Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to BBVA Argentina's Fourth Quarter and Fiscal Year 2021 Results Conference Call. We would like to inform that this event is being recorded. [Operator Instructions] First of all let me point that some of the statements made during this conference call may be forward-looking statements within the meaning of the Safe Harbor provisions found in Section 27A of the Securities Act of 1933 under US Federal Securities Law. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Additional information concerning these factors is contained in BBVA Argentina's annual report on Form 20-F for the fiscal year 2019 filed with the US Securities and Exchange Commission. Today with us we have Mr. Ernesto Gallardo, CFO; Ms. Ines Lanusse, IRO; and Ms. Belén Fourcade, Investor Relations. Ms. Fourcade, you may begin your conference. Belén Fourcade : Good morning, everyone, and welcome to the BBVA Argentina fourth quarter and fiscal year 2021 earnings conference call. Before we begin our formal remarks, let me stress that some of the statements made during the course of this conference call may constitute forward-looking statements which are based on management's current expectation and beliefs, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including factors that may be beyond the company's control. For a description of this risk, please refer to our SEC filings and our earnings release, which are available at our Investor Relations website ir.bbva.com.ar. Speaking during today's call will be Ines Lanusse and Ernesto Gallardo, our Chief Financial Officer, who will be available for the Q&A session. Please note that starting January 1, 2020 as per Central Bank's regulations, we have begun reporting results applying hyperinflation accounting in pursuant to IFRS rule IAS 29, for ease of comparability, 2020 and 2021 figures have been restated to reflect the accumulated effect of the inflation adjustment for each period through September 31, 2021. Now let me turn the call over to Ines.

Thank you, Belén. And thank you all of you for joining us today. The pandemic situation improved during the second half of 2021, which enabled the recovery of the economic activity. This situation has had a positive impact on the financial system as a whole, which holds strong to cope with a challenge that still persist in the short term. BBVA Argentina has a corporate responsibility with society inherent into the bank's business model, which bolsters inclusion, financial education and support scientific research and culture. The bank works with the highest integrity, long-term vision and best practices. And it is present through the BBVA Group in the main sustainability indexes. With respect to digitalization, our service offering has evolved in such way that by December 2021, digital clients penetration reached 74% from 72% a year back while that mobile clients reach 64% from 60% in the same period, the response on the sight of customers has been satisfactory, and we are convinced this is the path to pursue in the aim of sustaining and expanding our competitive position in the financial system. The bank actively monitors its business, financial conditions and operating results in the aim of keeping a competitive position to face the contextual challenges. I will now comment on the banks fourth quarter 2021 and fiscal year 2021 financial results. BBVA Argentina 2021 net income was $21.2 billion, $27.1 million higher than the $16.6 billion reported in 2020. This implied and accumulate analyze ROAE of 13.5% and an ROAA of 2% in 2021 compared to the accumulated annualized ROAE of 10.9% and an ROAA of 1.7% in 2020. The increment in the bank's operating income is mainly explained by one, an increase in interest on fee income, the later mostly hazed by the implementation of a new reward…

[Operator Instructions] First question is from Carlos Gomez with HSBC.

Hello, good morning. First of all, congratulations on your 2021 results. And in particular on your victory in the back front. I have two questions. One is in general, what type of growth you expect for this year and next year, I realize that is a lot of uncertainty. And you still have to see the economic plan that is next for the IMF. But I mean, you must have a budget and you must have some ideas. What is it that you expect that you will do be able to get this year in terms of volumes? And in terms of returns? That will be my first question.

Hi, Carlos, this is Ines speaking, yes, I imagine there is [Indiscernible] uncertainty in Argentina but we have some feelers that we can share with you. The loan book as you can see, in real terms ended decreasing 11% in a year, but for mainly driven by US dollar as a lack of demand for that total of loans. But for 2022, we're seeing our real growth around 5%. We are seeing assets and contracting around 11% in real terms, just to mention we are projecting inflation for 2020 to around 55% that's for private loans. Regarding private deposits, the year 2021 ended with a contraction of two defense mainly also driven by the US Dollars deposits. For 2022, we are expecting there a contraction around 3% but the system will leave in contract more around 7% although [Indiscernible]

So if you can clarify, do you expect that the system will expand loans so that we contract loans by 11% in real terms in 2022 or that wasn’t figure for 2021?

Yes, 2022, the system would be contracting 11% in real terms and we should be growing around 5% in real terms, so we should be gaining some market share.

That’s a lot of difference, right, it's almost 15% difference. Why do you expect to do so much within the system?

