SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

 

 

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

 

November 27, 2024

 

 

 

Commission File Number: 001-32827

 

 

 

MACRO BANK INC.

(Translation of registrant’s name into English)

 

 

 

Avenida Eduardo Madero 1182

Ciudad Autónoma de Buenos Aires C1106 ACY

Tel: 54 11 5222 6500

(Address of registrant’s principal executive offices)

 

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

  Form 20-F ⌧ Form 40-F o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

 

  Yes o No ⌧

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

 

  Yes o No ⌧

 

 

 

 

 

 

 

 

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

Index

 

01 Summary  
     
02 Disclaimer  
     
03 Results  
     
04 Financial Assets  
     
05 Public Sector Assets  
     
06 Funding  
     
07 Liquid Assets  
     
08 Solvency  
     
09 Asset Quality  
     
10 3Q24 Snapshot  
     
11 Relevant and Recent Events  
     
12 Regulatory Changes  
     
13 CER Exposure and Foreign Currency Position  

 

 2

 

 

 

 

 3

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

 

 

 4

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

 

 

 5

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

Summary .01

 

· THE BANK’S NET INCOME totaled Ps.91.3 billion in 3Q24. This result was 293% or Ps.68.1 billion higher than in 3Q23. In 3Q24, the accumulated annualized return on average equity (“ROAE”) and the accumulated annualized return on average assets (“ROAA”) were 6.8% and 2.1%, respectively.

 

· In 3Q24, OPERATING INCOME (before G&A and personnel expenses) totaled Ps.829.2 billion, 61% or Ps.313 billion higher than in 2Q24 and 25% or Ps.272.3 lower than 3Q24.

 

· In 3Q24, OPERATING INCOME (after G&A and personnel expenses) totaled Ps.403.7 billion, 263% or Ps.292.6 billion higher than in 2Q24 and 44% or Ps.322.5 billion lower than the same period of last year.

 

· In 3Q24, BANCO MACRO’S TOTAL FINANCING increased 17% or Ps.657.9 billion quarter over quarter (“QoQ”) totaling Ps.4.55 trillion and increased 28% or Ps.988 billion year over year (“YoY”). In 3Q24 peso financing increased 19% while USD financing decreased 1%.

 

· In 3Q24, BANCO MACRO’S TOTAL DEPOSITS increased 7% or Ps.516 billion QoQ and increased 30% or Ps.1.9 trillion YoY, totaling Ps.8.1 trillion and representing 76% of the Bank’s total liabilities. Private sector deposits increased 6% or Ps.401.8 billion QoQ. In 3Q24, Peso deposits decreased 15% while USD deposits increased 87%.

 

· Banco Macro continued showing a strong solvency ratio, with an EXCESS CAPITAL of Ps.2.5 trillion, 32.8% Capital Adequacy Ratio – Basel III and 32.8 % Tier 1 Ratio. In addition, the Bank’s LIQUID ASSETS remained at an adequate level, reaching 91% of its total deposits in 3Q24.

 

· In 3Q24, the Bank’s NON-PERFORMING TO TOTAL FINANCING RATIO was 1.15% and the COVERAGE RATIO reached 177.6%.

 

· As of 3Q24, through its 515 branches and 9.109 employees Banco Macro serves 5.24 million retail customers (2.21 million digital customers) across 23 of the 24 Provinces in Argentina and over 161,180 corporate customers.

 

 

 

 6

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

Disclaimer .02

 

This press release includes forward-looking statements. We have based these forward-looking statements largely on our current beliefs, expectations and projections about future events and financial trends affecting our business. Many important factors could cause our actual results to differ substantially from those anticipated in our forward-looking statements, including, among other things: inflation; changes in interest rates and the cost of deposits; government regulation; adverse legal or regulatory disputes or proceedings; credit and other risks of lending, such as increases in defaults by borrowers; fluctuations and declines in the value of Argentine public debt; competition in banking and financial services; deterioration in regional and national business and economic conditions in Argentina; and fluctuations in the exchange rate of the peso.

 

The words “believe,” “may,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar words are intended to identify forward-looking statements. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of future regulation and the effects of competition. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to update publicly or to revise any forward-looking statements after we distribute this press release because of new information, future events or other factors. In light of the risks and uncertainties described above, the forward-looking events and circumstances discussed in this press release might not occur and are not guarantees of future performance.

 

This report is a summary analysis of Banco Macro's financial condition and results of operations as of and for the period indicated. For a correct interpretation, this report must be read in conjunction with all other material periodically filed with the Comisión Nacional de Valores (www.cnv.gob.ar), the Securities and Exchange Commission (www.sec.gov), Bolsas y mercados Argentinos (www.byma.com.ar) and the New York Stock Exchange (www.nyse.com). In addition, the Central Bank (www.bcra.gov.ar) may publish information related to Banco Macro as of a date subsequent to the last date for which the Bank has published information.

 

Readers of this report must note that this is a translation made from an original version written and expressed in Spanish. Consequently, any matters of interpretation should be referred to the original version in Spanish.

 

This Earnings Release has been prepared in accordance with the accounting framework established by the Central Bank of Argentina (“BCRA”), based on International Financial Reporting Standards (“I.F.R.S.”) and the resolutions adopted by the International Accouting Standards Board (“I.A.S.B”) and by the Federación Argentina de Consejos Profesionales de Ciencias Económicas (“F.A.C.P.E.”). As of January 2020 the Bank started reporting with the application of (i) Expected losses of IFRS 9 “Financial Instruments” and (ii) IAS 29 “Financial Reporting in Hyperinflationary Economies”. Data and figures shown in this Earnings Release may differ from the ones shown in the 20-F annual report. As of fiscal year 2021, the monetary result accrued by items of a monetary nature measured at fair value with changes in Other Comprehensive Income (OCI), is recorded in the Result form the Net Monetary Position integrating the Net Result of the period in accordance with Communication “A” 7211 of the Central Bank of Argentina. Previous quarters of 20223 have been restated in accordance with said Communication in order to make a comparison possible

 

 7

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

3Q24 Earnings Release Conference Call

Monday, December 2, 2024

 

Time:

11:00 a.m. Eastern Time

01:00 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 12/2/2024 through 12/16/2024

 

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

 

 8

 

 

BANCO MACRO 3Q24 EARNINGS RELEASE

 

Results .03

 

Earnings per outstanding share were Ps.142.1 in 3Q24, 293% higher than in 3Q23.

 

EARNINGS PER SHARE  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  3Q23   4Q23   1Q24   2Q24   3Q24   QoQ   YoY 
Net income -Parent Company- (M $)   23,210    927,000    365,924    -261,537    91,321    -    293%
Average # of shares outstanding (M)   639    639    639    639    639    0%   0%
Book value per avg. Outstanding share ($)   4,873    6,450    6,992    5,604    5,701    2%   17%
Shares Outstanding (M)   639    639    639    639    639    0%   0%
Earnings per avg.  outstanding share ($)   36.17    1,450.70    572.65    -409.29    142.12    -    293%
EOP FX (Pesos per USD)   350.0083    808.4833    857.4167    911.7500    970.9167    6%   177%
Book value per avg. issued ADS (USD)   139.23    79.78    81.55    61.46    58.72    -4%   -58%
Earnings per avg. outstanding ADS (USD)   1.03    17.94    6.68    -4.49    1.46    -    42%

 

Banco Macro’s 3Q24 net income totaled a Ps.91.3 billion gain, 293% or Ps.68.1 billion higher than in 3Q23. This result is mainly due to higher net interest income and a lower loss related to result from the net monetary position (lower inflation registered in the quarter).

 

As of 3Q24 the accumulated result represented an annualized ROAE and ROAA of 6.8% and 2.1% respectively.

 

Net operating income (before G&A and personnel expenses) was Ps.829.2 billion in 3Q24, 61% or Ps.313 billion higher compared to 2Q24. On a yearly basis, Net Operating Income (before G&A and personnel expenses) decreased 25% or Ps.272.3billion.

 

In 3Q24, Provision for loan losses totaled Ps.23 billion, 24% or Ps.4.5 billion higher than in 2Q24. On a yearly basis provision for loan losses increased 53% or Ps.7.9 billion.

 

Operating income (after G&A and personnel expenses) was Ps.403.7 billion in 3Q24, 263% or Ps.292.6 billion higher than in 2Q24 and 44% or Ps.322.5 billion lower than a year ago.

