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The Citizen
4 days ago
- Business
- The Citizen
Household food basket shows food prices still increasing
While interest rates and fuel prices, as well as inflation, are lower, the picture for low-income consumers has not changed. The price of the household food basket for May shows that food prices for low-income consumers are still increasing despite the inflation rate slowing down. This means that low-income consumers can afford even less nutritious food. The household food basket is part of the Household Affordability Index compiled by the Pietermaritzburg Economic Justice and Dignity Group with the help of women who live in low-income communities where they shop at 47 supermarkets and 32 butcheries in Johannesburg, Durban, Cape Town, Pietermaritzburg, Mtubatuba in Northern KwaZulu-Natal and Springbok in the Northern Cape. The average price of the household food basket, which contains 44 food items, was R5 466.59 in May and cost R46,29 (0.9%) more than in April and R136.29 (2.6%) more than in May 2024. A total of 33 of the food items cost more than a month ago, while the prices of the other 11 items deceased. Foods in the basket which increased in price in May 2025 by 5% or more, include: potatoes (7%), onions (23%), tea (5%), chicken feet (6%), carrots (8%), butternut (9%), spinach (5%), and peanut butter (5%). Food items that cost more were samp (2%), salt (2%), frozen chicken portions (2%), soup (2%), Maas (4%), beef liver (3%), beef (4%), wors (3%), fish (2%), cabbage (2%), Cremora (3%), bananas (2%), apples (2%), margarine (3%), polony (3%) and apricot jam (2%). The food items in the basket which decreased in price in May include rice (-5%), tomatoes (-9%), oranges (-23%), white sugar (-2%), full cream milk (-2%), green pepper (-2%) and tinned pilchards (-2%). ALSO READ: Steep increase in price of household food basket means more people will go hungry Household food basket cost more everywhere except in Springbok The average total price of the household food basket increased in Johannesburg (by R51), Durban (by R2.64), Cape Town (by R112.62), Pietermaritzburg (by R6.33) and Mtubatuba (by R87.51), while the price decreased in Springbok. The food basket decreased in price by R28.90. Statistics SA's latest Consumer Price Index for April 2025 shows that headline inflation was 2.8%, while food inflation was 3.3%, and the producer price index for March shows agriculture was at 2.4%. However, despite the lower inflation, low-income consumers are still struggling to afford enough food for their families. Workers who earn the National Minimum Wage of R28.79 per hour or R230.32 for an 8-hour day. In May, with 21 working days, the maximum wage for a general worker was R4 836.72. Black South African workers usually support four people on one wage, which means that, dispersed in a worker's family of four, the wage comes to R1 209.18 per person, far below the upper-bound poverty line of R1 634 per person per month. ALSO READ: Household food basket: prices drop, but not for core staple foods Low-income consumers cannot afford household food basket The average cost of a basic nutritional food basket for a family of four was R3 843.40 in May. Using Pietermaritzburg-based figures for electricity and transport and the average figure for a minimum nutritional basket of food for a family of four, the group calculates that electricity and transport (R2 722.97) take up 56.3% of a worker's wage. Mervyn Abrahams, programme coordinator for the group, points out that workers only buy food after setting aside money for transport and electricity, leaving R2 113.75 for food and everything else. 'This means that in May we calculate that workers' families underspent on food by a minimum of 45.0%, having R2 113.75 left over after paying for transport and electricity. And with food for the month costing R3 843.40, there is no possibility of a worker being able to afford enough nutritious food for her family. 'If she uses the entire R2 113.75 to buy food, it will provide R528.44 per person per month for a family of four, again far below the food poverty line of R796.' ALSO READ: Consumer Goods Council calls for urgent expansion of zero-rated foods No money for nutritious food for children in household food basket He says women and children are particularly vulnerable. In May, the average cost to feed a child a basic, nutritious diet was R979.66, with an increase of R6.41 (0.7%) from April and R25.07 (2.6%) compared to a year ago. In May, the Child Support Grant of R560 was 30% below the Food Poverty Line of R796 and 43% below the average cost to feed a child a basic, nutritious diet of R979.66. It is clear that there is simply no money to feed children in low-income communities a proper, nutritious diet.
