOTAL LIQUID ASSETS	PRIVATE DEPOSIT BASE
(%, INFLATION ADJUSTED)	(%, INFLATION ADJUSTED)
+15%	+6%

280

294

323

396

438

472

4Q19

4Q19

3Q20

Cash

Other local and foreign financial institutionsLiquidity bills of B. C. R. A.

TOTAL LIQUID ASSETS/TOTAL DEPOSITS

B.C.R.A

Government securitiesNet REPO transactions

4Q20

TOTAL

AR$

USD

70% 62% 82%

66% 68%

58% 61%

86% 85%

68%

LOW COST FUNDING

3Q20

4Q20

Checking AccountsSavings AccountsInvestment accountsOtherTime Deposits

Strong Capital Position - In Real Terms

4Q19

3Q20

4Q20

Capital Ratio

Tier I

04

BBVA Purpose

BBVA PURPOSE

OUR PURPOSE

To bring the age of opportunity to everyone

OUR VALUES

Customer comes first

We think big

NEW STRATEGIC PRIORITIES

Improving our clients' financial healthReaching more clients

The best and most engaged team

We are one team

Helping our clients transition towards a sustainable future

Driving operational excellence

Data and Technology

BBVA Argentina Digital Client Strategy Approach

Client acquisition as a key corporate strategic asset for growth

Since 2017*, active clients increased 14%

More than 340,000 clients

Healthy NPL ratio

With an approach in open market

Successfully acquiring clients Reducing number of branches

Payroll acquisition

New clients, increasing payroll market share

Ahead of curve in digital transformation Driving client acquisition and digital sales

*As of December 2020

Consistently focusing in customer satisfaction

Loyalty NPS

BBVA Argentina Active Clients

Since 4Q19, active clients increased 2%, more than 40,000

In thousands

In thousands

0.82

4Q19

3Q20

RetailSMEsCIB

4Q20

4Q19

3Q20

4Q20

4Q19

BBAR

Active clients: holders of at least one active product. An active product is in most cases a product with at least "one movement" in the last 3 months, or a minimum balance. CIB does includes Mutual Fund clients Source: active credit cards and credit card market share based on Visa and Mastercard information. Active cards: number of cards that record movements by period end (purchases or extractions).

3Q20

4Q20

SAN

GAL

BMA

Geographic Structure as of December 2019

Successfully acquiring clients without increasing the number of branches Clients per branch increased 12% from 2017 to 2019

*Annual variation in number of branches

Source: "Informe de entidades financieras", BCRA, as of December 2019. Last annual information available. Clients: from 2019 20-F for SUPV and GAL, 2019 Annual Report for BMA.

Ahead of Curve in Digital Transformation Based on Global Strategy

DIGITAL ACTIVE CLIENTS MILLION, % GROWTH

4Q19

3Q20

CUSTOMER PENETRATION RATE, %

MOBILE ACTIVE CLIENTS MILLION, % GROWTH

4Q20

4Q19

3Q20

Digital customers: number of retail clients that have logged in any of the bank's digital platforms at least once during each of the last 3 months.

4Q20

Mobile customers: number of retail clients that have logged in the bank's mobile app at least once during each of the last 3 months. It is a sub-group of digital customers.

Latest

Digital Actions

Digital branch launch

Combination between human capital & structure facilities to promote client self-service, aiming to digitalize and migrate clients to remote channels. 8 branches as of 4Q20.

Payment Solutions

New payment solution app, launched together with other Argentine banks, enabling wire transfers and cashless payments through mobile phones & making all member banks' promotions available at purchase.

More than 100k users as of 4Q20 with more than 17% share in main offered services.

Transformation Driving Digital Sales and Client Acquisition

RETAIL DIGITAL SALES

(% OF TOTAL SALES YTD, % OF UNITS AND PRV)

80.8%

80.8%

UNITSPRV

4Q19

3Q20

Digital Sales PRV (% Sales)

Digital Sales (% Units)

Digital sales: % of sales done through digital channels and ATM over total sales.

Digital client acquisition strategy based on a variable-cost selling model, exclusive and attractive offers, and key partners

4Q20

PRV: Product Relative value for the Retail Segment, used as a proxy for economic value. Transactions (units) are weighted by a simplified NPV calculated for each product category in order to weight their contribution to the digital sales. Figures have been restated in order to include credit card related financing solutions and FX.

Continuous improvement on efficiency

Accelerated adoption of digital over traditional channels, and a migration from web to mobile

MONETARY TRANSACTIONS BY CHANNEL

4Q19

4Q19

REMOTE CHANNELS

% MONETARY TRANSACTION GROWTH YoY as of 4Q20

Mobile

3Q20

4Q20

For the first time remote channels have more participation than physical ones

Web

*corresponds to total effective employees, net of temporary contract employees. Consolidated.