 

 

 9

 

 

BANCO MACRO 3Q24 EARNINGS RELEASE

 

INCOME STATEMENT  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  3Q23   4Q23   1Q24   2Q24   3Q24   QoQ   YoY 
Net Interest Income   348,220    370,287    222,710    213,035    569,131    167%   63%
Net fee income   109,667    112,019    98,464    108,657    117,808    8%   7%
Net Interest Income + Net Fee Income   457,887    482,306    321,174    321,692    686,939    114%   50%
Net Income from financial instruments at fair value through P&L   -112,346    1,804,611    1,691,704    135,902    103,585    -24%   - 
Income from assets at amortized cost   424    266    28    -4    326    -    -23%
Differences in quoted prices of gold and foreign currency   735,665    368,386    107,146    28,766    16,263    -43%   -98%
Other operating income   34,864    50,720    58,964    48,265    45,008    -7%   29%
Provision for loan losses   15,030    36,652    25,071    18,476    22,966    24%   53%
Net Operating Income   1,101,464    2,669,637    2,153,945    516,145    829,155    61%   -25%
Employee benefits   133,241    179,320    177,344    152,986    161,679    6%   21%
Administrative expenses   71,308    128,039    91,615    74,088    90,253    22%   27%
Depreciation and impairment of assets   25,507    40,629    32,286    30,274    30,605    1%   20%
Other operating expenses   145,215    225,486    185,577    147,708    142,889    -3%   -2%
Operating Income   726,193    2,096,163    1,667,123    111,089    403,729    263%   -44%
Result from associates & joint ventures   -220    315,407    -284    -6,333    1,011    -    - 
Result from net monetary postion   -667,194    -1,059,942    -1,181,915    -518,731    -283,895    -45%   -57%
Result before taxes from continuing operations   58,779    1,351,628    484,924    -413,975    120,845    -129%   106%
Income tax   35,569    424,628    119,000    -152,438    29,524    -119%   -17%
Net income from continuing operations   23,210    927,000    365,924    -261,537    91,321    -135%   293%
         -    -                     
Net Income of the period   23,210    927,000    365,924    -261,537    91,321    -135%   293%
Net income of the period attributable to parent company   23,127    926,572    366,169    -262,062    90,873    -    293%
Net income of the period attributable to minority interest   83    428    -245    525    448    -15%   440%
Other Comprehensive Income   -4,378    80,670    -19,552    -53,772    -29,118    -    - 
Foreign currency translation differences in financial statements conversion   396    20,624    -18,697    -4,731    -2,158    -    - 
Profits or losses from financial assets measured at fair value  through other comprehensive income (FVOCI)  (IFRS 9(4.1.2)(a)   -4,774    60,046    -855    -49,041    -26,960    -    - 
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD   18,832    1,007,670    346,372    -315,309    62,203    -120%   230%
Total Comprehensive Income attributable to parent Company   18,749    1,007,242    346,617    -315,834    61,755    0%   229%
Total Comprehensive Income attributable to non-controlling interests   83    428    -245    525    448    -15%   440%

 

The Bank’s 3Q24 net interest income totaled Ps.569.1 billion, 167% or Ps.356.1 billion higher than in 2Q24 and 63% or Ps.220.9 billion higher YoY. Interest income increased 23% while interest expenses decreased 40%.

 

In 3Q24 interest income totaled Ps.857.6 billion, 23% or Ps.160.4 billion higher than in 2Q24 and 35% or Ps.468.4 billion lower than in 3Q23.

 

Income from interest on loans and other financing totaled Ps.405.4 billion, 13% or Ps56.9 billion lower compared with the previous quarter mainly due to a 15.4 percentage points decrease in the average lending rate which was partially offset by a 20% increase in the average volume of private sector loans. On a yearly basis Income from interest on loans decreased 28% or Ps.161.1 billion.

 

In 3Q24, income from government and private securities increased 143% or Ps.253 billion QoQ and decreased 33% or Ps.210.1 billion compared with the same period of last year. This result is explained 80% by income from government and private securities valued at amortized cost and the remaining 20% is explained by income from government and private securities through other comprehensive income (Other government securities)

 

 10

 

 

BANCO MACRO 3Q24 EARNINGS RELEASE

 

In 3Q24, income from Repos totaled Ps.18.6 billion, 66% or Ps.36 billion lower than the previous quarter and 84% or Ps.97.5 billion lower than a year ago.

 

In 3Q24 FX income totaled Ps.16.3 billion, 43% or Ps.12.5 billion lower than the previous quarter and 98% or Ps.719.4 billion lower than a year ago. FX income gain was due to the 6.5% argentine peso depreciation against the US dollar and the Bank’s long dollar position during the quarter.

 

FX INCOME  MACRO Consolidated   Variation 
In MILLION $ (Measuring Unit Current at EOP)  3Q23   2Q24   3Q24   QoQ   YoY 
(1) Differences in quoted prices of  gold and foreign currency   735,665    28,766    16,263    -43%   -98%
Translation of FX assets and liabilities to Pesos   733,796    28,641    16,135    -44%   -98%
Income from foreign currency exchange   1,869    124    128    3%   -93%
(2) Net Income from financial assets and liabilities at fair value through P&L   -1,341    -4,136    -23,833    476%   1677%
Income from investment in derivative financing instruments   -1,341    -4,136    -23,833    476%   1677%
(1) +(2) Total Result from Differences in quoted prices of gold and foreign currency   734,324    24,630    -7,570    -    - 

 

 11

 

 

BANCO MACRO 3Q24 EARNINGS RELEASE

 

INTEREST INCOME  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  3Q23   4Q23   1Q24   2Q24   3Q24   QoQ   YoY 
Interest on Cash and due from Banks   3,926    3,906    4,168    3,742    4,160    11%   6%
Interest from government securities   639,298    215,569    125,002    175,800    429,369    144%   -33%
Interest from private securities   257    1,654    1,395    689    102    -85%   -60%
Interest on loans and other financing                                   
To the financial sector   1,756    3,281    1,366    1,106    537    -51%   -69%
To the public non financial sector   12,390    10,721    2,215    923    4,725    412%   -62%
Interest on overdrafts   84,485    153,050    94,880    69,081    61,032    -12%   -28%
Interest on documents   87,163    124,235    75,661    48,391    37,549    -22%   -57%
Interest on mortgages loans   67,378    98,610    144,584    92,866    48,572    -48%   -28%
Interest on pledged loans   5,270    5,895    4,178    3,323    3,724    12%   -29%
Interest on personal loans   118,024    114,049    92,731    106,551    127,548    20%   8%
Interest on credit cards loans   99,019    111,001    86,306    66,917    54,109    -19%   -45%
Interest on financial leases   1,124    4,723    4,666    2,908    2,670    -8%   138%
Interest on other loans   89,794    139,284    111,166    70,212    64,885    -8%   -28%
Interest on Repos   0                               
From the BCRA   116,071    168,364    201,873    54,410    16,313    -70%   -86%
Other financial institutions   52    1,306    86    204    2,266    -    - 
Total Interest income   1,326,007    1,155,648    950,277    697,123    857,561    23%   -35%
Income from Interest on loans   552,257    750,847    614,172    460,249    400,089    -13%   -28%

 

The Bank’s 3Q24 interest expense totaled Ps.288.4 billion, decreasing 40% or Ps.195.7 billion compared to the previous quarter and 71% (Ps.689.4 billion) lower compared to 3Q23.

 

In 3Q24, interest on deposits represented 96% of the Bank’s total interest expense, decreasing 41% or Ps.191.3 billion QoQ, due to a 12.4 percentage points decrease in the average rate paid on deposits while the average volume of deposits from the private sector decreased 11%. On a yearly basis, interest on deposits decreased 71% or Ps.682.4billion.

 

INTEREST EXPENSE  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  3Q23   4Q23   1Q24   2Q24   3Q24   QoQ   YoY 
Deposits                                   
Interest on checking accounts   65,571    72,205    85,233    40,053    15,952    -60%   -76%
Interest on saving accounts   8,464    12,536    17,400    10,999    5,747    -48%   -32%
Interest on time deposits   885,312    677,886    598,187    417,189    255,213    -39%   -71%
Interest on other financing from BCRA and financial inst.   731    1,883    3,161    -271    641    -337%   -12%
Repos                                   
Other financial institutions   6,664    5,466    5,463    2,124    29    -99%   -100%
Interest on corporate bonds   87    3,079    6,310    4,184    2,397    -43%   2655%
Interest on subordinated bonds   7,294    7,612    8,023    6,668    6,378    -4%   -13%
Interest on other financial liabilities   3,664    4,694    3,790    3,142    2,073    -34%   -43%
Total financial expense   977,787    785,361    727,567    484,088    288,430    -40%   -71%
Expenses from interest on deposits   959,347    762,627    700,820    468,241    276,912    -41%   -71%

  

 12

 

 

BANCO MACRO 3Q24 EARNINGS RELEASE

 

In 3Q24, the Bank’s net interest margin (including FX) was 31.5%, higher than the 20% posted in 2Q24 and lower than the 60.6% posted in 3Q23.

