Banco Macro Announces Results for the Second Quarter of 2021

Rhea-AI Summary

Banco Macro S.A. reported a net income of Ps.4.6 billion for 2Q21, a 90% increase from 1Q21 but 50% lower than 2Q20. The bank's ROAE was 7.8% and ROAA was 1.7%. Financing to the private sector decreased by 7% QoQ to Ps.267.8 billion, and total deposits fell by 3% QoQ to Ps.492.3 billion. The non-performing loans ratio stood at 1.68%.

Positive

• Net income increased by 90% from 1Q21, indicating strong quarterly growth.
• Total comprehensive income rose by 57% QoQ, reflecting positive operational performance.
• Strong solvency ratio with an excess capital of Ps.167 billion, showcasing financial stability.

Negative

• Net income down 50% compared to 2Q20, highlighting year-over-year performance struggles.
• Private sector financing decreased by 7% QoQ and 19% YoY, indicating declining loan demand.
• Total deposits fell by 3% QoQ, reflecting reduced customer confidence.

BUENOS AIRES, Argentina, Aug. 25, 2021 /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, 2021 ("2Q21").  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 2020 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through June 30, 2021.

Summary

• The Bank's net income totaled Ps.4.6 billion in 2Q21. This result was 90% higher than the result posted in 1Q21 and 50% lower than in 2Q20. In 2Q21, the accumulated annualized return on average equity ("ROAE") and the annualized return on average assets ("ROAA") were 7.8% and 1.7%, respectively.  Total comprehensive income was Ps.4.8 billion, 57% higher than in 1Q21.
• In 2Q21, Banco Macro's financing to the private sector decreased 7% or Ps.20 billion quarter over quarter ("QoQ") totaling Ps.267.8 billion and 19% or Ps.61.7. billion year over year ("YoY").
• In 2Q21, Banco Macro's total deposits decreased 3% or Ps.15.1 billion QoQ, totaling Ps.492.3 billion and representing 78% of the Bank's total liabilities. Private sector deposits decreased 1% or Ps.5.2 billion QoQ.
• Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.167 billion, 38.3% regulatory capital ratio – Basel III and 30.9% Tier 1 Ratio. In addition, the Bank's liquid assets remained at an adequate level, reaching 93% of its total deposits in 2Q21.
• In 2Q21, the Bank's non-performing to total financing ratio was 1.68% and the coverage ratio reached 212.91%.

2Q21 Earnings Release Conference Call

Thursday, August 26, 2021
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 08/26/2021 through 09/09/2021

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-2021-301363116.html

SOURCE Banco Macro S.A.

FAQ

What were Banco Macro's earnings for the second quarter of 2021?

Banco Macro reported a net income of Ps.4.6 billion for 2Q21.

How does Banco Macro's net income in 2Q21 compare to previous quarters?

The net income increased by 90% from 1Q21 but decreased by 50% compared to 2Q20.

What is Banco Macro's ROAE and ROAA for 2Q21?

Banco Macro's ROAE was 7.8% and ROAA was 1.7% for 2Q21.

How much did Banco Macro's financing to the private sector decrease in 2Q21?

Financing to the private sector decreased by 7% QoQ, totaling Ps.267.8 billion.

What were the total deposits for Banco Macro in 2Q21?

Total deposits for Banco Macro were Ps.492.3 billion in 2Q21, a decrease of 3% QoQ.