Branch reduction ongoing since 2019 (# of branches)

Employees* (in thousands)

3Q20

4Q20

4Q19

3Q20

4Q20

Asset Quality - impacted by BCRA waivers

NPL as % of Total Lending

2018

2019

Allowances as % of NPL

2018

2019

BBVA

Source: "Informe sobre bancos", BCRA, as of December 2020. Striped periods not adjusted by inflation.

BBVA

3Q20

SystemPrivate Banks

355%

SystemPrivate Banks

5.7%

4Q20

3Q20

4Q20

Payroll Acquisition

New clients, increasing payroll market share, sight deposits and cross-sell opportunities

MORE payroll customers

INCREASING payroll share

In thousands

4Q19

3Q20

4Q20

Source: Ministerio de Trabajo de la República Argentina; SIPA, as of December 2020. Last quarterly available information..

4Q19

3Q20

4Q20

05

Appendix

Latest sustainable iniciatives

Recycled plastic cards

BBVA is the first bank in Argentina to release cards made of recycled plastic, produced 85.5% in PVC (Polyvinyl chloride), which results from the residue of other plastic materials. (December 2020)

Green Bonds

The Bank acted as the organizer and underwriter of the first green bond issued by Petroquímica Comodoro Rivadavia for a total USD 50 million maturing on February 2021. This is in line with the 2018 Green Bond Principles of the International Capital Market Association (ICMA), generating a positive environmental impact.

Credit lines Línea Verde

Green credit lines for SMEs are available for social purposes and sustainable investments, at a 35% rate with a 4 year duration. (October 2020)

Equity Ownership 4Q20

6.93%

Free Float 26.52%

ANSESByMA*NYSE

*Includes 0.07% in LATIBEX **Administración Nacional de la Seguridad Social or National Social Security Agency. Replacement of the pension and retirement fund system: in 2008 all resources formerly managed by the private pension and retirement system, including meaningful holdings in public companies were transferred o the Sustainability Guarantee Fund (Fondo de Garantía de Sustentabilidad)

SUBSIDIARIES AND EQUITY PARTICIPATIONS

BBVA Asset Management Argentina 100%

PSA Finance* 50.000%Volkswagen Financial Services2 51.000%

Consolidar AFJP(undergoing liquidation proceedings)

53.889%

Rombo Compañía Financiera 40.000%

BBVA Seguros 12.220%Interbanking 11.110%Play Digital S.A.

13.001%

SubsidiariesJVsAssociates

Participation in Play Digital S.A. will take into consideration the market share of each stockholder in local debit and credit card operations during the last 2 years

1 On October 9, 2019, the CNV issued Resolution No. 20484/2019 concerning the merger of BBVA Francés Valores S.A. into the Bank. As such, the Bank was authorized to issue 50,441 ordinary shares, with a nominal value of $ 1 and entitling to one (1) vote each for to be delivered to BBVA Francés Valores S.A.'s minority shareholders. The merger and the ensuing capital stock increase are still in the process of being registered with the Argentine Supervisory Board of Companies (IGJ).

2 As of July 1st 2019 the Bank reports the activity of PSA and VWFS on a consolidated basis with BBVA Argentina, the same as it has been done with BBVA Asset Management Argentina S.A.

Dividends

Year	Net Income (millions AR$)	Dividends (millions AR$)	Total shares (millions)	Dividends per share (AR$)	Dividends per ADS (AR$)	Payout Ratio	Payment date
2020 2019 2018	12,032 31,352 9,705	7,000 14,500 2,407	612.7 612.7 612.7	11.42 4.08 3.93	34.27 12.24 11.79	58% 46% 25%	To be confirmed** Pending distribution* 05/16/2019
2017	3,878	970	612.7	1.58	4.75	25%	05/09/2018
2016	3,644	911	612.7	1.49	4.46	25%	08/10/2017
2015	3,785	900	536.9	1.68	5.03	24%	07/24/2016
2014	3,204	400	536.9	0.75	2.24	12%	03/18/2016
2013	2,024	29	536.9	0.05	0.16	1%	07/08/2014
2012	1,264	-	536.9	-	-	-	-

*The distribution is subject to BCRA prior authorization, which has not been granted yet. According to Communication "A" 6939 and 7035, the distribution of financial institutions' results is suspended until December 31, 2020. Dividends correspond to $2.5 billion approved in May 15, 2020 and $12.0 billion approved in November, 20, 2020.