 

ASSETS & LIABILITIES PERFORMANCE (AR$)  MACRO Consolidated 
In MILLION $  3Q23   2Q24   3Q24 
(Measuring Unit Current at EOP)  AVERAGE   REAL INT   NOMINAL   AVERAGE   REAL INT   NOMINAL   AVERAGE   REAL INT   NOMINAL 
Yields & rates in annualized nominal %  BALANCE   RATE   INT RATE   BALANCE   RATE   INT RATE   BALANCE   RATE   INT RATE 
Interest-earning assets                                             
Loans & Other Financing                                             
Public Sector   53,281    -19.3%   92.3%   10,331    -22.2%   35.9%   46,461    -5.2%   40.5%
Financial Sector   9,808    -28.4%   70.5%   28,945    -34.3%   14.8%   31,230    -27.7%   7.2%
Private Sector   3,154,774    -30.3%   66.0%   2,627,430    -4.0%   67.6%   3,298,999    -1.3%   46.4%
Other debt securities                                             
Central Bank Securities (Leliqs)   2,182,080    -16.3%   99.4%   0    0.0%   0.0%   0    0.0%   0.0%
Government & Private Securities   465,170    -28.9%   69.3%   574,663    27.0%   121.9%   2,625,717    11.2%   64.9%
Repos   451,304    -15.1%   102.1%   391,669    -10.6%   56.1%   179,301    -4.8%   41.2%
Total interest-earning assets   6,316,417    -24.2%   80.6%   3,633,038    -0.2%   74.4%   6,181,708    3.8%   53.9%
                                              
Fin. Assets through P&L and equity inv.   35,393    303.5%   688.4%   5,145,984    5.3%   224.0%   936,576    -37.3%   9.6%
Other Non interest-earning assets   1,482,453              1,852,964              2,322,551           
Total Non interest-earning assets   1,517,846              6,998,948              3,259,127           
Total Average Assets   7,834,263              10,631,986              9,440,835           
                                              
Interest-bearing liabilities                                             
Deposits                                             
Public Sector   359,421    -21.1%   88.0%   348,435    -13.3%   51.5%   382,528    -8.7%   35.3%
Private Sector   4,773,777    -27.3%   73.1%   4,009,305    -18.4%   42.5%   3,441,606    -13.7%   28.0%
BCRA and other financial institutions   934    72.7%   311.4%   955    -55.7%   -22.7%   3,146    25.6%   86.2%
Corporate bonds   0    0.0%   0.0%   12,335    20.6%   110.7%   12,801    2.2%   51.5%
Repos   31,383    -22.7%   84.2%   16,309    -12.8%   52.4%   431    -14.5%   26.8%
Other financial liabilities   4907    0.578    2.759    26413    -0.204    0.391    13943    0.03    0.527 
Total int.-bearing liabilities   5,170,422    -26.8%   74.4%   4,413,752    -17.9%   43.4%   3,854,455    -13.0%   29.0%
                                              
Total non int.-bearing liabilities   2,292,142              2,463,852              2,193,877           
                                              
Total Average Liabilities   7,462,564              6,877,604              6,048,332           
                                              
Assets Performance        1,283,231              672,439              837,150      
Liabilities Performance        970,095              476,048              280,533      
Net Interest Income        313,136              196,391              556,617      
Total interest-earning assets        6,316,417              3,633,038              6,181,708      
Net Interest Margin (NIM)        19.7%             21.7%             35.8%     

 

 13

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

ASSETS & LIABILITIES PERFORMANCE USD  MACRO Consolidated 
In MILLION $  3Q23   2Q24   3Q24 
(Measuring Unit Current at EOP)  AVERAGE   REAL INT   NOMINAL   AVERAGE   REAL INT   NOMINAL   AVERAGE   REAL INT   NOMINAL 
Yields & rates in annualized nominal %   BALANCE    RATE    INT RATE    BALANCE    RATE    INT RATE    BALANCE    RATE    INT RATE 
Interest-earning assets                                             
Cash and Deposits in Banks   476,278    -56.6%   3.3%   454,139    -40.9%   3.3%   409,123    -29.9%   4.0%
Loans & Other Financing                                             
Financial Sector   820    -55.2%   6.8%   1,134    -33.8%   15.6%   303    -60.9%   -42.0%
Private Sector   254,045    -40.2%   42.4%   704,358    -36.7%   10.6%   712,893    -26.9%   8.4%
Other debt securities                                             
Government & Private Securities   50,254    -19.2%   92.4%   66,026    -34.9%   13.7%   58,850    -27.0%   8.3%
Total interest-earning assets   781,397    -48.9%   21.7%   1,225,657    -38.1%   8.1%   1,181,169    -27.9%   6.9%
                                              
Fin. Assets through P&L and equity inv.   2,429,141    -69.7%   -27.9%   151,471    -16.7%   45.5%   140,282    -27.6%   7.4%
Other Non interest-earning assets   878,121              890,399              1,107,609           
Total Non interest earning assets   3,307,262              1,041,870              1,247,891           
Total Average Assets   4,088,659              2,267,527              2,429,060           
                                              
Interest-bearing liabilities                                             
Deposits                                             
Public Sector   26,656    -58.0%   0.1%   10,203    -42.4%   0.6%   26,470    -31.5%   1.5%
Private Sector   540,414    -58.0%   0.0%   863,534    -42.7%   0.1%   902,965    -32.4%   0.2%
BCRA and other financial institutions   15,176    -55.3%   6.5%   25,580    -39.5%   5.6%   21,964    -30.3%   3.4%
Issued corporate bonds   15,563    -57.1%   2.2%   60,069    -39.7%   5.3%   52,320    -28.8%   5.6%
Subordinated bonds   441,819    -55.3%   6.5%   421,744    -39.1%   6.4%   398,298    -28.2%   6.4%
Total int.-bearing liabilities   1,039,628    -56.8%   2.9%   1,381,130    -41.4%   2.3%   1,402,017    -31.1%   2.2%
                                              
Total non int.-bearing liabilities   567,478              750,397              742,878           
                                              
Total Average liabilities   1,607,106              2,131,527              2,144,895           
                                              
Assets Performance        42,776              24,684              20,411      
Liabilities Performance        7,692              8,042              7,898      
Net Interest Income        35,084              16,642              12,513      
Total interest-earning assets        781,397              1,225,657              1,181,169      
Net Interest Margin (NIM)        17.8%             5.5%             4.2%     

 

In 3Q24 Banco Macro’s net fee income totaled Ps.117.8 billion, 8% or Ps.9.2 billion higher than in 2Q24 and was 7% or Ps.8.1 billion higher than the same period of last year.

 

In the quarter, fee income totaled Ps.138.6 billion, 9% or Ps.11.6 billion higher than in 2Q24. In the quarter insurance fees increased 37% or Ps.2.3 billion, corporate services fees increased 18% or Ps.3 billion while credit card fees increased 18% or Ps.3.8 billion. On a yearly basis, fee income increased 14% or Ps.16.8 billion.

 

In the quarter, total fee expense increased 13% or Ps2.5 billion, mainly due to higher ATM networks fees. On a yearly basis, fee expenses increased 71% or Ps.8.6 billion.

 

 14

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

NET FEE INCOME  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  3Q23   4Q23   1Q24   2Q24   3Q24   QoQ   YoY 
Fees charged on deposit accounts   43,861    44,116    38,481    46,484    46,504    0%   6%
Credit card fees   24,451    26,338    22,660    21,005    24,838    18%   2%
Corporate services fees   18,634    18,425    18,234    16,934    19,898    18%   7%
Debit card fees   7,835    8,819    7,431    8,575    8,585    0%   10%
ATM transaction fees   7,149    6,793    6,800    9,148    10,908    19%   53%
Insurance fees   5,876    5,675    4,825    6,338    8,665    37%   47%
Credit related fees   2,960    4,455    4,792    8,139    7,983    -2%   170%
Financial agent fees (provinces)   6,618    6,057    4,619    5,760    5,447    -5%   -18%
Mutual funds & securities fees   4,161    5,648    3,903    4,408    5,572    26%   34%
AFIP & Collection services   234    208    166    186    199    7%   -15%
ANSES fees   63    43    20    17    16    -6%   -75%
Total fee income   121,842    126,577    111,931    126,994    138,615    9%   14%
                                    
Total fee expense   12,175    14,558    13,467    18,337    20,807    13%   71%
                                    
Net fee income   109,667    112,019    98,464    108,657    117,808    8%   7%

 

In 3Q24 Net Income from financial assets and liabilities at fair value through profit or loss totaled a Ps.103.6 billion gain, decreasing 24% or Ps.32.3 billion in the quarter. This result was mainly due to a 4% decrease in income from government securities and 58% decrease in income from private securities.

