Banco Macro Announces Results for the Second Quarter of 2022

Rhea-AI Summary

Banco Macro S.A. (NYSE: BMA) reported its 2Q22 results, with a net income of Ps.4.1 billion, down 41% from 1Q22 and 45% from 2Q21. The return on average equity (ROAE) was 7.1%, while the return on average assets (ROAA) was 1.7%. Net operating income reached Ps.81.3 billion, an 8% increase QoQ. The bank's total deposits increased 8% QoQ to Ps.858.2 billion. A robust solvency ratio was reported, with excess capital of Ps.284.3 billion. Non-performing financing was low at 1.25% with a coverage ratio of 159.71%.

Positive

• Net operating income increased 8% QoQ to Ps.81.3 billion.
• Total deposits rose 8% QoQ, totaling Ps.858.2 billion.
• Financing to the private sector grew by 2% QoQ to Ps.446 billion.
• Strong solvency ratio with excess capital of Ps.284.3 billion.

Negative

• Net income decreased by 41% from 1Q22 and 45% from 2Q21.
• ROAE and ROAA were relatively low at 7.1% and 1.7%, respectively.

BUENOS AIRES, Argentina, Aug. 24, 2022 /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, 2022 ("2Q22").  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 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through June 30, 2022.

Summary

• The Bank's net income totaled Ps.4.1 billion in 2Q22. This result was 41% lower than the Ps.7 billion posted in 1Q22 and 45% lower than the result registered in 2Q21. As of 2Q22, the accumulated annualized return on average equity ("ROAE") and the accumulated annualized return on average assets ("ROAA") were 7.1% and 1.7%, respectively.
  
  
• In 2Q22 Net Operating Income (before G&A and personnel expenses) totaled Ps.81.3 billion, 8% or Ps.6 billion higher than in 1Q22 and 26% or Ps.16.6 billion higher than the same period of last year.
  
  
• In 2Q22 Operating Income (after G&A and personnel expenses) totaled Ps.44.5 billion, 4% or Ps.1.6 billion higher than in 1Q22 and 39% or Ps.12.6 billion higher than the same period of last year.
  
  
• In 2Q22, Banco Macro's financing to the private sector increased 2% or Ps.9.9 billion quarter over quarter ("QoQ") totaling Ps.446 billion and increased 2% or Ps.6.9 billion year over year ("YoY").
  
  
• In 2Q22, Banco Macro's total deposits increased 8% or Ps.63.4 billion QoQ, totaling Ps.858.2 billion and representing 83% of the Bank's total liabilities. Private sector deposits increased 10% or Ps.72.1 billion YoY.
  
  
• Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.284.3 billion, 40.5% regulatory capital ratio – Basel III and 35.9% Tier 1 Ratio. In addition, the Bank's liquid assets remained at an adequate level, reaching 90% of its total deposits in 2Q22.
  
  
• In 2Q22, the Bank's non-performing to total financing ratio was 1.25% and the coverage ratio reached 159.71%.

2Q22 Earnings Release Conference Call

Thursday, August 25, 2022
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 08/25/2022 through 09/08/2022

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-second-quarter-of-2022-301612029.html

SOURCE Banco Macro S.A.

FAQ

What were Banco Macro's net income results for 2Q22?

Banco Macro's net income for 2Q22 was Ps.4.1 billion, a decline of 41% from 1Q22.

How did total deposits change for Banco Macro in 2Q22?

In 2Q22, Banco Macro's total deposits increased by 8% QoQ, totaling Ps.858.2 billion.

What is Banco Macro's solvency ratio as of 2Q22?

Banco Macro reported a strong solvency ratio with excess capital of Ps.284.3 billion.

What was the performance of Banco Macro's financing to the private sector in 2Q22?

Banco Macro's financing to the private sector increased by 2% QoQ, reaching Ps.446 billion.

What was the non-performing financing ratio for Banco Macro in 2Q22?

Banco Macro's non-performing to total financing ratio was 1.25% in 2Q22.