**Subject to Shareholders' Meeting approval and BCRA distribution authorization.

BBVA Argentina P&L Breakdown

Income Statement	BBVA ARG Consolidated
In millions AR$ except EPS and ADS - Inflation adjusted 2020 2019	Var (%)
Net Interest Income	77,857	90,677	(14.1%)
Net Fee Income	12,240	11,134	9.9%
Net income from measurement of financial instruments at fair value through P&L	9,348	12,574	(25.7%)
Net lincome from write-down of assets at amortized cost and at fair value through OCI	(2,310)	(82)	n.m
Foreign exchange and gold gains	6,228	14,700	(57.6%)
Other operating income	6,278	17,613	(64.4%)
Loan loss allowances	(9,930)	(18,401)	46.0%
Net operating income	99,710	128,214	(22.2%)
Personnel benefits	(20,319)	(22,676)	10.4%
Adminsitrative expenses	(18,820)	(19,052)	1.2%
Depreciation and amortization	(4,066)	(5,729)	29.0%
Other operating expenses	(16,421)	(29,922)	45.1%
Operating income	40,085	50,836	(21.1%)
Income from associates	273	(29)	n.m
Income from net monetary position	(19,696)	(21,116)	6.7%
Net income before income tax	20,662	29,691	(30.4%)
Income tax	(8,629)	(9,983)	13.6%
Income for the period	12,032	19,708	(38.9%)
Other Comprehensive Income (OCI)(4)	4,995	(4,916)	201.6%

Number of common shares outstanding (in thousands)	612,710	612,660	0.0%
Weighted average number of common shares outstanding (2)(3)	612,710	612,660	0.0%

Earnings per Share (EPS)	19.66	32.17	(38.9%)
Earnings per ADS (1)	58.97	96.52	(38.9%)

• (1) One ADS represents three ordinary shares.

• (2) In thousands of shares.

• (3) On October 9, 2019, the CNV issued Resolution No. 20484/2019 concerning the merger of BBVA Francés Valores S.A. into the Bank. As such, the Bank was authorized to issue 50,441 ordinary shares, with a nominal value of $ 1 and entitling to one (1) vote each for to be delivered to BBVA Francés Valores S.A.'s minority shareholders. The merger and the ensuing capital stock increase are still in the process of being registered with the Argentine Supervisory Board of Companies (IGJ).

(4) Net of Income Tax.

BBVA Argentina Balance Sheet

Balance Sheet BBVA ARG Consolidated
In millions AR$ - Inflation adjusted 2020 2019 Chg (%)
Assets
Cash and deposits in banks	152,109	212,733	(28.5%)
Cash	62,233	63,610	(2.2%)
Financial institutions and correspondents	89,876	149,123	(39.7%)
B.C.R.A	86,184	146,353	(41.1%)
Other local and foreign financial institutions	3,691	2,770	33.2%
Debt securities at fair value through profit or loss	943	5,623	(83.2%)
Derivatives	3,878	4,148	(6.5%)
Repo transactions	49,188	-	N/A
Other financial assets	10,045	6,386	57.3%
Loans and other financing	279,519	265,850	5.1%
Non-financial public sector	1	1	(18.1%)
B.C.R.A	6	24	(74.7%)
Other financial institutions	1,755	6,932	(74.7%)
Non-financial private sector and residents abroad	277,757	258,893	7.3%
Other debt securities	120,604	61,505	96.1%
Financial assets pledged as collateral	17,913	8,064	122.1%
Current income tax assets	0	36	(98.6%)
Investments in equity instruments	3,984	2,799	42.3%
Investments in subsidiaries and associates	1,442	1,410	2.3%
Property and equipment	33,768	35,494	(4.9%)
Intangible assets	1,554	1,062	46.3%
Deferred income tax assets	4,874	3,664	33.0%
Other non-financial assets	8,925	5,815	53.5%
Non-current assets held for sale	226	226	-
Total Assets	688,970	614,814	12.1%

BBVA Argentina Balance Sheet

Balance Sheet BBVA ARG Consolidated
In millions AR$ - Inflation adjusted 2020 2019 Chg (%)
Liabilities
Deposits	478,223	400,237	19.5%
Non-financial public sector	5,628	4,000	40.7%
Financial sector	862	243	254.7%
Non-financial private sector and residents abroad	471,733	395,994	19.1%
Liabilities at fair value through profit or loss	-	791	(100.0%)
Derivatives	189	4,184	(95.5%)
Other financial liabilities	39,227	39,243	(0.0%)
Financing received from the B.C.R.A. and other financial institutions	9,626	8,371	15.0%
Corporate bonds issued	1,169	9,964	(88.3%)
Current income tax liabilities	3,722	10,987	(66.1%)
Provisions	11,475	14,632	(21.6%)
Deferred income tax liabilities	39	-	N/A
Other non-financial liabilities	40,544	23,135	75.2%
Total Liabilities	584,213	511,543	14.2%
Equity
Share Capital	613	613	-
Non-capitalized contributions	26,387	26,387	-
Capital adjustments	18,641	18,641	-
Reserves	86,332	59,662	44.7%
Retained earnings	(41,476)	(18,973)	(118.6%)
Other accumulated comprehensive income	78	(4,917)	101.6%
Income for the period	12,045	19,711	(38.9%)
Equity attributable to owners of the Parent	102,619	101,124	1.5%
Equity attributable to non-controlling interests	2,138	2,148	(0.4%)
Total Equity	104,757	103,271	1.4%
Total Liabilities and Equity	688,970	614,814	12.1%

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