 

In 3Q24 Net Income from financial assets and liabilities at fair value through profit or loss decreased 24%QoQ.  

 

NET INCOME FROM FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  3Q23   4Q23   1Q24   2Q24   3Q24   QoQ   YoY 
Profit or loss from government securities   -187,771    1,683,591    1,700,701    119,851    114,476    -4%   -161%
Profit or loss from private securities   49,513    72,832    8,747    9,833    4,154    -58%   -92%
Profit or loss from investment in derivative financing instruments   2,554    31,061    6,867    4,858    3,190    -34%   25%
Profit or loss from other financial assets   -3,235    4,930    4,208    1,788    1,026    -43%   -132%
Profit or loss from investment in equity instruments   5,535    1,391    578    2,372    465    -80%   -92%
Profit or loss from the sale of financial assets at fair value   22,399    12,941    -19,282    1,336    4,107    -    - 
Income from financial assets at fair value through profit or loss   -111,005    1,806,746    1,701,819    140,038    127,418    -9%   - 
                                    
Profit or loss from derivative financing instruments   -1,341    -2,135    -10,115    -4,136    -23,833    -    - 
Income from financial liabilities at fair value through profit or loss   -1,341    -2,135    -10,115    -4,136    -23,833    -    - 
                                    
NET INCOME FROM FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS   -112,346    1,804,611    1,691,704    135,902    103,585    -24%   - 

 

 15

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

In the quarter, Other Operating Income totaled Ps.45 billion, 7% or Ps.3.3 billion lower than in 2Q24. Others decreased 49% or Ps.6.7 billion while income from initial recognition of financial assets and liabilities decreased 141% or Ps.2.8 billion. Other service related fees increased 31% or Ps.5.6 billion. On a yearly basis, Other Operating Income increased 29% or Ps.10.1 billion.

 

OTHER OPERATING INCOME  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  3Q23   4Q23   1Q24   2Q24   3Q24   QoQ   YoY 
Credit and debit cards   4,851    6,154    5,047    6,115    8,429    38%   74%
Lease of safe deposit boxes   3,241    3,729    3,464    4,006    4,357    9%   34%
Other service related fees   12,838    15,082    17,072    17,708    23,265    31%   81%
Other adjustments and interest from other receivables   9,133    12,359    19,039    8,629    6,799    -21%   -26%
Initial recognition of loans   -    -    6,863    -2,013    -4,850    -    - 
Sale of property, plant and equipment   -7    70    2    51    -31    -161%   343%
Others   4,808    13,326    7,477    13,769    7,039    -49%   46%
Other Operating Income   34,864    50,720    58,964    48,265    45,008    -7%   29%

 

In 3Q24 Banco Macro’s administrative expenses plus employee benefits totaled Ps.251.9 billion, 11% or Ps.24.9 billion higher than the previous quarter, due to higher employee benefits (+6%) and higher (+22%) administrative expenses. On a yearly basis, administrative expenses plus employee benefits increased 23% or Ps.47.4 billion.

 

Employee benefits increased 6% or Ps.8.7 billion QoQ, remunerations increased 8% or Ps.8.3 billion while Employee services increased 35% or Ps.1.6 billion. On a yearly basis, Employee benefits increased 21% or Ps.22.4 billion.

 

In 3Q24, administrative expenses increased 22% or Ps.16.2 billion, due to higher Directors and auditors fees and higher Other administrative expenses. On a yearly basis administrative expenses increased 27% or Ps.18.9 billion.

 

In 3Q24, the efficiency ratio reached 36.3%, improving significantly from the 55.6% posted in 2Q24 and deteriorating from the 22.4% posted a year ago. In 3Q24 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) increased 10%, while income (net interest income + net fee income + differences in quoted prices of gold and foreign currency + other operating income + net income from financial assets at fair value through profit or loss – (Turnover Tax + Insurance on deposits)) increased 68% compared to 2Q24.

 

 16

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

PERSONNEL& ADMINISTRATIVE EXPENSES  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  3Q23   4Q23   1Q24   2Q24   3Q24   QoQ   YoY 
Employee benefits   133,241    179,320    177,344    152,986    161,679    6%   21%
Remunerations   92,189    119,318    121,516    104,648    112,982    8%   23%
Social Security Contributions   22,870    31,249    29,134    26,139    27,204    4%   19%
Compensation and bonuses   13,799    24,021    22,362    17,773    15,500    -13%   12%
Employee services   4,383    4,732    4,332    4,426    5,993    35%   37%
Administrative Expenses   71,308    128,039    91,615    74,088    90,253    22%   27%
Taxes   14,883    18,134    15,672    20,951    16,618    -21%   12%
Maintenance, conservation fees   9,982    13,956    12,861    12,556    13,274    6%   33%
Directors& statutory auditors fees   4,089    39,653    16,001    -10,004    4,232    -    - 
Security services   6,041    6,464    5,335    6,753    8,102    20%   34%
Electricity& Communications   5,215    4,935    6,789    7,175    6,752    -6%   29%
Other professional fees   7,777    11,944    7,533    8,672    9,535    10%   23%
Rental agreements   213    197    576    254    266    5%   25%
Advertising& publicity   5,729    6,540    3,700    4,752    5,663    19%   -1%
Personnel allowances   1,405    1,747    1,004    1,477    1,361    -8%   -3%
Stationary& Office Supplies   494    653    481    484    445    -8%   -10%
Insurance   626    634    448    1,021    1,175    15%   88%
Hired administrative services   1,229    2,581    3,818    9,423    6,285    -33%   411%
Other   13,625    20,601    17,397    10,574    16,545    56%   21%
Total Administrative Expenses   204,549    307,359    268,959    227,074    251,932    11%   23%
                                    
Total Employees   7,765    9,192    9,166    9,175    9,109           
Branches   461    519    517    515    515           
Efficiency ratio   22.4%   13.6%   14.7%   55.6%   36.3%          
                                    
Accumulated efficiency ratio   23.0%   18.6%   14.7%   22.2%   25.5%          

 

In 2Q24, Other Operating Expenses totaled Ps.142.9 billion, decreasing 3% or Ps.4.8 billion QoQ, due to lower Other operating expenses (25% or Ps.17.5billion), while Initial recognition charges on financial assets and liabilities increased Ps.10.2 billion. On a yearly basis, Other Operating Expenses decreased 2% or Ps.2.3 billion.

 

OTHER OPERATING EXPENSES  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  3Q23   4Q23   1Q24   2Q24   3Q24   QoQ   YoY 
Turnover Tax   85,011    141,323    123,377    69,125    71,233    3%   -16%
Other provision charges   2,721    7,628    4,946.00    3,590    4,264    19%   57%
Deposit Guarantee Fund Contributions   2,974    2,498    2,243    2,633    2,872    9%   -3%
Donations   283    374    704    605    222    -63%   -22%
Insurance claims   1,197    1,613    1,500    1,782    1,644    -8%   37%
Initial loan recognition   1,714    12,002    0    0    10,192    -100%   100%
Late charges and charges payable to the Central Bank   1    21    4    10    6    -40%   500%
Others   51,314    60,027    52,803    69,963    52,456    -25%   2%
Other Operating Expenses   145,215    225,486    185,577    147,708    142,889    -3%   -2%

 

 17

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

In 2Q24, the result from the net monetary position totaled a Ps.283.9 billion loss, 45% or Ps.234.8 billion lower than the loss posted in 2Q24 and 57% or Ps.383.3 billion lower than the loss posted one year ago. This result is a consequence of lower inflation during the quarter (inflation decreased to 12.1% in 3Q24 from 18.6% in 2Q24)

 

OPERATING RESULT  MACRO consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  3Q23   4Q23   1Q24   2Q24   3Q24   QoQ   YoY 
Operating Result (exc. Loss from net monetary position)   726,193    2,096,163    1,667,123    111,089    403,729    263%   -44%
Result from net monetary position (i.e. inflation adjustment)   -667,194    -1,059,942    -1,181,915    -518,731    -283,895    -45%   -57%
Operating Result (Inc. Loss from net monetary position)   58,999    1,036,221    485,208    -407,642    119,834    -    103%

 

In 3Q24, Banco Macro's effective tax rate was 24.4%, lower than the 60.5% registered in 3Q23.

