Banco Macro Announces Results for the Third Quarter of 2022

Rhea-AI Summary

Banco Macro (NYSE: BMA) reported a net income of Ps.8.9 billion for 3Q22, reflecting a 76% increase from 2Q22 but a 34% decrease compared to 3Q21. The accumulated annualized ROAE and ROAA were 7.7% and 1.9%, respectively. Net Operating Income reached Ps.121.6 billion, up 22% QoQ, while Operating Income totaled Ps.75.1 billion, a 39% increase QoQ. However, financing to the private sector fell 7% QoQ, and total deposits rose by 7% QoQ, totaling Ps.1.1 trillion. The bank maintains a strong solvency ratio with excess capital of Ps.351.9 billion.

Positive

• Net income increased 76% from 2Q22 to Ps.8.9 billion.
• Net Operating Income rose by 22% QoQ to Ps.121.6 billion.
• Operating Income increased by 39% QoQ, totaling Ps.75.1 billion.
• Total deposits grew by 7% QoQ, reaching Ps.1.1 trillion.
• Strong solvency ratio with excess capital of Ps.351.9 billion.

Negative

• Net income decreased by 34% compared to 3Q21.
• Financing to the private sector decreased by 7% QoQ and 9% YoY.

BUENOS AIRES, Nov. 23, 2022 /PRNewswire/ -- Banco Macro S.A. (NYSE: BMA; BYMA: BMA) ("Banco Macro" or "BMA" or the "Bank") announced today its results for the third quarter ended September 30, 2022 ("3Q22").  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 2022 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through September 30, 2022.

Summary

• The Bank's net income totaled Ps.8.9 billion in 3Q22. This result was 76% higher than the Ps.5.5 billion posted in 2Q22 and 34% lower than the result registered in 3Q21. As of 3Q22, the accumulated annualized return on average equity ("ROAE") and the accumulated annualized return on average assets ("ROAA") were 7.7% and 1.9%, respectively.
• In 3Q22 Net Operating Income (before G&A and personnel expenses) totaled Ps.121.6 billion, 22% or Ps.22.2 billion higher than in 2Q22 and 54% or Ps.42.6 billion higher than the same period of last year.
• In 3Q22 Operating Income (after G&A and personnel expenses) totaled Ps.75.1 billion, 39% or Ps.20.1 billion higher than in 2Q22 and 101% or Ps.37.7 billion higher than the same period of last year.
• In 3Q22, Banco Macro's financing to the private sector decreased 7% or Ps.37.2 billion quarter over quarter ("QoQ") totaling Ps.506.8 billion and decreased 9% or Ps.53.1 billion year over year ("YoY").
• In 3Q22, Banco Macro's total deposits increased 7% or Ps.77.7 billion QoQ, totaling Ps.1.1 trillion and representing 84% of the Bank's total liabilities. Private sector deposits increased 5% or Ps.45.3 billion QoQ.
• Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.351.9 billion, 40.4% regulatory capital ratio – Basel III and 36.1% Tier 1 Ratio. In addition, the Bank's liquid assets remained at an adequate level, reaching 90% of its total deposits in 3Q22.
• In 3Q22, the Bank's non-performing to total financing ratio was 1.27% and the coverage ratio reached 153.13%.

 

3Q22 Earnings Release Conference Call

Monday, November 28, 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 11/28/2022 through 12/12/2022

 

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-third-quarter-of-2022-301686571.html

SOURCE Banco Macro S.A.

FAQ

What were Banco Macro's net income results for 3Q22?

Banco Macro reported a net income of Ps.8.9 billion for 3Q22, a 76% increase from 2Q22 but a 34% decrease from 3Q21.

How did Banco Macro's operating income perform in 3Q22?

In 3Q22, Banco Macro's operating income totaled Ps.75.1 billion, a 39% increase from 2Q22.

What changes occurred in Banco Macro's total deposits in 3Q22?

Total deposits at Banco Macro increased by 7% QoQ, amounting to Ps.1.1 trillion in 3Q22.

What is the status of Banco Macro's financing to the private sector as of 3Q22?

Banco Macro's financing to the private sector decreased by 7% QoQ and 9% YoY, totaling Ps.506.8 billion.

What is Banco Macro's solvency ratio in 3Q22?

Banco Macro maintained a strong solvency ratio, with excess capital of Ps.351.9 billion and a regulatory capital ratio of 40.4%.