Yahoo
5 days ago
- General
- Yahoo
Ohio House votes to give state's inmates free menstrual products
May 29—The Ohio House approved a bipartisan bill this week that would require all Ohio correctional facilities to provide menstrual products to inmates free-of-charge. House Bill 29, passed Wednesday by a vote of 91-to-0, now heads to the Ohio Senate for further consideration. If it makes its way into law, the bill should have no substantial impact on the prisons run by the Ohio Department of Rehabilitation and Corrections, as it's already the ODRC's policy to offer free tampons and pads to inmates. The impact of H.B. 29 could come, however, at the county level. The state's nonpartisan Legislative Budget Office found that many county jails already provide these products for free. Those jails that don't can expect costs to increase based on how many female inmates they have, the lengths of their stay, and the costs of products provided. Dayton Democrat and first-term legislator Rep. Desiree Tims told this outlet that she voted for the bill "because it will ensure some form of dignity for women menstruating while incarcerated." An identical bill passed the Ohio House 92-0 in 2024 before stalling out in the Ohio Senate under the leadership of then-President Matt Huffman, R-Lima, who now leads the Ohio House. He said the bill's fate in his former chamber wasn't an indicative of a lack of support. "I don't think it will have any problem getting passed in the Senate," Huffman told reporters Wednesday. Current Senate President Rob McColley, R-Napoleon, however, said he doesn't have a personal opinion on the bill and said his caucus has not yet discussed the bill. When asked for her stance, Senate Minority Leader Nickie Antonio, D-Lakewood, said feminine hygiene products were akin to toilet paper and asked posed a hypothetical about a Statehouse without T.P. "It would not be healthy, it would not be hygienic, and the same thing is true of feminine products. They should be provided absolutely everywhere without cost to the people who are using them." ------ For more stories like this, sign up for our Ohio Politics newsletter. It's free, curated, and delivered straight to your inbox every Thursday evening. Avery Kreemer can be reached at 614-981-1422, on X, via email, or you can drop him a comment/tip with the survey below.
Dominion Post
7 days ago
- Health
- Dominion Post
City brings in Valley HealthCare for camping ban sentencing program
Morgantown City Hall MORGANTOWN — The city of Morgantown is finalizing the implementation of Ordinance No. 2024–29, which establishes Article 1157 of the City Code, titled 'Camping on Public Property.' The ordinance makes camping on public property unlawful and outlines citable offenses while prioritizing service-oriented responses for citizens in violation of the ordinance. Beginning June 4, the city will launch an alternative sentencing program in partnership with Valley HealthCare Systems, a local provider specializing in mental health, substance use treatment, housing services, and case management. For decades, the organization has served West Virginia, and it is now a Certified Community Behavioral Health Clinic (CCBHC) in accordance with federal law. Serving as a third-party provider contracted by the city, Valley HealthCare Systems will conduct assessments and guide individuals toward support systems that address housing instability and offer recovery options. Their expertise and already established working relationships with community and regional service providers will enable the identification of additional service opportunities as well. Through this partnership, the city will be advised on best practices in connecting citizens in need of help with substance abuse, mental health, or case management to return to stable housing. The organization will also help define the requirements for successfully completing alternative sentencing under the ordinance. The initiative aims to address one of the most complex social crises facing Morgantown by offering accountability and opportunity through evidence-based programing. Brad Riffee, Public Relations and Communications Director for the City of Morgantown, emphasized the city's dedication to upholding local laws and regulations. 'City staff and administration are committed to enforcing all local provisions, laws, and ordinances with fairness and objectivity,' Riffee said. 'Our responsibility is to apply these regulations as written, ensuring accountability while always acting in the best interest of the entire community. We will always strive to balance compliance with compassion and any strategy we follow will reflect a model that offers consideration to all citizens.' The program will adopt a model similar to the West Virginia Law Enforcement Assisted Diversion (WV LEAD) Program. LEAD is a pre-booking diversion program that allows law enforcement to redirect individuals engaged in low-level offenses, often related to substance use or mental health challenges, away from the criminal justice system and into treatment and recovery services. The city hopes to incorporate elements of this model to offer the best alternative sentencing options to its citizens. Steve Bennett, Director of the LEAD Program and Crisis Services and the primary point of contact for Valley HealthCare Systems, reported that the program had a 60% success rate in the region in its first year. 