 

For more information, please see note 21 “Income Tax” of our Financial Statements.

 

 18

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

Financial Assets .04

 

Loans and other financing

 

The volume of financing (including loans, financial trust and leasing portfolio) totaled Ps.4.55 triillion, increasing 17% or Ps.657.9 billion QoQ and 28% or Ps.988 billion YoY. In 3Q24 Private sector loans increased 18% or Ps.669.3 billion. On a yearly basis Private sector loans increased 27% or Ps.963 billion.

 

Within commercial loans, Overdrafts stand out with a 46% or Ps.212.5 billion increase, while Documents decreased 12% or Ps.83.5 billion.

 

Within consumer lending, personal loans increased 43% or Ps.235.5 billion while credit card loans increased 25% or Ps.227.1 billion.

 

Within private sector financing, peso financing increased 19% or Ps.616.7 billion, while US dollar financing decreased 1% or USD 6 million.

 

As of 3Q24, Banco Macro’s market share over private sector loans was 9.2%.

 

LOANS AND OTHER FINANCING  MACRO Consilidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  3Q23   4Q23   1Q24   2Q24   3Q24   QoQ   YoY 
Public Sector   9,767    9,508    3,746    50,535    44,439    -12%   355%
Finacial Sector   44,923    20,088    26,108    40,646    35,278    -13%   -21%
Financial Sector   44,995    20,135    26,137    40,663    35,381    -13%   -21%
Less: Expected Credit Losses   -72    -47    -29    -17    -103    506%   43%
Private Sector   3,509,366    3,666,711    3,294,667    3,803,044    4,472,386    18%   27%
Overdrafts   348,799    580,350    457,272    466,678    679,141    46%   95%
Discounted documents   668,185    681,987    668,684    717,561    634,079    -12%   -5%
Mortgage loans   336,395    337,161    326,978    352,570    386,541    10%   15%
Pledged loans   57,901    56,699    43,777    74,590    98,927    33%   71%
Personal loans   612,985    480,233    420,641    550,738    786,241    43%   28%
Credit Card loans   1,054,697    977,203    801,529    891,931    1,119,035    25%   6%
Leasing   4,485    19,127    13,370    12,817    14,726    15%   228%
Others   492,941    642,048    654,392    826,189    848,910    3%   72%
Less: Expected Credit Losses   -67,022    -108,097    -91,976    -90,030    -95,214    6%   42%
Total loans and other financing   3,564,056    3,696,307    3,324,521    3,894,225    4,552,103    17%   28%
                                    
Total loans in Pesos   3,325,812    3,333,499    2,650,253    3,175,753    3,792,442    19%   14%
                                    
Total loans in foreign currency   238,244    362,808    674,268    718,472    759,661    6%   219%
                                    
EOP FX (Pesos per USD)   350.0083    808.4833    857.4167    911.7500    970.9167    6%   177%
                                    
Total loans in foreign currency (USD)   681    449    786    788    782    -1%   15%
USD financing / Financing to the private sector   7%   10%   20%   18%   17%          

 

 19

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

Public Sector Assets .05

 

In 3Q24, the Bank’s public sector assets to total assets ratio was 27%, lower than the 42.8% registered in the previous quarter, and higher than the 25.1% posted in 3Q23. Other government securities decreased 32% or Ps.1.72 trillion (namely CER inflation adjusted Bonds).

 

In 3Q24, a 32% or Ps.1.77 trillion decrease in Government Securities stands out.

 

PUBLIC SECTOR ASSETS  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  3Q23   4Q23   1Q24   2Q24   3Q24   QoQ   YoY 
SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS                                   
Government Securities in Pesos   15,639    10,938    9,802    23,876    439,914    1743%   2713%
CER adjusted Governement Securities   19,434    27,346    5,595,116    4,829,790    445,524    -91%   2193%
Government Securities in USD   306,549    427,666    61,084    83,468    79,246    -5%   -74%
DUAL Bonds   2,064,050    2,999,876    19,975    16,261    -    -100%   - 
Total Government Securities at fair value through profit or loss   2,405,672    3,465,826    5,685,977    4,953,395    964,684    -81%   -60%
                                    
SECURITIES AT AMORTIZED COST                                   
Government Securities in Pesos   253,963    193,646    194,145    213,503    269,503    26%   6%
CER adjusted Governement Securities   -    -    -    -    2,191,457    -    - 
Leliqs   1,291,668    -    -    -    -    -    - 
Lediv   108,207    66,657    12,311    5,623    5,340    -5%   -95%
Total Government Securities at amortized cost   1,653,838    260,303    206,456    219,126    2,466,300    1026%   49%
                                    
SECURITIES AT FAIR VALUE THROUGH O.C.I                                   
Government Securities in Pesos   -    24,228    21,076    16,272    -    -100%   - 
CER adjusted Governement Securities   163,960    467,780    344,104    329,448    328,332    0%   100%
Government Securities in USD   38,829    95,982    61,195    55,428    48,150    -13%   24%
Total Government Securities at fair value through O.C.I   202,789    587,990    426,375    401,148    376,482    -6%   86%
                                    
TOTAL GOVERNMENT SECURITIES   4,262,299    4,314,119    6,318,808    5,573,669    3,807,466    -32%   -11%
                                    
Provincial Loans   6,684    6,491    1,265    47,144    41,349    -12%   519%
Government securities loans   5,031    5,209    27,553    934    -    -100%   - 
TOTAL LOANS   11,715    11,700    28,818    48,078    41,349    -14%   253%
                                    
TOTAL PUBLIC SECTOR ASSETS   4,274,014    4,325,819    6,347,626    5,621,747    3,848,815    -32%   -10%
                                    
TOTAL PUBLIC SECTOR ASSETS (net of Leliq/Lediv)   2,874,139    4,259,162    6,335,315    5,616,124    3,843,475    -32%   34%
                                    
TOTAL PUBLIC SECTOR ASSETS (net of Leliq/Lediv) / TOTAL ASSETS   25.1%   31.4%   47.7%   42.8%   27.0%          

 

 

 20

 

 

BANCO MACRO 3Q24 EARNINGS RELEASE

 

Funding .06

 

Deposits

 

Banco Macro’s deposit base totaled Ps.8.1 trillion in 3Q24, increasing 7% or Ps.516 billion QoQ and 30% or Ps.1.87 trillion YoY, representing 76% of the Bank’s total liabilities.

 

On a quarterly basis private sector deposits increased 6% or Ps.401.7 billion while public sector deposits increased 12% or Ps.104.6 billion.

 

The increase in private sector deposits was led by demand deposits, which increased 28% or Ps.999.7 billion (including Special Saving Accounts related to the Tax Amnesty), while time deposits decreased 32% or Ps.829.5 billion QoQ.

 

Within private sector deposits, peso deposits decreased 15% or Ps.941.7 billion, while US dollar deposits increased 87% or USD 1.4 billion.

 

As of 3Q24, Banco Macro´s market share over private sector deposits was 7.4%.

 

DEPOSITS  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  3Q23   4Q23   1Q24   2Q24   3Q24   QoQ   YoY 
Public sector   549,118    377,159    688,475    892,400    997,003    12%   82%
                                    
Financial sector   10,668    40,690    17,777    13,435    23,121    72%   117%
                                    
Private sector   5,648,525    6,375,914    5,988,780    6,651,998    7,053,746    6%   25%
Checking accounts   777,323    1,027,300    719,626    916,573    880,093    -4%   13%
Savings accounts   1,998,587    2,882,665    2,156,893    2,611,954    3,648,131    40%   83%
Time deposits   2,744,208    2,113,046    2,674,646    2,613,550    1,784,049    -32%   -35%
Investment accounts   20,162    252,410    348,691    421,998    647,331    53%   3111%
Other   108,245    100,493    88,924    87,923    94,142           
Total   6,208,311    6,793,763    6,695,032    7,557,833    8,073,870    7%   30%
                                    
Pesos   5,239,861    4,730,651    5,216,162    6,084,717    5,143,065    -15%   -2%
Foreign Currency (in Pesos)   968,450    2,063,112    1,478,870    1,473,116    2,930,805    99%   203%
                                    
EOP FX (Pesos per USD)   350.0083    808.4833    857.4167    911.7500    970.9167    6%   177%
Foreign Currency (USD)   2,767    2,552    1,725    1,616    3,019    87%   9%
                                    
USD Deposits / Total Deposits   16%   30%   22%   19%   36%          

 

Banco Macro’s transactional deposits represent approximately 62% of its total deposit base as of 3Q24. These accounts are low cost and are not sensitive to interest rate increases.

