Banco Macro Announces Results for the Third Quarter of 2023

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Nov 22, 2023, 17:49 ET

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