Latin America Equity Research LatAm First to Market 25 June 2026 Better NIM To Offset Lower Growth - Increasing Estimates into 2Q26 We recently met with Argentine banks to discuss macro and sector-specific trends. Overall, the tone was slightly more constructive on margins, which could expand, helped by lower funding costs: private bank BADLAR (i.e. cost of 30-35 day deposits) is tracking at ~21% vs. ~30% in 1Q26, while asset yield repricing was more limited. We believe this will drive ROE recovery—believe ...