 

 21

 

 

BANCO MACRO 3Q24 EARNINGS RELEASE

 

Other sources of funds

 

In 3Q24, the total amount of other sources of funds increased 1% or Ps.45.5 billion compared to 2Q24 mainly due to a 2% or Ps.61.8 billion increase in Shareholders’ equity generated by the positive net income registered during the period. Subordinated corporate bonds decreased 4% or Ps.14.8 billion. On a yearly basis, other sources of funds increased 15% or Ps.537.5 billion.

 

OTHER SOURCES OF FUNDS  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  3Q23   4Q23   1Q24   2Q24   3Q24   QoQ   YoY 
Central Bank of Argentina   167    174    82    88    85    -3%   -49%
Banks and international institutions   16,035    30,684    24,664    22,517    23,748    5%   48%
Financing received from Argentine financial institutions   814    9,054    1,503    1,399    680    -51%   -16%
Subordinated corporate bonds   446,455    661,645    470,061    414,341    399,545    -4%   -11%
Corporate bonds   16,851    118,659    89,314    67,194    65,198    -3%   287%
Shareholders' equity   3,113,404    4,120,645    4,467,263    3,580,163    3,641,918    2%   17%
Total other source of funds   3,593,726    4,940,861    5,052,887    4,085,702    4,131,174    1%   15%

 

 

 22

 

 

BANCO MACRO 3Q24 EARNINGS RELEASE

 

Liquid Assets .07

 

In 3Q24, the Bank’s liquid assets amounted to Ps.7.35 trillion, showing an 1% or Ps.67.3 billion decrease QoQ, and a 20% or Ps.1.23 trillion increase on a yearly basis.Other Government Securities decreased 32% or Ps.1.72 trillion, mainly CER Adjusted Bonds, which was partially offset by an 89% or Ps.1.63 trillion increase in cash.

 

In 3Q24 Other Government securities decreased 13% or Ps.1.72 trillion while Cash increased 89% or Ps.1.64 trillion.

 

In 3Q24, Banco Macro’s liquid assets to total deposits ratio reached 91%.

 

LIQUID ASSETS  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  3Q23   4Q23   1Q24   2Q24   3Q24   QoQ   YoY 
Cash   1,382,868    2,425,231    1,528,220    1,831,583    3,468,228    89%   151%
Guarantees for compensating chambers   101,663    137,312    132,440    118,741    126,259    6%   24%
Call   -    10,885.00    -11,249    4,934    14,000    184%   - 
Leliq own portfolio   1,306,928    -    -    -    -    -    -100%
Net Repos   471,991    1,230,680    368,913    -    1    -    -100%
Other government & private securities   2,855,211    4,186,890    6,291,383    5,461,170    3,740,693    -32%   31%
Total   6,118,661    7,990,998    8,309,707    7,416,428    7,349,181    -1%   20%
                                    
Liquid assets to total deposits   99%   118%   124%   98%   91%          

 

 23

 

 

BANCO MACRO 3Q24 EARNINGS RELEASE

 

Solvency .08

 

Banco Macro continued showing high solvency levels in 3Q24 with an integrated capital (RPC) of Ps.3.4 trillion over a total capital requirement of Ps.833.8 billion. Banco Macro’s excess capital in 3Q24 was 303% or Ps.2.53 trillion.

 

The Capital Adequacy Ratio (as a percentage of risk-weighted assets- RWA) was 32.8% in 3Q24; TIER1 Ratio stood at 31.3%.

 

The Bank’s aim is to make THE BEST USE OF THIS EXCESS CAPITAL.

 

MINIMUM CAPITAL REQUIREMENT  MACRO Consolidated   Change 
In MILLION $   3Q23   4Q23   1Q24   2Q24   3Q24   QoQ    YoY 
Credit risk requirement   124,155    250,774    312,304    398,956    500,273    25%   303%
Market risk requirement   19,898    38,335    39,647    48,217    40,485    -16%   103%
Operational risk requirement   71,224    114,388    196,966    249,263    293,003    18%   311%
Total capital requirements   215,276    403,497    548,917    696,436    833,762    20%   287%
                                    
Ordinary Capital Level 1 (COn1)   979,304    1,745,360    3,184,428    3,149,367    3,553,842    13%   263%
Deductible concepts Level 1 (COn1)   -59,469    -121,538    -180,391    -241,637    -346,879    44%   483%
Capital Level 2 (COn2)   83,763    128,995    136,797    145,407    154,755    6%   85%
Integrated capital - RPC (i)   1,003,598    1,752,832    3,140,849    3,053,153    3,361,733    10%   235%
                                    
Excess capital   788,322    1,349,335    2,591,932    2,356,717    2,527,971    7%   221%
                                    
Risk-weighted assets - RWA (ii)   2,645,752    4,952,407    6,747,756    8,560,197    10,239,883    20%   287%
                                    
Regulatory Capital ratio [(i)/(ii)]   37.9%   35.4%   46.5%   35.7%   32.8%          
                                    
Ratio TIER 1 [Capital Level 1/RWA]   34.8%   32.8%   44.5%   34.0%   31.3%          

 

RWA - (ii): Risk Weighted Assets, considering total capital requirements.

 

 24

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

Asset Quality .09

 

In 3Q24, Banco Macro’s non-performing to total financing ratio (under Central Bank rules) reached a level of 1.15%, down from 1.23% in 2Q24 and improving from the 1.39% posted in 3Q23.

 

Consumer portfolio non-performing loans improved 12 b.p. (down to 1.4% from 1.52%) while Commercial portfolio non-performing loans improved 6 b.p. in 3Q24 (down to 0.67% from 0.73%).

 

The coverage ratio (measured as total allowances under Expected Credit Losses over Non Performing loans under Central Bank rules) reached 177.6% in 3Q24. Write-offs over total loans totaled 0.10%.

 

The Bank is committed to continue working in this area to maintain excellent asset quality standards.

 

ASSET QUALITY  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)   3Q23   4Q23   1Q24   2Q24   3Q24   QoQ    YoY 
Commercial portfolio   939,036    1,825,338    1,659,256    1,607,830    1,701,561    6%   81%
  Non-performing   10,725    21,989    11,928    11,712    11,404    -3%   6%
Consumer portfolio   2,833,522    2,552,057    2,128,074    2,692,646    3,309,508    23%   17%
  Non-performing   41,802    34,434    31,225    40,973    46,242    13%   11%
Total portfolio   3,772,558    4,377,395    3,787,330    4,300,476    5,011,069    17%   33%
  Non-performing   52,527    56,423    43,153    52,685    57,646    9%   10%
Commercial non-perfoming ratio   1.14%   1.20%   0.72%   0.73%   0.67%          
Consumer non-perfoming ratio   1.48%   1.35%   1.47%   1.52%   1.40%          
                                    
Total non-performing/ Total portfolio   1.39%   1.29%   1.14%   1.23%   1.15%          
                                    
Total allowances   70,350    113,361    96,103    95,558    102,362    7%   46%
Coverage ratio w/allowances   133.93%   200.91%   222.70%   181.38%   177.57%          
Write Offs   3,059    3,393    2,434    1,907    5,001    162%   63%
Write Offs/ Total portfolio   0.08%   0.08%   0.06%   0.04%   0.10%          

 

Expected Credit Losses (E.C.L) (I.F.R.S.9)

 

The Bank records an allowance for expected credit losses for all loans and other debt financial assets not held at fair value through profit or loss, together with loan commitments and financial guarantee contracts, in this section all referred to as ‘financial instruments’. Equity instruments are not subject to impairment under IFRS 9. The ECL allowance is based on the credit losses expected to arise over the life of the asset (the lifetime expected credit loss), unless there has been no significant increase in credit risk since origination, in which case, the allowance is based on the 12 months expected credit loss.(For further information please see our 2023 20-F)

 

 25

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

3Q24 Snapshot .10

 

In AR$ Million. Figures of previous quarters have been restated to reflect the accumulated effect of the inflation adjustment for each period through September 30, 2024

 

 

 26

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

 

 

 

 27

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

 

 

 

 28

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

Relevant and Recent Events .11

 

· Interest Payment Series A Subordinated Notes

 

On November 4th, 2024 the Bank paid semiannual interest on Series A subordinated notes in the amount of USD 13,286,000.

