CONSOLIDATED
Cash Flow Statements

December 31, 2023 and 2022
Figures expressed in thousands of pesos

  Note   2023   2022
Operating activities          
Profit before income tax   $ 26,999,297 $ 23,194,151
Adjustments from items not implying cash flows:          
Depreciation and amortization     5,385,905   5,171,085
Provision for impairment of the loan portfolio 8   2,889,335   1,791,024
Lease concessions 19   -   (7,186)
Other dividend income 15   (209,482)   (58,957)
Inventory reserve     1,255,149   1,264,374
Equity in the results of associates 11.2   (507,668)   (376,918)
(Profit) loss on sale of property, furniture and equipment and investment property     (621,911)   296,121
Net cost for the period of employee benefits 18   544,467   461,855
Trading derivative financial instruments     653,031   535,116
Interest earned     (9,829,929)   (7,792,624)
Interest expense     4,067,381   3,989,142
      3,626,278   5,273,032
(Increase) decrease in:          
Interest earned from customers     9,710,201   7,794,101
Loan portfolio     (13,430,772)   (9,764,046)
Inventory     (1,353,063)   (6,284,742)
Value added tax recoverable     303,134   292,820
Other accounts receivable     (685,393)   (180,005)
Prepaid expenses     (33,998)   212,163
Other assets 2.8   (302,227)   -
Increase (decrease) in:          
Suppliers     4,648,011   3,619,968
Provisions     767,882   986,332
Deferred income     179,126   390,927
Creditors     2,071,865   1,443,627
Employee benefits paid     (290,762)   (344,499)
Taxes paid     (8,848,980)   (7,956,667)
Net cash inflow from operating activities     23,360,599   18,677,162
Investment activities          
Capital increase in associates 11.2   (736,769)   (1,088,677)
Invest in financial assets at fair value through other comprehensive income 15   -   (5,943,333)
Dividends received from financial asset at fair value 15   209,482   58,957
Dividends received from associates     196,000   -
Acquisition of property, furniture and equipment 13   (7,662,431)   (5,798,479)
Acquisition of investment property 12   (153,563)   (1,540,699)
Sale of property, furniture and equipment and investment property     180,934   74,942
Investment in intangibles of definitive useful life 14   (803,256)   (532,262)
Net cash outflows from investing activities     (8,769,603)   (14,769,551)
Cash to be applied in financing activities     14,590,996   3,907,611
Financing activities          
Dividends paid 21.1   (3,502,229)   (3,287,730)
Interest paid 17   (2,813,277)   (2,885,150)
Debt paid 17   -   (3,400,000)
Principal of lease payments 19   (1,263,701)   (1,098,207)
Interest of lease payments 19   (1,247,223)   (1,137,980)
Sale of own shares 21.2   2,738,852   930,659
Repurchase of shares 21.2   (2,761,056)   (938,074)
Net cash flows used in financing activities     (8,848,634)   (11,816,482)
Increase (decrease) in cash and cash equivalents     5,742,362   (7,908,871)
Cash and cash equivalents at the beginning of the year     24,516,254   32,494,873
Effects of exchange rate changes on cash and cash equivalents     (451,450)   (69,748)
Cash and cash equivalents at the end of the year   $ 29,807,166 $ 24,516,254

The accompanying notes are an integral part of these consolidated financial statements.