'We're proud to partner with the city of Morgantown to help develop meaningful alternatives for individuals cited under the new ordinance or anyone for that matter,' Bennett said. 'By connecting people to housing, treatment, and long-term support, especially those struggling with substance use disorders, we can reduce repeated offenses, improve public safety, and offer individuals a real path toward stability and recovery.' The goals of the LEAD program include: – Saving lives by returning citizens to a more stable lifestyle – Decreasing recidivism – Providing better access to mental health services and housing options – Improving community and police relations – Reducing opioid overdose deaths by connecting citizens to treatment facilities Individuals cited for violating Article 1157 are eligible for alternative sentencing if they seek assistance with substance use, mental health, or housing-related case management. Valley HealthCare Systems will assist in developing and managing the alternative sentencing program. Under the ordinance: – A first violation results in a written warning and information about available shelter and services, both locally and regionally. – A second violation may result in a fine of up to $200 and information about available shelter and services. – A third violation within 12 months may result in a fine of up to $500 and/or up to 30 days in jail, along with information about available shelter and services and alternative sentencing options. Each day a violation continues is considered a separate offense. No citation or penalty will be issued unless the individual has been offered alternative shelter and has refused it. In a statement, Morgantown Chief of Police Eric Powell noted that this ordinance does not alter how city departments or officials interact with the public or individuals who are currently unsheltered. 'Morgantown remains committed to compassionate engagement, connecting individuals with treatment programs, housing services, and healthcare resources,' Powell said. 'For over two years, the city has employed a full-time social worker who supports our law enforcement officers in providing direct assistance to individuals in need. In partnership with the Morgantown Police Department (MPD), the city plans to hire two additional peer recovery specialists or case managers to expand intervention and follow-up services.' Powell continued to share additional thoughts about what he calls a service-driven approach to public safety. 'By prioritizing appropriate responses and resource accessibility through real collaborative partnerships like the one we are implementing, we can create lasting positive change while maintaining public safety,' Powell added. 'At the end of the day this is our goal. We care about everyone.' MPD's Police Social Worker, Kelly Rice, LICSW, was hired in 2023 to provide direct service and outreach to individuals who are facing crisis. Rice is a licensed clinical social worker who specializes in working with citizens who need mental health treatment, housing coordination, domestic violence support services, substance use disorder treatment, and trauma informed care. She also has significant experience with victim impact and crisis intervention. Since the beginning of the year, Rice has responded to more than 180 service calls with MPD. In 2025 alone, she has made 17 shelter referrals, coordinated more than 36 responses to mental health and treatment calls, completed seven disability assessments for the West Virginia Coalition to End Homelessness (WVCEH), assisted in six mental hygiene hearings, and reported to Child Protective Services (CPS). 'When people wake up in the morning, they don't say, 'Hey, I think it's a good idea to be unsheltered or develop substance use disorders,'' Rice said. 'Street outreach has taught me that hundreds of factors can contribute to why an individual might be living outside. These added resources to the department and other meaningful partnerships will only strengthen our mission to get people to a safer and healthier place.' The city is in the process of posting signage in prominent locations that will help direct citizens to the appropriate contacts if they are actively living outside. Using the city's Pathways to Help platform, the municipality hopes to guide citizens to resources they can utilize to obtain help. The goal of Pathways to Help is to provide assistance to those in hardship by connecting individuals with essential resources that will meet their needs or the needs of others. By utilizing services like West Virginia 211 (WV 211) to link members of the community with local providers that offer lifesaving and life-changing services in Morgantown and across the state, citizens are more likely to receive help that meets their specific needs promptly, reduces barriers to access, and improves their overall well-being and stability. Other local agencies providing assistance to those in hardship include Catholic Charities, Lauren's Wish, Rape & Domestic Violence Information Center (RDVIC), Project Rainbow, The Salvation Army, Christian Help, and many others. Community members can inquire about shelter services by contacting Grace Shelter at 681-867-1002. In the event of an emergency, always remember to call 911. For non-emergency related issues, call 304-599-6382.
