Earnings Presentation
2° QUARTER 2024 (2Q24)
August 9th, 2024
QUARTERLY RESULTS
Business revenues kept growing in real terms. Operating margin increased, despite increasing expenditures related to higher investment and activity levels. The difference between inflation (IPC) and FX (A3500), implied an inflation adjustment larger than the financial result.
ARS Million | Historical | |||
2Q23 | 2Q24 | Var. | ||
CSD Revenues | 1,911 | 8,738 | 357% | |
Exchange Revenues | 3,323 | 17,745 | 434% | |
Income | 5,234 | 26,483 | 406% | |
Total Expenses | -2,260 | -9,505 | 321% | |
Gross Margin | 2,973 | 16,978 | 471% | |
Other Operating Income | 2,708 | 8,767 | 224% | |
Net Operatig Result | 5,682 | 25,745 | 353% | |
Inflation Adjustment Impact | 0 | 0 | 0% | |
Financial Income | 16,386 | 30,257 | 85% | |
Oher gains/losses | 39 | 0 | -100% | |
Participation in other companies | -43 | -283 | 557% | |
EBT | 21,997 | 55,719 | 153% | |
Income Tax | -5,911 | -2,033 | -66% | |
Net Income | 16,086 | 53,687 | 234% | |
Adjusted by Inflation
2Q23 | 2Q24 | Var. |
7,655 | 9,183 | 20% |
13,048 | 18,543 | 42% |
20,703 | 27,726 | 34% |
-10,010 | -12,055 | 20% |
10,694 | 15,671 | 47% |
11,178 | 9,121 | -18% |
21,872 | 24,793 | 13% |
-52,055 | -53,248 | 2% |
63,890 | 32,181 | -50% |
64 | 52 | -19% |
146 | -1,158 | -895% |
33,916 | 2,618 | -92% |
-10,302 | -5,143 | N/A |
23,614 | -2,525 | N/A |
Variables 2Q24:
- CPI: (18.5%)
- FX (6.3%)
(*)This slide is the las showing inflation adjusted figures. Al the others show historical values (not adjusted by inflation) | 2 |
DEPOSITORY: AUC ACCELERATED GROWTH
18,000 | |
Assets Under Custody (AUC, 2Q24 quarterly | 16,000 |
average) experienced a strong increase due | 14,000 |
to the issuance of domestic treasury bills | 12,000 |
(Lecap), after the new monetary policy was | |
implemented. | 10,000 |
AuC, face value, quarterly evolution (thousand millions)
+271%
15,877
AuC, market value, by asset class
8,000 | |||||||||||||
6,372 | |||||||||||||
6,000 | 5,083 | ||||||||||||
4,332 | 4,281 | 4,533 | |||||||||||
3,539 | 3,525 | ||||||||||||
4,000 | 2,709 | 3,156 | 3,314 | ||||||||||
2,404 | 2,583 | ||||||||||||
2,196 | |||||||||||||
2,000 | |||||||||||||
- | |||||||||||||
1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 |
3%
12%
Public Debt
Treasury and Central bank bills
140,000
AuC, market value, quarterly evolution | 125,741 | |
120,000 | (ARS million) | |
100,000 | 93,676 | |
Trusts | ||
24% | 52% | Equity |
Private Debt
9%Others
80,000 | +429% | ||||||
60,000 | 53,568 | ||||||
40,000 | 36,683 | ||||||
12,645 15,158 | 19,510 23,756 | ||||||
20,000 | 11,531 | ||||||
6,200 | 7,161 | 7,797 | 8,780 | 9,746 | |||
-
1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3 |
CSD: REVENUES SHOW INCREASED LEVEL OF ACTIVITY
Depositary revenues added up to ARS 8,738 million, implying an YoY growth of 357%, against a 279% YoY inflation rate.
The hike in Lecap was in the later part of the quarter, therefore fees did not experience a full quarter of impact.
The main income lines went up above inflation since 2Q23, due to higher activity levels.
2Q 23 | 2Q 24 | YoY $ | YoY % | |
CSD (ARS Millions) | 1,911.0 | 8,738.5 | 6,827.4 | 357.3% |
SDC Services | 1,386.8 | 5,744.5 | 4,357.7 | 314.2% |
ARyP Services | 39.6 | 95.8 | 56.2 | 142.2% |
Additional services | 484.7 | 2,898.2 | 2,413.5 | 498.0% |
CSD revenues (ARS million)
8,738 | ||||||||||||
Additional services | 6,785 | 2,898 | ||||||||||
ARyP services | 96 | |||||||||||
2,600 | ||||||||||||
4,560 | ||||||||||||
SDC Services | ||||||||||||
81 | ||||||||||||
1,477 | ||||||||||||
2,676 | ||||||||||||
63 | 5,744 | |||||||||||
1,911 | ||||||||||||
756 | ||||||||||||
1,523 | 4,104 | |||||||||||
904 | 1,059 | 1,290 | 485 | 48 | 3,020 | |||||||
780 | 411 | |||||||||||
645 | 685 | 702 | 320 | 40 | ||||||||
271 | 35 | 1,872 | ||||||||||
202 | 33 | |||||||||||
168 | 200 | 18 | 1,387 | |||||||||
166 | 164 | 16 | ||||||||||
13 | 14 | 950 | 1,077 | |||||||||
12 | 13 | 566 | 686 | 746 | ||||||||
468 | 508 | 521 | ||||||||||
2Q 21 | 3Q 21 | 4Q 21 | 1Q 22 | 2Q 22 | 3Q 22 | 4Q 22 | 1Q 23 | 2Q 23 | 3Q 23 | 4Q 23 | 1Q 24 | 2Q 24 |
4
EXCHANGE: CONTINUED INCREASE IN BUSSINES VOLUMES
Exchange revenues (ARS 17.7 bn) were 434% higher than in 2Q23 and are still showing higher growth than those of the CSD. Equity trading still represents the largest share of Exchange income.
