We’ve recently announced two objectives, black representation in the institution, and women in leadership. When we set this objective, we said that by 2025, we wanted to have 27 to 30% black representation in the organization, we’ve already reached 27.3% in July. 40% of our hires today are black people, which naturally means that we can evolve in these indicators. We really believe that it’s not just the diversity agenda, it has to be an agenda of diversity and inclusion in order to keep this flow sustainable over time and to ensure that these indicators evolve consistently. We are very proud of the work we’ve been doing. And as I always say, it’s not a job that has a day and a time to end. This is the new normal. And that’s the agenda we’ve been working on.
We also had a goal of achieving between 35% and 40% of women in leadership by 2025. We’ve already reached 35% in September 2023. So we are already at the lower end of our 2025 target, and will naturally keep moving upward. Regarding the hiring flow, our goal was to hire 50% of women in the flow. We’ve already hired 53.8%. And here we are talking about an indicator of women in leadership. When we look at women and the bank’s total workforce, we now have 54.3% women. We brought this indicator just to give you an idea of the importance of this agenda, and we have to constantly talk about this ESG agenda. Of course, the narrative is important, but the results you can deliver are much more important than the narrative. And every quarter we present some output.
Some focus to show how this agenda is part of our DNA, and how it is one of the pillars of our culture. Regarding some acknowledgments for the second consecutive year, we were named the best company to work for buy Great Place to Work. And not just as the best bank, we won the Best Financial Institution and also the best company with over 10,000 employees. What I always say here is that if we have happy and engaged employees, a strong culture client centricity, naturally, we will have satisfied clients. These are fully connected. We won The Most Amazing Place to Build Your Career. And we also won this award for the second year running. That’s very goodness. And last but not least, also for the second consecutive year, we won the Valor 1000 award as the top company among banks.
This shows a little of the recognition we’ve achieved. We talk about these acknowledgments with our feet on the ground and with a lot of humility. This is very important for us to keep moving in the right direction. But with great care and humility, because we still have a lot to do. And we believe that this is a longer term agenda. We’re not going to be complacent with these results. The bank has a lot to evolve, and this is the agenda we will continue to pursue. Now radically changing the subject, I’ve talked about culture, I’ve talked about diversity, I’ve talked about inclusion, I talked about awards and now I’m going to talk about capital. As I’ve said a moment ago, we came out from a set one of 12.2% last quarter, and we’ve already done a pro forma last quarter showing the positive effects of the regulatory changes which have in fact materialized now with plus 0.9%.
As a result, we’ve reached 13.1% of the set one capital ratio and our appetite is 11.5% as defined by the board. So there’s been an expansion in all consecutive quarters since the first quarter of March 2020, during the pandemic when we made those material provisions. Since then, we’ve been expanding and growing our capital ratio. We have plus 0.4% growth in earnings already adjusted for dividends. We have the minus 0.3% of RWAs with the consumption we’ve had formed credit market and operational and the plus 0.9% I mentioned is basically the evolution of our models and all the regulatory changes which leaves the bank at a very adequate capital level. Regarding Itau Argentina Bank, I’ll try to be very objective, but it’s important to emphasize this for you.
Considering the earnings that we see on our balance sheet the seven-month result of BRL578 million also poses an opposite effect in equity that doesn’t go through P&L which is the effect of inflation and the foreign exchange variation of the equity in Argentina. So if you look at earnings isolated, you get the feeling that it’s an accurate of investment but deep down when you consider the economic effect from the stockholder standpoint, we saw a seven month loss in Argentina of BRL113 million. As a result, we made the decision to divest especially in the retail business in Argentina, an operation that we had in this country for many years. We’ll keep a very small operation, in this case, a representative office focused on a few corporate groups, we have a very close relationship through capital market transactions, investment banking, some lending transactions.