Yahoo
7 days ago
- Health
- Yahoo
City brings in Valley HealthCare for camping ban sentencing program
May 27—MORGANTOWN — The city of Morgantown is finalizing the implementation of Ordinance No. 2024 — 29, which establishes Article 1157 of the City Code, titled "Camping on Public Property." The ordinance makes camping on public property unlawful and outlines citable offenses while prioritizing service-oriented responses for citizens in violation of the ordinance. Beginning June 4, the city will launch an alternative sentencing program in partnership with Valley HealthCare Systems, a local provider specializing in mental health, substance use treatment, housing services, and case management. For decades, the organization has served West Virginia, and it is now a Certified Community Behavioral Health Clinic (CCBHC) in accordance with federal law. Serving as a third-party provider contracted by the city, Valley HealthCare Systems will conduct assessments and guide individuals toward support systems that address housing instability and offer recovery options. Their expertise and already established working relationships with community and regional service providers will enable the identification of additional service opportunities as well. Through this partnership, the city will be advised on best practices in connecting citizens in need of help with substance abuse, mental health, or case management to return to stable housing. The organization will also help define the requirements for successfully completing alternative sentencing under the ordinance. The initiative aims to address one of the most complex social crises facing Morgantown by offering accountability and opportunity through evidence-based programing. Brad Riffee, Public Relations and Communications Director for the City of Morgantown, emphasized the city's dedication to upholding local laws and regulations. "City staff and administration are committed to enforcing all local provisions, laws, and ordinances with fairness and objectivity, " Riffee said. "Our responsibility is to apply these regulations as written, ensuring accountability while always acting in the best interest of the entire community. We will always strive to balance compliance with compassion and any strategy we follow will reflect a model that offers consideration to all citizens." The program will adopt a model similar to the West Virginia Law Enforcement Assisted Diversion (WV LEAD) Program. LEAD is a pre-booking diversion program that allows law enforcement to redirect individuals engaged in low-level offenses, often related to substance use or mental health challenges, away from the criminal justice system and into treatment and recovery services. The city hopes to incorporate elements of this model to offer the best alternative sentencing options to its citizens. Steve Bennett, Director of the LEAD Program and Crisis Services and the primary point of contact for Valley HealthCare Systems, reported that the program had a 60 % success rate in the region in its first year. "We're proud to partner with the city of Morgantown to help develop meaningful alternatives for individuals cited under the new ordinance or anyone for that matter, " Bennett said. "By connecting people to housing, treatment, and long-term support, especially those struggling with substance use disorders, we can reduce repeated offenses, improve public safety, and offer individuals a real path toward stability and recovery." The goals of the LEAD program include: — Saving lives by returning citizens to a more stable lifestyle — Decreasing recidivism — Providing better access to mental health services and housing options — Improving community and police relations — Reducing opioid overdose deaths by connecting citizens to treatment facilities Individuals cited for violating Article 1157 are eligible for alternative sentencing if they seek assistance with substance use, mental health, or housing-related case management. Valley HealthCare Systems will assist in developing and managing the alternative sentencing program. Under the ordinance: — A first violation results in a written warning and information about available shelter and services, both locally and regionally. — A second violation may result in a fine of up to $200 and information about available shelter and services. — A third violation within 12 months may result in a fine of up to $500 and /or up to 30 days in jail, along with information about available shelter and services and alternative sentencing options. Each day a violation continues is considered a separate offense. No citation or penalty will be issued unless the