Mainly because we have been in 2021 not that active as you can see, in the fourth quarter, we were --presented a lot of marketing solutions to attract more customers, we have grown in number of customers. So we believe there could be some more demand on [Indiscernible] particularly that we are trying to tackle and bring more customers into the bank. So I know some on the side over individuals, we can see some more demand. Is that answered your question? You can see, yes, we have extended more in acquisition in the fourth quarter, we have been quite stable in the first three quarters. And that was less than the amount of customers that we have increased particularly in SMEs.

Okay, so you expect to grow more, fair enough. And in terms of profitability for the bank?

Profitability we presented ROAE, positive ROAE, if you exclude the Santa Clara US, the ROAE would be around 10.2% compared to the 13.5% that was presented and an ROAA which ended up 2%. Without the declaratory actions would have been 1.5%. For the following year, we are seeing stable figure slightly lower probably, because we are seeing inflation a little bit higher. And then we need to see how also the cost of funds keeps evolving. We have improved our mix in the fourth quarter, we need to see what happens for 2022. On the income side of interest, there we should see a better performance mainly because the monetary policy rate has increased. But basically, stable divested lower probably.

So, again, because rates are going to be higher, shouldn't that in principle improve your margins and improve you ROAE?

Yes, it could increase but we are going to have more inflation. And we are going to spend a little more in acquisition costs. For 2021, the company -- the fee line evolves very well, mainly because we spend it less we have less income expenses. And that started to increase in the fourth quarter because we're being more active in trying to attract new customers.

Very good. And the following can I ask another question, I think there are so many on the dividends. So we understand that you have been allowed to pay dividends, but in a very particular fashion, which is this 12 installment that the Central Bank has allowed? Is that subject to change? And would you be willing to pay in such a schedule or you're trying to negotiate something different with a Central Bank? And second, what is eligible to be distributed? Given that you have already declared dividends for the last two years that have not been distributed yet?

Yes, we have already declared $28 billion that are already in the liability side. That's why also our capital ratio has decreased. The net said we are going to have the lamentation test that the results for 2021 need to be approved by the annual shareholders meeting that is going to be held on April 29. Last night was the relevant event was released. We're going to present after those results have been approved, we're going to present our proposal to the Central Bank, we believe we'll be able to distribute around $13billion in the 12 installment as recommendation says, but again then that needs to be approved by the Central Bank one that 2021 results have been approved by the annual shareholders meeting. We are not projecting extra dividends to be declared in 2022 for the time being.

So, let me get this straight so you think that of the $28 billion that you already have declared $13 billion, 13 would be distributable.

Exactly.

Okay. The other $15 billion would not be distributable this year but probably will be distributable in the future.

We need to see how lamentation evolved, it’s very difficult to say what probably because fund realization could change and you can see what happens. I don't have to because I am talking about the situation and the IMF and many things happen, we need to see what happens in that front.

Okay. Now and you, again, if I understand correctly, your intention is not to declare additional dividends for now until the other ones are paid or you will declare dividends on the 2021 earnings.

We need to see to again what happens in 2022 and how the macroeconomic scenario will –

Okay, so should I say you could do later in the year?

Yes, we need to see, yes, it could be a possibility. Yes. But as of today we are okay with $13 billion that we expect that we will be able to distribute during 2022?

13, 1, 3 not 30 right, 13, 1, 3.

Yes, 13.

13, okay. So do you need to call for another AGM to declare multi gains in the future or you can do it, or the board can do it without shareholders’ approval?

We have the other shareholders’ meeting of April 29. Or we should call to an extraordinary shareholder meeting as we did two in 2020 and two in 2019.

Okay, and then in terms of the timing, as you said, you have the possibility of paying over 12, in 12 installments, that seems logistically complicated, but you are willing to go through to that particular process or you have hopes that it will be changed in the future.

We have the other shareholders meeting in April 29. We still have two months to go, and then we need to present the option proposal to the Central Bank which need to be approved. That timeframe will depend a lot on how long the Central Bank takes to approve our proposal.

It is nonspecific amount of time.

Exactly.

For the Central Bank to answer our request to pay the dividends.

Okay, no, I understand. So the DCRA can respond to your request at any point in time. And it can take longer but my question is specifically whether you will be willing to make throughout the small payments over the year, or do you think that it can be changed?

I don't know if this is going to be changed in the future. To be honest, I don't know. For the time being what we know is that we have to pay the same 12 installments and we will do as soon as we have the permission from the Central Bank. Showing no further questions. This concludes the question-and-answer session. At this time, I'd like to turn the floor back to Ms. Lanusse for any closing remarks.

Thank you very much for your time and let us know you have further questions.

Thank you. This concludes today's presentation. You may disconnect your line at this time and have a nice day.