Banco Macro Announces Results for the Fourth Quarter of 2022

Rhea-AI Summary

Banco Macro S.A. (NYSE: BMA) reported its financial results for the fourth quarter of 2022, highlighting a net income of Ps.16.6 billion, a 59% increase from the previous quarter but a 19% decline from the same period in 2021. For the entire fiscal year, net income totaled Ps.43 billion, down 19% year-over-year. Notably, operating income reached Ps.78.2 billion, up 79% year-over-year. Financing to the private sector decreased by 12% year-over-year. Deposits totaled Ps.1.3 trillion, reflecting a 13% increase year-over-year. The bank's solvency ratio remained strong with capital exceeding Ps.410.3 billion.

Positive

• Net income increased by 59% QoQ to Ps.16.6 billion in 4Q22.
• Operating income rose 79% YoY to Ps.78.2 billion.
• Total deposits increased 13% YoY to Ps.1.3 trillion.
• The bank maintained strong solvency with excess capital of Ps.410.3 billion.

Negative

• Net income decreased 19% YoY from Ps.20.5 billion in 4Q21.
• Fiscal year net income fell 19% YoY from Ps.52.8 billion in FY2021.
• Private sector financing decreased 12% YoY.

BUENOS AIRES, Argentina, Feb. 23, 2023 /PRNewswire/ -- Banco Macro S.A. (NYSE: BMA; BYMA: BMA) ("Banco Macro" or "BMA" or the "Bank") announced today its results for the fourth quarter ended December 31, 2022 ("4Q23").  All figures are in Argentine pesos (Ps.) and have been restated in terms of the measuring unit current at the end of the reporting period. As of 1Q20, the Bank began reporting results applying Hyperinflation Accounting, in accordance with IFRS IAS 29 as established by the Central Bank. For ease of comparison, figures of previous quarters of 2021 and 2022 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through December 31, 2022.

Summary

• The Bank's net income totaled Ps.16.6 billion in 4Q22. This result was 59% higher than the Ps.10.4 billion posted in 3Q22 and 19% lower than the Ps.20.5 billion posted in 4Q21.  Net Income for FY2022 totaled Ps.43 billion, 19% lower than the Ps.52.8 posted in FY2021. In 4Q22, the annualized return on average equity ("ROAE") and the annualized return on average assets ("ROAA") were 16.9% and 3.3%, respectively.
  
  
• In 4Q22 Operating Income (after G&A and personnel expenses) totaled Ps.78.2 billion, 79% or Ps.34.6 billion higher than in the same period of last year.
  
  
• In 4Q22, Banco Macro's financing to the private sector increased Ps.2           billion quarter over quarter ("QoQ") totaling Ps.596.4 billion and decreased 12% or Ps.83.4 billion year over year ("YoY"). In FY2022 peso financing decreased 14% while USD financing decreased 30%.  
  
  
• In 4Q22, Banco Macro's total deposits decreased 2% or Ps.23.5 billion QoQ and increased 13% or Ps.148.4 billion YoY, totaling Ps.1.3 trillion and representing 82% of the Bank's total liabilities. Private sector deposits increased 2% or Ps.24.5 billion QoQ. In FY2022, private sector deposits stand out with a 14% increase (within private sector deposits time deposits grew 28% compared to FY2021)
  
  
• Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.410.3 billion, 39.9% regulatory capital ratio – Basel III and 36.6% Tier 1 Ratio. In addition, the Bank's liquid assets remained at an adequate level, reaching 95% of its total deposits in 4Q22.
  
  
• In 4Q22, the Bank's non-performing to total financing ratio was 1.25% and the coverage ratio remained stable at 151.69%.
  
  
• As of 4Q22, through its 467 branches and 7.781 employees Banco Macro serves 4.6 million retail customers (1.6 million digital customers) across 23 of the 24 Provinces in Argentina and over 111,700 corporate customers.

4Q22 Earnings Release Conference Call

Thursday, February 24, 2022 
Time: 11:00 a.m. Eastern Time | 1:00 p.m. Buenos Aires Time

To participate, please dial:
Argentina Toll Free: 
(011) 3984 5677
Participants Dial In (Toll Free): 
+1 (844) 450 3847
Participants International Dial In: 
+1 (412) 317 6370
Conference ID: Banco Macro
Webcast: click here

Webcast Replay:  click here

Available from 02/24/2023 through 03/10/2023

IR Contacts in Buenos Aires:

Jorge Scarinci
Chief Financial Officer

Nicolás A. Torres
Investor Relations

Phone: (54 11) 5222 6682
E-mail: investorelations@macro.com.ar

Visit our website at: www.macro.com.ar/relaciones-inversores

View original content:https://www.prnewswire.com/news-releases/banco-macro-announces-results-for-the-fourth-quarter-of-2022-301755016.html

SOURCE Banco Macro S.A.

FAQ

What were Banco Macro's 4Q22 net income results?

Banco Macro reported a net income of Ps.16.6 billion for 4Q22, a 59% increase from 3Q22 but a 19% decrease year-over-year.

How did Banco Macro perform in terms of operating income in 4Q22?

In 4Q22, Banco Macro's operating income totaled Ps.78.2 billion, representing a 79% increase compared to the same period last year.

What was the total deposits amount for Banco Macro in 4Q22?

Total deposits for Banco Macro in 4Q22 were Ps.1.3 trillion, reflecting a 13% increase year-over-year.

What is the current solvency ratio of Banco Macro?

Banco Macro maintains a strong solvency ratio with excess capital of Ps.410.3 billion and a 39.9% regulatory capital ratio.

What changes occurred in Banco Macro's private sector financing in 4Q22?

Private sector financing decreased by 12% year-over-year, totaling Ps.596.4 billion.