individual has been offered alternative shelter and has refused it. In a statement, Morgantown Chief of Police Eric Powell noted that this ordinance does not alter how city departments or officials interact with the public or individuals who are currently unsheltered. "Morgantown remains committed to compassionate engagement, connecting individuals with treatment programs, housing services, and healthcare resources, " Powell said. "For over two years, the city has employed a full-time social worker who supports our law enforcement officers in providing direct assistance to individuals in need. In partnership with the Morgantown Police Department (MPD), the city plans to hire two additional peer recovery specialists or case managers to expand intervention and follow-up services." Powell continued to share additional thoughts about what he calls a service-driven approach to public safety. "By prioritizing appropriate responses and resource accessibility through real collaborative partnerships like the one we are implementing, we can create lasting positive change while maintaining public safety, " Powell added. "At the end of the day this is our goal. We care about everyone." MPD's Police Social Worker, Kelly Rice, LICSW, was hired in 2023 to provide direct service and outreach to individuals who are facing crisis. Rice is a licensed clinical social worker who specializes in working with citizens who need mental health treatment, housing coordination, domestic violence support services, substance use disorder treatment, and trauma informed care. She also has significant experience with victim impact and crisis intervention. Since the beginning of the year, Rice has responded to more than 180 service calls with MPD. In 2025 alone, she has made 17 shelter referrals, coordinated more than 36 responses to mental health and treatment calls, completed seven disability assessments for the West Virginia Coalition to End Homelessness (WVCEH), assisted in six mental hygiene hearings, and reported to Child Protective Services (CPS). "When people wake up in the morning, they don't say, 'Hey, I think it's a good idea to be unsheltered or develop substance use disorders, '" Rice said. "Street outreach has taught me that hundreds of factors can contribute to why an individual might be living outside. These added resources to the department and other meaningful partnerships will only strengthen our mission to get people to a safer and healthier place." The city is in the process of posting signage in prominent locations that will help direct citizens to the appropriate contacts if they are actively living outside. Using the city's Pathways to Help platform, the municipality hopes to guide citizens to resources they can utilize to obtain help. The goal of Pathways to Help is to provide assistance to those in hardship by connecting individuals with essential resources that will meet their needs or the needs of others. By utilizing services like West Virginia 211 (WV 211) to link members of the community with local providers that offer lifesaving and life-changing services in Morgantown and across the state, citizens are more likely to receive help that meets their specific needs promptly, reduces barriers to access, and improves their overall well-being and stability. Other local agencies providing assistance to those in hardship include Catholic Charities, Lauren's Wish, Rape & Domestic Violence Information Center (RDVIC), Project Rainbow, The Salvation Army, Christian Help, and many others. Community members can inquire about shelter services by contacting Grace Shelter at 681-867-1002. In the event of an emergency, always remember to call 911. For non-emergency related issues, call 304-599-6382.
Yahoo
27-05-2025
- Business
- Yahoo
Grupo Supervielle Reports 1Q25 Results
1Q25 Net Income at AR$7.9 billion with ROAE at 3.5%. Navigated a Transitional Macro Environment; Maintain Confidence in Our Core Strengths to Drive Growth BUENOS AIRES, Argentina, May 27, 2025--(BUSINESS WIRE)--Grupo Supervielle S.A. (NYSE: SUPV; BYMA: SUPV), ("Supervielle" or the "Company") a universal financial services group headquartered in Argentina with a nationwide presence, today reported results for the three-month period ended March 31, 2025. Starting 1Q20, the Company began reporting results applying Hyperinflation Accounting, in accordance with IFRS rule IAS 29 ("IAS 29") as established by the Central Bank. Management Commentary Commenting on first quarter 2025 results, Patricio Supervielle, Grupo Supervielle's Chairman & CEO, noted: "We continued to make solid progress in advancing our long-term strategy across the