Banco Macro Announces Results for the Third Quarter of 2023

Rhea-AI Summary

Banco Macro S.A. (BMA) announced its third-quarter results, with a net income of Ps.7.5 billion in 3Q23, down 87% from 2Q23 and 65% from 3Q22. Operating income increased by 23% YoY and total financing and deposits decreased by 4% and 22% QoQ, respectively. The Bank's solvency and capital ratios remained strong, but the non-performing to total financing ratio was 1.39% in 3Q23.

BUENOS AIRES, Argentina, Nov. 22, 2023 /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, 2023 ("3Q23").  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 September 30, 2023.

Summary

• The Bank's net income totaled Ps.7.5 billion in 3Q23. This result was 87% lower than the Ps.59.5 billion posted in 2Q23 and 65% lower than the Ps.21.2 billion posted in 3Q22. In 3Q23, the accumulated annualized return on average equity ("ROAE") and the accumulated annualized return on average assets ("ROAA") were 11.3% and 2.8%, respectively.
• In 3Q23 Operating Income (before G&A and personnel expenses) totaled Ps.356.5 billion, Ps.364 million higher than in 2Q23 and 23% or Ps.66.7 billion higher than the same period of last year.
• In 3Q23 Operating Income (after G&A and personnel expenses) totaled Ps.235 billion, 1% or Ps.1.7 billion higher than in 2Q23 and 31% or Ps.56.1 billion higher than the same period of last year.
• In 3Q23, Banco Macro's total financing decreased 4% or Ps.50.8 billion quarter over quarter ("QoQ") totaling Ps.1.2 trillion and decreased 5% or Ps.57.8 billion year over year ("YoY").
• In 3Q23, Banco Macro's total deposits decreased 22% or Ps.556.2 billion QoQ and decreased 25% or Ps.670.1 billion YoY, totaling Ps.2 trillion and representing 74% of the Bank's total liabilities. Private sector deposits decreased 23% or Ps.554.8 billion QoQ.
• Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.788.3 billion, 37.9% regulatory capital ratio – Basel III and 34.8 % Tier 1 Ratio. In addition, the Bank's liquid assets remained at an adequate level, reaching 99% of its total deposits in 3Q23.
• In 3Q23, the Bank's non-performing to total financing ratio was 1.39% and the coverage ratio remained stable at 133.93%.
• As of 3Q23, through its 461 branches and 7.765 employees Banco Macro serves 4.8 million retail customers (1.9 million digital customers) across 23 of the 24 Provinces in Argentina and over 131,500 corporate customers.

3Q23 Earnings Release Conference Call

Monday, November 27, 2023
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 11/27/2023 through 12/11/2023

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-third-quarter-of-2023-301996309.html

SOURCE Banco Macro S.A.

FAQ

What is Banco Macro S.A.'s (BMA) net income in 3Q23?

Banco Macro S.A. (BMA) reported a net income of Ps.7.5 billion in the third quarter of 2023, down 87% from the previous quarter and 65% from the same period last year.

How did Banco Macro S.A.'s (BMA) operating income change in 3Q23 compared to the previous year?

Banco Macro S.A.'s operating income increased by 23% year over year in the third quarter of 2023.

What happened to Banco Macro S.A.'s (BMA) total financing and deposits in 3Q23?

In the third quarter of 2023, Banco Macro S.A.'s total financing decreased by 4% and total deposits decreased by 22% quarter over quarter.

What are Banco Macro S.A.'s (BMA) solvency and capital ratios in 3Q23?

Banco Macro S.A. (BMA) maintained a strong solvency ratio, with an excess capital of Ps.788.3 billion, 37.9% regulatory capital ratio, and 34.8% Tier 1 Ratio in the third quarter of 2023.

What was Banco Macro S.A.'s (BMA) non-performing to total financing ratio in 3Q23?

Banco Macro S.A.'s non-performing to total financing ratio was 1.39% in the third quarter of 2023.