 

· Principal and Interest Payment Series F Dollar denominated Notes

 

On October 31st, 2024 the Bank paid principal and interest on Class E dollar denominated notes in the amount of USD 54,335,890

   

· Merger with BMA S.A.U (Formerly Banco Itaú Argentina)

 

·      On November 1st, 2024 the Central Bank of Argentina decided to authorize the merger of Banco BMA S.A.U. into Banco Macro S.A., the latter being the surviving company and Banco BMA S.A.U. the merged company. Therefore, the Bank will proceed and complete all operating acts, proceedings and steps necessary to conclude the above mentioned merger process. On November 19, 2024 Banco Macro completed the merger by absorption of Banco BMA S.A.U.  

 

 29

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

Regulatory Changes .12

 

· Monetary Policy Rate

 

·     On November 1, 2024: The Central Bank of Argentina decided to cut the monetary policy rate by 5 percentage points. New monetary policy rate was set at 35% APR (from 40%) and the Repo Rate 40% (from 45%)

 

 30

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

CER Exposure and Foreign Currency Position .13

 

CER EXPOSURE  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)   3Q23   4Q23   1Q24   2Q24   3Q24   QoQ    YoY 
CER adjustable ASSETS                                   
                                    
Government Securities   183,395    495,127    5,939,205    5,151,183    2,938,542    -43%   1502%
                                    
Loans (*)   250,626    250,353    269,100    300,718    325,187    8%   30%
Private sector loans   36,980    39,286    28,974    34,581    57,609    67%   56%
Mortgage loans (UVA adjusted)   213,446    210,942    240,122    266,133    267,574    1%   25%
Other loans   200    125    4    4    4    0%   -98%
Total CER adjustable assets   434,021    745,480    6,208,305    5,451,901    3,263,729    -40%   652%
                                    
CER adjustable LIABILITIES                                   
Deposits (*)   14,836    69,555    50,412    49,052    26,861    -45%   81%
UVA Unemployment fund   30,342    25,198    25,423    29,489    31,713    8%   5%
Total CER adjustable liabilities   45,178    94,753    75,835    78,541    58,574    -25%   30%
                                    
NET CER EXPOSURE   388,843    650,727    6,132,470    5,373,360    3,205,155    -40%   724%

 

(*) Includes Loans &Time Deposits CER adjustable (UVAs)

 

FOREIGN CURRENCY POSITION  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  3Q23   4Q23   1Q24   2Q24   3Q24   QoQ   YoY 
Cash and deposits in Banks   1,182,778    2,258,451    1,319,385    1,228,367    3,027,607    146%   156%
Cash   221,792    680,666    336,310    175,708    1,032,336    488%   365%
Central Bank of Argentina   587,830    993,924    507,208    566,353    1,236,645    118%   110%
Other financial institutions local and abroad   373,084    583,747    475,211    485,689    369,026    -24%   -1%
Others   73    114    656    617    389,600    63044%   533599%
Financial instruments at fair value through P&L   2,474,310    3,502,233    162,206    176,037    146,807    -17%   -94%
Other financial assets   104,534    159,615    138,792    122,578    96,662    -21%   -8%
Loans and other financing   238,244    362,808    674,268    718,472    759,661    6%   219%
Non financial private sector & foreign residents   238,244    362,808    674,268    718,472    759,661    6%   219%
Other debt securities   156,602    178,694    84,527    70,092    59,221    -16%   -62%
Guarantees received   45,015    112,409    32,479    32,399    26,851    -17%   -40%
Investment in equity instruments   1,379    693    495    254    258    2%   -81%
Total Assets   4,202,862    6,574,903    2,412,152    2,348,199    4,117,067    75%   -2%
Deposits   968,450    2,063,112    1,478,870    1,473,116    2,930,805    99%   203%
Non financial public sector   37,795    69,210    27,804    47,001    68,254    45%   81%
Financial sector   9,506    14,324    10,019    9,012    8,536    -5%   -10%
Non financial private sector & foreign residents   921,148    1,979,578    1,441,047    1,417,103    2,854,015    101%   210%
Financial liabiities at fair value through P&L   32,553    27,854    18,884    14,986    1,416    -91%   -96%
Other liabilities from financial intermediation   120,144    174,110    195,327    211,968    589,631    178%   391%
Financing from the Central Bank and other fin. Inst   16,285    30,990    25,033    22,669    23,904    5%   47%
Issued corporate bonds   16,851    108,553    77,969    54,492    52,367    -4%   211%
Subordinated corporate bonds   446,455    661,645    470,061    414,341    399,545    -4%   -11%
Other non financial liabilities   3,719    9,125    5,636    5,410    4,753    -12%   28%
Total Liabilities   1,604,457    3,075,389    2,271,780    2,196,982    4,002,421    82%   149%
                                    
NET FX POSITION (Pesos)   2,598,405    3,499,514    140,372    151,217    114,646    -24%   -96%
EOP FX (Pesos per USD)   350.0083    808.4833    857.4167    911.7500    970.9167    6%   177%
NET FX POSITION (USD)   7,424    4,328    164    166    118    -29%   -98%

 

 31

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

QUARTERLY BALANCE SHEET  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  3Q23   4Q23   1Q24   2Q24   3Q24   QoQ   YoY 
ASSETS                                   
Cash and deposits in Banks   1,382,868    2,425,231    1,528,220    1,831,583    3,468,228    89%   151%
Cash   331,825    800,997    452,300    269,750    1,167,673    333%   252%
Central Bank of Argentina   677,868    1,040,049    600,039    1,075,485    1,541,877    43%   127%
Other local & foreign entities   373,101    584,072    475,224    485,731    369,078    -24%   -1%
Other   74    113    657    617    389,600    63044%   526386%
Debt securities at fair value through profit & loss   2,498,392    3,531,928    5,760,706    5,031,607    1,032,842    -79%   -59%
Derivatives   2,376    26,494    76,554    52,435    21,085    -100%   787%
Repo Transactions   486,258    1,240,897    371,187    0    1    -    -100%
Other financial assets   577,803    405,946    303,432    388,602    981,267    153%   70%
Loans & other receivables   3,564,056    3,696,307    3,324,521    3,894,225    4,552,103    17%   28%
Non Financial Public Sector   9,767    9,508    3,746    50,535    44,439    -12%   355%
Financial Sector   44,923    20,088    26,108    40,646    35,278    -13%   -21%
Non Financial private sector and foreign   3,509,366    3,666,711    3,294,667    3,803,044    4,472,386    18%   27%
Other debt securities   1,866,597    870,413    648,040    631,934    2,850,502    351%   53%
Financial assets in guarantee   179,819    267,885    226,273    180,113    190,007    5%   6%
Income tax assets   0    1,769    1,373    56,655    84,306           
Investments in equity instruments   7,339    6,478    4,411    7,189    6,792    -6%   -7%
Investments in other companies
(subsidiaries and joint ventures)		   4,443    3,397    2,876    3,028    4,662    54%   5%
Property, plant and equipment   643,474    719,215    721,894    725,044    730,953    1%   14%
Intangible assets   110,513    151,530    146,871    144,128    140,643    -2%   27%
Deferred income tax assets   1,129    2,007    1,680    2,089    2,000    -4%   77%
Other non financial assets   81,412    110,432    89,878    90,765    91,202    0%   12%
Non-current assets held for sale   52,131    84,440    84,488    81,350    81,171    0%   56%
TOTAL ASSETS   11,458,610    13,544,369    13,292,404    13,120,747    14,237,764    9%   24%
                                    
LIABILITIES                            
Deposits   6,208,311    6,793,763    6,695,032    7,557,833    8,073,870    7%   30%
Non Financial Public Sector   549,118    377,159    688,475    892,400    997,003    12%   82%
Financial Sector   10,668    40,690    17,777    13,435    23,121    72%   117%
Non Financial private sector and foreign   5,648,525    6,375,914    5,988,780    6,651,998    7,053,746    6%   25%
Liabilities at fair value through profit & loss   32,553    27,870    26,413    59,399    1,416    -98%   -96%
Derivatives   122    5,721    7,911    374    1,438    284%   1079%
Repo Transactions   119,876    47,576    27,729    -    -    -    -86%
Other financial liabilities   991,944    754,904    630,515    848,873    1,637,118    93%   65%
Financing received from Central Bank and Other Financial Institutions   17,016    39,911    26,249    24,004    24,512    2%   44%
Issued Corporate Bonds   16,851    118,659    89,314    67,194    65,198    -3%   287%
Current income tax liabilities   77,359    431,149    425,125    4,516    9,617    113%   -88%
Subordinated corporate bonds   446,455    661,645    470,061    414,341    399,545    -4%   -11%
Provisions   12,175    17,625    15,631    15,420    16,624    8%   37%
Deferred income tax liabilities   77,986    92,206    79,664    43,717    47,243    8%   -39%
Other non financial liabilities   344,047    431,756    331,149    504,040    318,424    -37%   -7%
TOTAL LIABILITIES   8,344,695    9,422,785    8,824,793    9,539,711    10,595,005    11%   27%
                                    