organization. At Banco Supervielle, we are accelerating our transformation by scaling differentiated solutions that strengthen our position against both fintechs and traditional banks. At the core of our strategy are four key initiatives aimed at meeting and anticipating customer expectations: First, responding to the growing demand for simple, high-yield solutions, in April we launched our innovative Remunerated Account. Supervielle is the only bank in Argentina offering daily interest on both Payroll and SME accounts, in pesos and U.S. dollars. This innovation enhances the customer experience and reinforces our deposit base. We are confident it will also support organic client growth and deepen primary banking relationships. Second, as part of our client-centric innovation strategy, this month we launched Tienda Supervielle on Mercado Libre, Latin America's leading e-commerce platform, becoming the first bank to have an official online store hosted on their marketplace and also fully accessible through the Supervielle mobile app. This initiative marks a key milestone in our Super App journey, expanding our digital ecosystem and redefining how customers interact with financial services by connecting everyday commerce and banking in a single, fully digital experience. Third, as part of our ongoing efforts to elevate the customer experience and improve efficiency, we are integrating Gen AI-powered interactions via WhatsApp, enhancing accessibility while also ensuring clients can always reach a human when needed, combining technology with the personalized service that defines Supervielle. And fourth, we continue to expand IOL, our leading online brokerage platform, which delivers integrated investment solutions to both its clients and the Bank's customer base. While Argentina faced temporary headwinds this quarter, we remain confident in the underlying strength and momentum of our business. After a strong start to the year, industry loan demand eased amid a mix of external factors, including tight peso liquidity, FX volatility, and heightened devaluation expectations ahead of the IMF agreement. We view these pressures as transitory and remain focused on capturing opportunities as macro conditions stabilize. Client lending remained resilient, underscoring the strength of our core banking operations, while a sharp correction in treasury bond prices, amid uncertainty and prior to the confirmation of strong IMF support in April, negatively impacted investment portfolio performance. Our loan book increased 3% sequentially and 104% year-over-year in real terms, gaining 40 bps in market share over the past 12 months. Retail remained the main growth driver, now accounting for 52% of total loans, up from 48% in 4Q24 and 36% a year ago. Asset quality remains healthy. The NPL ratio rose to 2%, reflecting credit normalization following the rapid expansion in retail lending. Importantly, delinquency remains within expected levels embedded in pricing models, and we continue to refine origination and collection strategies to safeguard portfolio quality. On the funding side, deposits increased up 8% quarter-over-quarter, with market share rising 30 basis points to 3%. Together, these trends underscore the resilience of our business and provide a strong foundation for sustained, profitable growth. Net fee income rose 32% year-on-year in real terms, supported by strong growth in banking fees, brokerage and asset management revenues, and deeper insurance penetration. In line with our efficiency strategy, operating expenses declined 12% sequentially and 17% year-over-year, reflecting continued progress on structural cost reduction and a leaner operating model. Argentina is entering a new chapter. Recent measures, including the lifting of FX controls supported by the IMF and multilateral organizations, mark a shift toward greater openness and stability. This turning point is restoring confidence and creating conditions for long-term investment. At Supervielle, we are committed to supporting this transition by providing the credit and financial solutions our clients need to grow, staying close to those who produce, invest, and build. With a strong CET1 ratio of 15.3%, we are well-positioned to capture the opportunities ahead. I am proud of the digitally integrated, customer-centric platform we've built across banking, insurance, asset management, and online investing which is designed to give clients greater control, transparency, and simplicity. As Argentina moves toward normalization, our innovation-led strategy and evolving platform will be key to deepening engagement, expanding our client base, and driving