Banco Macro Announces Results for the Third Quarter of 2020

Rhea-AI Summary

Banco Macro S.A. (NYSE: BMA) reported a net income of Ps.6.1 billion for the third quarter of 2020, reflecting a 12% decline from Q2 2020 and a 33% decrease year-over-year. Financing to the private sector decreased 2% QoQ and 12% YoY, totaling Ps.232.2 billion, while total deposits rose 13% QoQ to Ps.493 billion. The bank maintains a strong solvency with a 34.8% regulatory capital ratio and a 1.14% non-performing loan ratio. The earnings call is scheduled for December 1, 2020.

BUENOS AIRES, Argentina, Nov. 30, 2020 /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, 2020 ("3Q20").  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 2019 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through September 30, 2020.

Summary

• The Bank's net income totaled Ps.6.1 billion in 3Q20. This result was 12% lower than the result posted in 2Q20 and 33% lower than in 3Q19. In 3Q20, the accumulated annualized return on average equity ("ROAE") and the accumulated annualized return on average assets ("ROAA") were 21.5% and 4.6%, respectively.  
• In 3Q20, Banco Macro's financing to the private sector decreased 2% or Ps.3.9 billion quarter over quarter ("QoQ") totaling Ps.232.2 billion and 12% or Ps.31.9 billion year over year ("YoY"). In the quarter consumer loans stood out, among which Credit card loans stood out; with a 8% increase QoQ, meanwhile within commercial loans Others stood out with a 7% increase QoQ, mainly driven by the 24% loans to SMEs.  
• In 3Q20, Banco Macro's total deposits increased 13% or Ps.55.6 billion QoQ, totaling Ps.493 billion and representing 83% of the Bank's total liabilities. Private sector deposits increased 4% or Ps.14.2 billion QoQ.
• Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.116.9 billion, 34.8% regulatory capital ratio – Basel III and 27.3% Tier 1 Ratio. In addition, the Bank's liquid assets remained at an adequate level, reaching 87% of its total deposits in 3Q20.
• In 3Q20, the Bank's non-performing to total financing ratio was 1.14% and the coverage ratio improved to 302.9%.

3Q20 Earnings Release Conference Call

Tuesday, December 1, 2020
Time: 10:00 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 12/01/2020 through 12/15/2020

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

 

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SOURCE Banco Macro S.A.

FAQ

What were Banco Macro's earnings for Q3 2020?

Banco Macro reported a net income of Ps.6.1 billion for Q3 2020.

How did Banco Macro's total deposits change in Q3 2020?

Total deposits increased by 13% QoQ, reaching Ps.493 billion.

What is the non-performing loan ratio for Banco Macro in Q3 2020?

The non-performing loan ratio was 1.14% in Q3 2020.

When is the Banco Macro earnings call?

The earnings call is scheduled for December 1, 2020, at 10:00 a.m. Eastern Time.

How much did financing to the private sector decrease in Q3 2020?

Financing to the private sector decreased by 2% QoQ and 12% YoY.