Argentine Banks Show Robust Financial Expansion in 2024, Led by Strong Loan and Deposit Growth
Argentina’s banking sector registered a sharp rebound in 2024, driven by significant growth in total assets, loans, deposits, and net worth. According to updated figures from the latest market research report, which monitors the financial statements of all banking institutions in the country since 2019, the sector closed December 2024 with total assets of USD 203.2 billion, marking a year-on-year increase of 69.4% compared to USD 120 billion at the end of 2023.
Banks in Argentina Financial Statements and Results (Excel dataset)
The state-owned Banco de la Nación Argentina led the asset ranking with a 22.91% market share, followed by Banco de Galicia y Buenos Aires (10.35%), Banco Santander Argentina (8.79%), Banco de la Provincia de Buenos Aires (7.05%), and BBVA Argentina (6.91%). The remaining 43.99% was distributed among other institutions.
Loan activity, excluding the public sector, surged to USD 72.0 billion, more than doubling the 2023 level of USD 26.5 billion. This 172.0% increase in private credit was underpinned by notable expansion across all loan segments. Personal loans posted the strongest growth, rising 312.3% to USD 9.7 billion. Documented loans followed with a 202.7% increase to USD 19.2 billion, while car loans (prendarios) grew 166.1% to USD 3.8 billion. Mortgage loans rose 133.4% to USD 2.0 billion, and corporate overdrafts expanded 128.1% to USD 4.7 billion. Other loans to the private sector also jumped 137.0% to reach USD 25.1 billion. In the competitive landscape of private lending, Banco de la Nación Argentina remained dominant with 20.26% of total loans, ahead of Banco de Galicia (11.90%), Santander (10.18%), BBVA (9.59%), and Banco Provincia (7.85%).
Total deposits in the banking system reached USD 132.7 billion at the end of 2024, reflecting an annual growth rate of 71.5% compared to USD 77.3 billion in December 2023. Demand for time deposits surged 106.4% to USD 39.5 billion, while public sector deposits increased 92.8% to USD 22.8 billion. Savings accounts grew 58.2% to USD 49.9 billion, and checking accounts climbed 43.1% to USD 16.5 billion. Banco de la Nación Argentina led in deposit capture with a 22.70% share, followed by Banco de Galicia (10.43%), Santander (9.67%), Banco Provincia (7.82%), and BBVA (7.28%).
Equity across the system stood at USD 49.7 billion in December 2024, up 80.6% from USD 27.5 billion a year earlier. Banco de la Nación Argentina once again held the lead in this indicator with 29.81% of total net worth, followed by Banco de Galicia (8.61%), Banco Macro (7.91%), Santander (6.66%), and Banco Provincia (5.87%).
The banking sector’s aggregate net income for the year amounted to USD 7.6 billion. Banco de la Nación Argentina generated the highest individual result with USD 3.33 billion, followed by Banco de Galicia with USD 1.32 billion, Santander with USD 760.6 million, Banco Credicoop with USD 423.6 million, and Banco Ciudad with USD 365.8 million.
This performance reflects a broad-based financial strengthening across Argentina’s banking system in 2024, in a context of accelerated nominal growth, rising demand for private credit, improved profitability, and solid balance sheet expansion. RankingsLatAm's continuous monitoring of financial statements confirms the resurgence of the sector and offers a granular view of institutional performance, leadership, and market dynamics.