profitable growth," concluded Mr. Supervielle. First quarter 2025 Highlights Attributable Net Income of AR$7.9 billion in 1Q25, compared to net gains of AR$72.5 billion in 1Q24 and AR$30.6 billion in 4Q24. ROAE was 3.5% in 1Q25, compared to 33.9% in 1Q24 and 13.9% in 4Q24. While profitability declined sequentially, underlying performance continued to reflect the successful execution of the Company's focus on loan growth. Client Net Financial Margin increased in the mid to high teens, supported by higher spreads and loan volumes, while operating efficiency improved, with expenses declining in real terms. These positive changes were more than offset by: i) a sharp reduction in Market-related Net Financial Margin, reflecting lower yields on government securities, and ii) an increase in loan loss provisions due to the expansion of the retail portfolio which entails higher provisioning and the release of LLPs in 4Q24 resulting from improved macroeconomic conditions embedded in the ECL model. Lower YoY ROAE reflects an exceptionally high base in 1Q24, which had recorded extraordinary high results on government securities.. ROAA was 0.6% in 1Q25 compared to 7.4% in 1Q24 and 2.6% in 4Q24. Profit before income tax totaled AR$10.2 billion in 1Q25 compared to AR$112.9 billion in 1Q24 and AR$24.6 billion in 4Q24. The sequential decline was mainly explained by: i) a 46.6%, or AR$ 43.3 billion, decline in market related Net Financial Income due to lower prices of government securities, ii) a 118.0%, or AR$ 16.7 billion, increase in loan loss provisions driven by strong growth in retail lending which entails higher provisioning and a lower comparison base in 4Q24, and iii) a 5.2%, or AR$ 645.1 million, decline in brokerage fees amid increased market volatility. These effects were partially offset by: i) a 17.2%, or AR$ 18.5 billion, increase in client net financial income, ii) a 12.3%, or AR$ 17.4 billion, decline in operating expenses, iii) a 3.4%, or AR$ 1.2 billion, increase in fee income from our banking business as fees repriced above inflation, and iv) a 2.8%, or AR$ 208.0 billion, increase in revenues from the asset management business. Revenues (net financial income + net fee income – turnover tax) totaled AR$206.9 billion in 1Q25, compared to AR$477.2 billion in 1Q24 and AR$232.9 billion in 4Q24. Net Financial Income totaled AR$175.4 billion in 1Q25, down 62.4% YoY and 12.4% QoQ. The QoQ decline was mainly driven by a 46.6%, or AR$43.3 billion, decrease in the Market-related Net Financial Income, reflecting lower yields on government securities amid uncertainty prior to the agreement reached with the IMF in April. In contrast, the Client Net Financial Income rose 17.2%, or AR$18.5 billion, supported by strong spreads on increased loan volumes. Adjusted Net Financial Income (Net Financial Income + Result from exposure to inflation) totaled AR$133.6 billion in 1Q25, decreasing 55.6% YoY, and 17.7% QoQ. Net Interest Margin (NIM) declined to 19.2% in 1Q25 from 24.9% in 4Q24. Margins from client lending remained resilient, with loan portfolio NIM improving to 21.2% from 20.7% in 4Q24, reflecting wider spreads, underscoring the strength of our core banking operations. In contrast, Investment Portfolio NIM dropped significantly to 17.7% from 33.6%, reflecting a sharp correction in treasury bond yields. The YoY comparison reflects the normalization of extraordinary factors that drove the unusually high 61.8% NIM in 1Q24, including gains from the sale of government securities previously recorded at amortized cost, high AR$ spreads on government securities and loans, and lower funding costs following the removal of deposit rate floors that quarter. The total NPL ratio stood at a healthy 2.0% in 1Q25, up from 1.1% in 1Q24 and 1.3% in 4Q24. This increase reflects a normalization in credit quality following robust YoY growth of 196% and 58% (in real terms) in retail and commercial loan portfolios, respectively. The stronger expansion in the retail segment shifted the loan mix toward retail exposure, which typically carries higher NPL ratios than corporate lending. Despite this, the current NPL ratio remains below historical averages and is in line with the industry benchmark of 2% as of March 2025. Moreover, delinquency remains within expected levels embedded in product pricing, while we continue to refine our origination and collection strategies to preserve portfolio quality Loan loss provisions (LLPs) totaled AR$31.8 billion in 1Q25, up 155.9% YoY and 80.9% QoQ. These increases reflect loan growth and a shift in the loan portfolio mix towards retail loans which entail higher provisioning than commercial