Banco Macro Announces Results for the Third Quarter of 2021

Rhea-AI Summary

Banco Macro S.A. (NYSE: BMA) reported its 3Q21 results with a net income of Ps.7.4 billion, a 46% increase from 2Q21. The annualized return on average equity (ROAE) was 10%, and the return on average assets (ROAA) was 2.2%. Financing to the private sector grew by 5% QoQ, totaling Ps.305.9 billion, while total deposits reached Ps.542.1 billion, up 1% from the previous quarter. The bank's solvency ratio stood strong with an excess capital of Ps.183 billion and a regulatory capital ratio of 37.2%. The non-performing loans ratio was 1.67%, with a coverage ratio of 175.9%.

Positive

• Net income of Ps.7.4 billion in 3Q21, up 46% from 2Q21.
• Strong solvency ratio with excess capital of Ps.183 billion.
• Total deposits increased by 1% QoQ, totaling Ps.542.1 billion.
• Private sector financing rose by 5% QoQ, indicating growth.

Negative

• Total comprehensive income down 13% YoY.
• Private sector financing decreased by 14% YoY.

BUENOS AIRES, Argentina, Nov. 24, 2021 /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, 2021 ("3Q21").  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 September 30, 2021.

Summary

• The Bank's net income totaled Ps.7.4 billion in 3Q21. This result was 46% higher than the result posted in 2Q21 and similar to the one registered in 2Q20. In 3Q21, the accumulated annualized return on average equity ("ROAE") and the annualized return on average assets ("ROAA") were 10% and 2.2%, respectively. Total comprehensive income was Ps.7.4 billion, 40% higher than in 2Q21 and 13% lower than a year ago.
• In 3Q21, Banco Macro's financing to the private sector increased 5% or Ps.13.3 billion quarter over quarter ("QoQ") totaling Ps.305.9 billion and decreased 14% or Ps.48.2. billion year over year ("YoY"). Within commercial lending Overdrafts and Others stand out with a 14% and 26% increase respectively; meanwhile within consumer lending pledged loans and credit card loans stand out with a 46% and 3% increase respectively.
• In 3Q21, Banco Macro's total deposits increased 1% or Ps.4.1 billion QoQ, totaling Ps.542.1 billion and representing 78% of the Bank's total liabilities. Private sector deposits increased 1% or Ps.6.6 billion QoQ.
• Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.183 billion, 37.2% regulatory capital ratio – Basel III and 30.4% Tier 1 Ratio. In addition, the Bank's liquid assets remained at an adequate level, reaching 90% of its total deposits in 3Q21.
• In 3Q21, the Bank's non-performing to total financing ratio was 1.67% and the coverage ratio reached 175.9%.

3Q21 Earnings Release Conference Call

Monday, November 29, 2021
Time: 11:00 a.m. Eastern Time | 1:00 p.m. Buenos Aires Time
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 11/29/2021 through 12/13/2021

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-third-quarter-of-2021-301431929.html

SOURCE Banco Macro S.A.

FAQ

What were Banco Macro's earnings in 3Q21?

Banco Macro reported a net income of Ps.7.4 billion in 3Q21.

How did Banco Macro's deposits perform in 3Q21?

Total deposits increased by 1% QoQ, reaching Ps.542.1 billion.

What is the non-performing loans ratio for Banco Macro in 3Q21?

The non-performing loans ratio for Banco Macro was 1.67% in 3Q21.

What is the ROAE reported by Banco Macro for 3Q21?

Banco Macro reported a return on average equity (ROAE) of 10% for 3Q21.

How much did the financing to the private sector increase in 3Q21?

Financing to the private sector increased by 5% QoQ in 3Q21.