Exchange revenues (ARS million)
Market Data
+434% Trading C&S Fees
17,745 1,780
1,466
Exchange Revenue Share | |||
0% | |||
0% | 2% | Equity | |
3% | 5% | Fixed income | |
On-exchange repo | |||
38% |
Other Fees | 8,933 | ||||||||||||
328 | |||||||||||||
15,034 | |||||||||||||
5,254 | 11,524 | ||||||||||||
3,323 | 208 | 7,981 | |||||||||||
2,381 | |||||||||||||
1,524 | 1,588 | 148 | 4,843 | ||||||||||
113 | |||||||||||||
581 | 641 | 752 | 874 | 885 | 966 | 190 | 3,000 | ||||||
165 | 2,118 | ||||||||||||
24 | 27 | 35 | 44 | 51 | 129 | 1,265 | 1,288 | 664 | 931 | ||||
624 | |||||||||||||
496 | 553 | 656 | 765 | 759 | 758 | 94 | 110 | 150 | 174 | 203 | |||
61 | 61 | 61 | 65 | 75 | 79 | ||||||||
1Q 21 | 2Q 21 | 3Q 21 | 4Q 21 | 1Q 22 | 2Q 22 | 3Q 22 | 4Q 22 | 1Q 23 | 2Q 23 | 3Q 23 | 4Q 23 | 1Q 24 | 2Q 24 |
2Q 23 | 2Q 24 | YoY $ | YoY % | |
EXCHANGE (ARS Millions) | 3,322.8 | 17,744.8 | 14,422 | 434.0% |
Trading C&S fees | 3,000.5 | 15,034.0 | 12,034 | 401.1% |
Market Data | 174.3 | 930.6 | 756 | 433.8% |
Other fees | 148.0 | 1,780.1 | 1,632 | 1103.1% |
20% | Options |
Futures | |
Securities lending | |
Market Data | |
32% | Others |
Traded values keep growing steadily across all asset classes, requiring constant upgrades in hardware and software
5
EXCHANGE: EQUITY GROWS WITH INCREASED INTEREST IN DOMESTIC SHARES
Total income from equity transactions, ARS 6,683 million, rose 407% YoY because of the growth in traded value.
In this quarter, it was the first time since 3Q20 when trading of domestic shares was larger than that of CEDEARs. It is important to highlight that CEDEARs traded value keeps growing as well.
90,000 | Equity ADTV (ARS Million) | |||||||||||||
81,407 | ||||||||||||||
80,000 | ||||||||||||||
70,000 | ||||||||||||||
61,570 | 36,747 | |||||||||||||
Equity | CEDEAR | |||||||||||||
60,000 | ||||||||||||||
51,291 | ||||||||||||||
50,000 | ||||||||||||||
32,006 | ||||||||||||||
40,000 | 27,409 | |||||||||||||
28,296 | ||||||||||||||
30,000 | ||||||||||||||
20,000 | 17,339 | 17,275 | 44,660 | |||||||||||
8,419 | 7,617 | 11,161 | 10,439 | 29,563 | ||||||||||
10,000 | 2,648 | 3,113 | 3,392 | 5,014 | 4,876 | 4,391 | 6,427 | 23,882 | ||||||
1,779 | 1,969 | 2,203 | 3,360 | 3,677 | 3,186 | 6,337 | 5,119 | 4,733 | 6,900 | 11,021 | ||||
2,082 | 2,498 | |||||||||||||
- | 870 | 1,144 | 1,189 | 1,654 | 1,199 | 1,205 | ||||||||
1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 |
Equity Revenues | |
ARS Millions | 6,683 |
+407% | 4,975 |
4,051 |
2,335
281 | 340 | 458 | 429 | 386 | 785 | 687 | 914 | 1,318 |
2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24
6
EXCHANGE: GUARANTEED SEGMENT SHOWED LARGEST INCREASE
Income grew 6.5X YoY explained by a combination of higher traded values. Both segments increased, but the guaranteed segment showed a 40% increase in the ADTV. We maintained a share of almost 80%.