SHAREHOLDERS' EQUITY                                   
Capital Stock   639    639    639    639    639    0%   0%
Issued Shares premium   12,430    12,430    12,430    12,430    12,430    0%   0%
Adjustment to Shareholders' Equity   1,156,780    1,156,780    1,156,780    1,156,780    1,156,780    0%   0%
Reserves   1,684,506    1,684,506    1,684,506    2,296,984    2,296,984    0%   36%
Retained earnings   1,229    1,229    1,185,122    1,380    1,380    0%   12%
Other accumulated comprehensive income   498    81,168    61,616    7,843    -21,275    -371%   - 
Net income for the period / fiscal year   257,322    1,183,893    366,170    104,107    194,980    87%   -24%
Shareholders' Equity attributable to parent company   3,113,404    4,120,645    4,467,263    3,580,163    3,641,918    2%   17%
                                    
Shareholders' Equity attributable to non controlling interest   511    939    348    873    841    -4%   65%
TOTAL SHAREHOLDERS' EQUITY   3,113,915    4,121,584    4,467,611    3,581,036    3,642,759    2%   17%

 

 32

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

INCOME STATEMENT  MACRO Consolidated   Change 
In MILLION $ (Measuring Unit Current at EOP)  3Q23   4Q23   1Q24   2Q24   3Q24   QoQ   YoY 
Interest Income   1,326,007    1,155,648    950,277    697,123    857,561    23%   -35%
Interest Expense   977,787    785,361    727,567    484,088    288,430    -40%   -71%
Net Interest Income   348,220    370,287    222,710    213,035    569,131    167%   63%
Fee income   121,842    126,577    111,931    126,994    138,615    9%   14%
Fee expense   12,175    14,558    13,467    18,337    20,807    13%   71%
Net Fee Income   109,667    112,019    98,464    108,657    117,808    8%   7%
Subtotal (Net Interest Income + Net Fee Income)   457,887    482,306    321,174    321,692    686,939    114%   50%
Net Income from financial instruments at Fair Value Through Profit & Loss   -112,346    1,804,611    1,691,704    135,902    103,585    -24%   - 
Result from assets at amortised cost   424    266    28    -4    326    -    -23%
Difference in quoted prices of gold and foreign currency   735,665    368,386    107,146    28,766    16,263    -43%   -98%
Other operating income   34,864    50,720    58,964    48,265    45,008    -7%   29%
Provision for loan losses   15,030    36,652    25,071    18,476    22,966    24%   53%
Net Operating Income   1,101,464    2,669,637    2,153,945    516,145    829,155    61%   -25%
Personnel expenses   133,241    179,320    177,344    152,986    161,679    6%   21%
Administrative expenses   71,308    128,039    91,615    74,088    90,253    22%   27%
Depreciation and impairment of assets   25,507    40,629    32,286    30,274    30,605    1%   20%
Other operating expenses   145,215    225,486    185,577    147,708    142,889    -3%   -2%
Operating Income   726,193    2,096,163    1,667,123    111,089    403,729    263%   -44%
Income from associates and joint ventures   -220    315,407    -284    -6,333    1,011    -    - 
Result from net monetary position   -667,194    -1,059,942    -1,181,915    -518,731    -283,895    -    - 
Net Income before income tax on cont. operations   58,779    1,351,628    484,924    -413,975    120,845    -129%   106%
Income tax on continuing operations   35,569    424,628    119,000    -152,438    29,524    -    - 
Net Income from continuing operations   23,210    927,000    365,924    -261,537    91,321    -135%   293%
                                    
Net Income for the period   23,210    927,000    365,924    -261,537    91,321    -135%   293%
Net Income of the period attributable to parent company   23,127    926,572    366,169    -262,062    90,873    -    293%
Net income of the period attributable to non-controlling interests   83    428    -245    525    448    -15%   440%
                                    
Other Comprehensive Income   7,995    -3,904    71,943    -17,436    -47,955    -    - 
Foreign currency translation differences in financial statements conversion   396    20,624    -18,697    -4,731    -2,158    -    - 
Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI)  (IFRS 9(4.1.2)(a)   -4,774    60,046    -855    -49,041    -26,960    -    - 
                                    
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD   18,832    1,007,670    346,372    -315,309    62,203    -120%   230%
Total Comprehensive Income attributable to parent Company   18,749    1,007,242    346,617    -315,834    61,755    -    229%
Total Comprehensive Income attributable to non-controlling interests   83    428    -245    525    448    -15%   440%

 

 33

 

 

BANCO MACRO  3Q24 EARNINGS RELEASE

 

QUARTERLY ANNUALIZED RATIOS  MACRO Consolidated 
   3Q23   4Q23   1Q24   2Q24   3Q24 
Profitability & performance                         
Net interest margin   60.6%   34.2%   26.2%   20.0%   31.5%
Net interest margin adjusted (exc. FX)   19.5%   17.1%   17.7%   17.6%   30.7%
Net fee income ratio   5.5%   0.7%   1.5%   18.4%   11.4%
Efficiency ratio   22.4%   13.6%   14.7%   55.6%   36.3%
Net fee income as % of A&G Expenses   24.6%   5.4%   10.6%   33.1%   31.4%
Return on average assets   0.8%   20.4%   11.9%   -8.1%   3.0%
Return on average equity   3.2%   72.6%   37.1%   -27.0%   9.8%
Liquidity                         
Loans as a percentage of total deposits   57.4%   54.4%   49.7%   51.5%   56.4%
Liquid assets as a percentage of total deposits   99.0%   118.0%   124.0%   98.0%   91.0%
Capital                         
Total equity as a percentage of total assets   27.2%   30.4%   33.6%   27.3%   25.6%
Regulatory capital as % of APR   37.9%   35.4%   46.6%   35.7%   32.8%
Asset Quality                         
Allowances over total loans   2.0%   3.1%   2.9%   2.5%   2.2%
Non-performing financing as a percentage of total financing   1.4%   1.3%   1.1%   1.2%   1.2%
Coverage ratio w/allowances   133.9%   200.9%   222.7%   181.4%   177.6%
Cost of Risk   1.7%   2.5%   3.3%   2.2%   2.2%

 

ACCUMULATED ANNUALIZED RATIOS  MACRO Consolidated 
   3Q23   4Q23   1Q24   2Q24   3Q24 
Profitability & performance                         
Net interest margin   44.4%   41.6%   26.2%   23.2%   26.8%
Net interest margin adjusted (exc. FX)   22.8%   21.2%   17.7%   17.7%   23.3%
Net fee income ratio   6.2%   3.6%   1.5%   4.6%   6.2%
Efficiency ratio   23.0%   18.6%   14.7%   22.2%   25.5%
Net fee income as % of A&G Expenses   26.9%   19.5%   10.6%   20.9%   24.5%
Return on average assets   2.9%   8.8%   11.9%   1.7%   2.1%
Return on average equity   12.1%   34.8%   37.1%   5.3%   6.8%
Liquidity                         
Loans as a percentage of total deposits   57.4%   54.4%   49.7%   51.5%   56.4%
Liquid assets as a percentage of total deposits   99.0%   118.0%   124.0%   98.0%   91.0%
Capital                         
Total equity as a percentage of total assets   27.2%   30.4%   33.6%   27.3%   25.6%
Regulatory capital as % of APR   37.9%   35.4%   46.6%   35.7%   32.8%
Asset Quality                         
Allowances over total loans   2.0%   3.1%   2.9%   2.5%   2.2%
Non-performing financing as a percentage of total financing   1.4%   1.3%   1.1%   1.2%   1.2%
Coverage ratio w/allowances   133.9%   200.9%   222.7%   181.4%   177.6%
Cost of Risk   2.1%   2.3%   3.3%   2.7%   2.5%

 

 34

 

 

 

 35

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

 

Date: November 27, 2024

 

  MACRO BANK INC.
     
     
  By: /s/ Jorge Francisco Scarinci
  Name: Jorge Francisco Scarinci
  Title: Chief Financial Officer

 

 

Banco Macro (NYSE:BMA)
Historical Stock Chart
Von Nov 2024 bis Dez 2024 Click Here for more Banco Macro Charts.
Banco Macro (NYSE:BMA)
Historical Stock Chart
Von Dez 2023 bis Dez 2024 Click Here for more Banco Macro Charts.