Grupo Financiero Galicia: Still Mispriced For The Next Credit Upswing (Rating Upgrade)
Banco Galicia is moving through a risk‑normalization phase, with NPLs that spiked after the 2025 shock but are now showing early signs of stabilization. A credit storm hit in 2025 and early 2026, driven by positive real rates and electoral noise, raised consolidated NPL to 9.6% in 1Q26. Even with elevated NPLs, the bank is already cutting provisions, supported by early improvement in delinquency trends for individuals.