loans. Retail loan volumes increased 12.8% QoQ and 196.3% YoY in real terms. The QoQ performance also reflects one-time provision releases recorded in the previous quarter, following an update to the macroeconomic variables in the expected credit loss model that incorporated a more favorable macroeconomic outlook. Net loan loss provisions, equivalent to LLPs net of recovered charged-off loans and reversed allowances, amounted to AR$30.9 billion in 1Q25, compared to AR$13.1 billion in 1Q24 and AR$14.2 billion in 4Q24. The Coverage Ratio stood at 152.7% as of March 31, 2025, compared to 263.7% as of March 31, 2024, and 169.2% as of December 31, 2024. Efficiency ratio was 59.6% in 1Q25, compared with 33.8% in 1Q24 and 63.8% in 4Q24. The QoQ improvement was explained by a 12.3% decline in personnel and administrative expenses, along with D&A, partially offset by a 6.1% decrease in Revenues. Excluding severance payments and early retirement charges in 1Q25 related to the Company's efficiency program, the efficiency ratio would have been 57.6%. Loans to Deposits Ratio was 66.5% as of March 31, 2025, compared to 43.6% as of March 31, 2024, and 69.7% as of December 31, 2024. Total Deposits amounted to AR$3,709.7 billion, increasing 109.0% YoY and 16.9% QoQ in nominal terms. Total private sector deposits reached AR$ 3,576.6 billion, increasing 112.4% YoY and 18.1% QoQ in nominal terms, outpacing the industry, which reported growth of 95.4% YoY and 5.6% QoQ. In real terms, total deposits increased 34.0% YoY and 7.7% QoQ, while private sector deposits increased 36.2% YoY and 8.8% QoQ in real terms, above industry trends. Average deposits amounted to AR$ 3,245.4 billion, increasing 19.8% YoY and 9.0% QoQ in real terms. AR$ deposits totaled AR$2,823.3 billion, increasing 86.6% YoY and 21.6% QoQ in nominal terms, compared to industry growth of 88.4% YoY and 9.2% QoQ. In real terms, AR$ deposits increased 19.7% YoY and 12.0% QoQ. Foreign currency deposits amounted to US$825.4 million, increasing 170.1% YoY and 0.1% QoQ, outperforming industry FX deposits which increased 73.6% YoY and declined 6.7% QoQ. Total Assets increased 34.0% YoY and 9.1% QoQ, reaching AR$5,365.3 billion as of March 31, 2025. Total average Assets increased 27.1% YoY and 5.9% QoQ. The QoQ performance was primarily driven by a 30.2%, or AR$321.1 billion, increase in the balance of government securities, reflecting quarter-end assets and liability management. Net Loans increased by 1.9%, or AR$44.3 billion, during the same period. Average balances reflect a more moderate QoQ increase of 13.7%, or AR$154.3 billion, in government securities, while average loans increased 14.0%, AR$291.6 billion, reflecting sustained lending activity throughout the quarter. Since 1Q24, the Company has steadily diversified its asset portfolio, sharply increasing its exposure to private-sector loans while reducing its investment portfolio. Although loan participation declined slightly at the end of 1Q25 due to a temporary increase in government securities, the overall trend reflects a strategic shift towards a more loan-centric balance sheet, expected to continue through 2025. The leverage ratio (Assets to Shareholders' Equity) increased 140 bps YoY to 6.0x, from 4.6x as of March 31, 2024, and 50 bps QoQ, from 5.5x as of December 31, 2024. Despite the increase, leverage remains significantly below the 8x level reached in 2018, underscoring the ample capacity to support future growth. Loans increased 218.4% YoY, and 11.5% QoQ in nominal terms, reaching AR$2,466.6 billion as of March 31, 2025. In real terms, gross loans increased 104.2% YoY and 2.7% QoQ. The YoY performance reflects the Company's strategic decision since 1Q24 to accelerate loan origination across both commercial and retail segments, anticipating higher credit demand driven by declining inflation and lower market interest rates. The QoQ increase was particularly supported by strong retail loan demand, particularly in personal loans, car loans and credit cards. Common Equity Tier 1 Ratio (CET1) was 15.3% as of March 31, 2025, decreasing 990 bps YoY and 80 bps QoQ. The QoQ decrease in CET1 reflects a non-recurring impact of 1,400 bps from the implementation of the new credit and operational risk requirements, effective January and March 2025 respectively. Moreover, the CET1 ratio reflects the expansion in Risk-weighted assets driven by loan growth, as well as higher deductions on deferred tax assets. These were partially offset by organic capital creation together with inflation adjustment of capital. View source version on Contacts Ana Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
