Banco Macro Announces Results for the Second Quarter of 2023

Rhea-AI Summary

Banco Macro's net income in 2Q23 was Ps.44.2 billion, a 265% increase from 1Q23 and a 394% increase from 2Q22. Operating income before expenses increased by 27% to Ps.264.1 billion, and total financing increased by 3% to Ps.893.2 billion. Total deposits increased by 5% to Ps.1.9 trillion. Solvency ratio remained strong at 35.9%. Non-performing to total financing ratio was 1.37% with a coverage ratio of 146.05%.

Positive

• Net income increased significantly in 2Q23
• Operating income and total financing also showed positive growth
• Total deposits and solvency ratio improved

Negative

• None.

BUENOS AIRES, Argentina, Aug. 23, 2023 /PRNewswire/ -- Banco Macro S.A. (NYSE: BMA; BYMA: BMA) ("Banco Macro" or "BMA" or the "Bank") announced today its results for the second quarter ended June 30, 2023 ("2Q23").  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. For ease of comparison, figures of previous quarters of 2022 and 2023 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through June 30, 2023.

Summary

• The Bank's net income totaled Ps.44.2 billion in 2Q23. This result was 265% higher than the Ps.12.1 billion posted in 1Q23 and 394% higher than the Ps.8.9 billion posted in 2Q22. In 2Q23, the accumulated annualized return on average equity ("ROAE") and the accumulated annualized return on average assets ("ROAA") were 15.5% and 3.9%, respectively.
• In 2Q23 Operating Income (before G&A and personnel expenses) totaled Ps.264.1 billion, 27% or Ps.56.4 billion higher than in 1Q23 and 50% or Ps.88.5 billion higher than the same period of last year.
• In 2Q23 Operating Income (after G&A and personnel expenses) totaled Ps.173.1 billion, 35% or Ps.44.4 billion higher than in 1Q23 and 81% or Ps.77.2 billion higher than the same period of last year.
• In 2Q23, Banco Macro's total financing increased 3% or Ps.29.5 billion quarter over quarter ("QoQ") totaling Ps.893.2 billion and decreased 8% or Ps.75.9 billion year over year ("YoY").
• In 2Q23, Banco Macro's total deposits increased 5% or Ps.90.2 billion QoQ and increased 3% or Ps.52.8 billion YoY, totaling Ps.1.9 trillion and representing 81% of the Bank's total liabilities. Private sector deposits increased 6% or Ps.94.7 billion QoQ.
• Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.570.7 billion, 35.9% regulatory capital ratio – Basel III and 33 % Tier 1 Ratio. In addition, the Bank's liquid assets remained at an adequate level, reaching 95% of its total deposits in 2Q23.
• In 2Q23, the Bank's non-performing to total financing ratio was 1.37% and the coverage ratio remained stable at 146.05%.
• As of 2Q23, through its 462 branches and 7.797 employees Banco Macro serves 4.7 million retail customers (1.8 million digital customers) across 23 of the 24 Provinces in Argentina and over 123,700 corporate customers.

2Q23 Earnings Release Conference Call
Friday, August 25, 2023 
Time: 11:00 a.m. Eastern Time | 12:00 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 08/25/2023 through 09/08/2023

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

 

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SOURCE Banco Macro S.A.