1,200,000
1,087,131 | ||||||||||
1,000,000 | Fixed Income ADTV Guaranteed Segment | |||||||||
ARS Million. | ||||||||||
800,000 | 777,340 | |||||||||
591,209 | ||||||||||
600,000 | ||||||||||
393,944 | ||||||||||
400,000 | ||||||||||
280,135 | ||||||||||
200,000 | 181,932 | |||||||||
29,80433,20639,39940,40753,118 | 84,90291,603129,366 | |||||||||
- | ||||||||||
1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 3Q22 4Q22 | 1Q23 | 2Q23 3Q23 4Q23 | 1Q24 2Q24 |
2,500,000
Fixed Income ADTV Non-Guaranteed Segment | 2,326,372 | |
2,000,000ARS Million. | ||
1,737,173 | ||
1,500,000 | ||
1,158,220 | ||
1,000,000 | ||
634,156 | ||
410,692 | ||
314,843 | ||
235,530 | ||
500,000 | 189,737 | |
133,538 | ||
106,028 | ||
61,76549,14861,18679,767 |
Fixed Income Revenues | 5,701 | |
ARS Millions | 538% | 4,631 |
2,246
1,521
615 | 893 | ||||||||
213 | 295 | 364 | |||||||
113 | 127 | 144 | 138 | 150 | |||||
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24
Fixed Income revenues, when compared to the previous quarter, rose by 23%.
The increase in the guaranteed segment (PPT) was the largest contributor to higher revenues thanks to algo- trading and Letras.
Fixed income revenues represented 32% of Exchange revenues
-
1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 7 |
EXCHANGE: ON-EXCHANGE REPO ALSO MAINTAINS STRONG GROWTH
On-exchange repo ADTV went up by 37% since 1Q24 and surged 477% when compared to 2Q24. We maintain our policy of growth limited by a strong look at risk management.
2,500 2,289
On Exchange Repo ADTV
2,000 | ARS Billion | ||||||||||||
1,671 | |||||||||||||
1,500 | |||||||||||||
976 | |||||||||||||
1,000 | |||||||||||||
397 | 485 | ||||||||||||
500 | |||||||||||||
188 | 278 | ||||||||||||
66 | 69 | 73 | 76 | 98 | 128 | 133 | |||||||
- | |||||||||||||
1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 |
Total income in this category reached ARS 3,460 million, representing 20% of Exchange revenues.
On-Exchange Repo Revenues
ARS Millions | 3,460 |
+394%
128 134 156 160 177 222 253 330 505
2,555
1,522
700 874
On-exchange repo income grew 394% YoY.
1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 | 8 |
MARKETDATA: INCREASING NUMBER OF BYMADATA USERS
Income from this business line grew 434% YoY, mainly explained by the evolution of the official exchange rate.
As in previous quarters, Market Data revenues were boosted mainly by those coming from foreign vendors and domestic market data distribution.
The number of users of our platform BYMADATA grew 20% YoY, helping this line grow faster than the others.
Total Market Data | 2Q 24 | 2Q 23 | YoY $ | YoY % |
(ARS Millions) | 174.3 | 930.6 | 756 | 433.8% |
International Vendors | 95.0 | 405.0 | 310 | 326.5% |
Market Data | 46.7 | 335.8 | 289 | 619.2% |
BYMADATA | 28.4 | 187.0 | 159 | 559.6% |
Local Vendors | 4.4 | 2.9 | -1 | -34.0% |
20%
Vendors extranjeros
44% | Market Data - ALyCs |
BYMADATA | |
36% | |
Vendors locales |
9
OPERATING EXPENSES: INCREASING DUE TO HIGHER INVESTMENT AND ACTIVITY
Total expenses grew 309% YoY, above inflation for the period. This was explained by increased variable expenses related to higher activity and to a rise in amortizations and depreciations from higher investments.
ARS Million | 2Q 23 | 2Q 24 | QoQ $ | QoQ % |
Compensation | 1,062.0 | 4,321.7 | 3,259.7 | 306.9% |
Consultancy | 63.5 | 261.3 | 197.9 | 311.8% |
Technology expenditures | 329.4 | 1,212.5 | 883.0 | 268.0% |
Buildings and Infrastructure | 64.9 | 242.4 | 177.5 | 273.5% |
Interconection with other CSDs | 142.5 | 669.8 | 527.3 | 370.1% |
Taxes | 341.9 | 1,770.8 | 1,429.0 | 418.0% |
Depreciations | 33.5 | 221.6 | 188.1 | 561.8% |
Others | 289.7 | 805.3 | 515.6 | 177.9% |
TOTAL EXPENSES | 2,327.3 | 9,505.4 | 7,178.0 | 308.4% |
2% 8% | Compensation |
Consultancy | |
19% | Technology expenditures |
45% | Buildings and Infrastructure |
Interconection with other CSDs
7% | Taxes | |
3% | Depreciations | |
13% | 3% | |
Others
Increase in expenditures was 29 pp above 2Q24/2Q23 inflation (279%). It was mainly due to lines related with activity levels such as Taxes (IIBB), which grew in line with invoicing, and connection to international CSDs, which also showed more activity.
Depreciations and amortizations were up because of Nasdaq project go live. Compensations algo went up, due to increases in salaries.
10