SECURITIES AND EXCHANGECOMMISSION
Washington
,D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATEISSUER
PURSUANT TO RULE 13a-16OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACTOF 1934
May 22, 2024
Commission File Number:001-32827
MACROBANK INC.
(Translation of registrant'sname into English)
Avenida Eduardo Madero 1182
Ciudad Autonoma deBuenos Aires C1106 ACY
Tel: 54 11 5222 6500
(Address of registrant'sprincipal executive offices)
Indicate by check mark whetherthe registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ..
Indicate by check mark if the registrant is submitting the Form 6-Kin paper as
permitted by Regulation S-T Rule 101(b)(1):
Yes .. No x
Indicate by check mark if the registrant is submitting the Form 6-Kin paper as
permitted by Regulation S-T Rule 101(b)(7):
Yes .. No x
BANCO MACRO 1Q24 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 1Q24 Snapshot
11 Relevant and Recent Events
12 Regulatory Changes
13 CER Exposure and Foreign Currency Position
2
BANCO MACRO 1Q24 EARNINGS RELEASE
4
BANCO MACRO 1Q24 EARNINGS RELEASE
5
BANCO MACRO 1Q24 EARNINGS RELEASE
Summary .01
.
THE BANK'S NET INCOME
totaled Ps.275.2 billion in 1Q24. This result was
61% lower
than the Ps.679.3 billion posted in 4Q23 and
626% higher
than the Ps.37.9 billion posted in 1Q23. In 1Q24 the
annualized return
on average equity ("ROAE") and the annualized return on average assets
("ROAA") were 37.4% and 11.9%, respectively.
.
In 1Q24,
OPERATING INCOME(before G&A and personnel expenses)
totaled Ps.1.62 trillion, 19% or Ps.388 billion lower than in 4Q23 and 149% or
Ps.969.3 billionhigher than the same period of last year.
.
In 1Q24,
OPERATING INCOME(after G&A and personnel expenses)
totaled Ps.1.25 trillion, 20% or Ps.322.7 billion lower than in 4Q23 and 211%
or Ps.850.8billion higher than the same period of last year.
.
In 1Q24,
BANCO MACRO'STOTAL FINANCING
decreased 10% or Ps.279.6 billion quarter over quarter ("QoQ") totaling Ps.2.5
trillion and decreased8% or Ps.205.9 billion year over year ("YoY"). In 1Q24
peso financing decreased 20% while USD financing increased 75%.
.
In 1Q24,
BANCO MACRO'STOTAL DEPOSITS
decreased 1% or Ps.74.3 billion QoQ and 11% or Ps.644 billion YoY, totaling
Ps.5 trillion and representing 76% ofthe Bank's total liabilities. Private
sector deposits decreased 6% or Ps.291.2 billion QoQ. In 1Q24, Peso deposits
increased, 10%while USD deposits decreased 32%.
.
Banco Macro continued showing a strong solvency ratio, with an
EXCESS CAPITAL
of Ps.2.6 trillion, 46.5% Capital Adequacy Ratio - Basel III and 44.5 % Tier 1
Ratio. In addition, the Bank's
LIQUID ASSETS
remained at an adequate level, reaching 124% of its total deposits in 1Q24.
.
In
1Q24,
the Bank's
NON-PERFORMING TO TOTAL FINANCING RATIO
was 1.14% and the
COVERAGE RATIO
reached 222.7%.
.
As of
1Q24,
through its
517 branches
and
9.166 employees Banco Macro
serves
5.18 million
retail
customers (
2.19 million digital customers)across 23 of the 24 Provinces in Argentina and
over
149,770 corporate customers.
As of December 2023,Banco Macro consolidated includes Banco Macro +
subsidiaries + Banco BMA (formerly Banco Itau Argentina)
6
BANCO MACRO 1Q24 EARNINGS RELEASE
Disclaimer .02
This press releaseincludes forward-looking statements. We have based these
forward-looking statements largely on our current beliefs, expectations
andprojections about future events and financial trends affecting our
business. Many important factors could cause our actual results todiffer
substantially from those anticipated in our forward-looking statements,
including, among other things: inflation; changes in interestrates and the
cost of deposits; government regulation; adverse legal or regulatory disputes
or proceedings; credit and other risks oflending, such as increases in
defaults by borrowers; fluctuations and declines in the value of Argentine
public debt; competition inbanking and financial services; deterioration in
regional and national business and economic conditions in Argentina; and
fluctuationsin 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 informationconcerning our possible or
assumed future results of operations, business strategies, financing plans,
competitive position, industryenvironment, potential growth opportunities, the
effects of future regulation and the effects of competition. Forward-looking
statementsspeak only as of the date they were made, and we undertake no
obligation to update publicly or to revise any forward-looking statementsafter
we distribute this press release because of new information, future events or
other factors. In light of the risks and uncertaintiesdescribed above, the
forward-looking events and circumstances discussed in this press release might
not occur and are not guaranteesof future performance.
This report isa summary analysis of
Banco Macro's
financial condition and results of operations as of and for the period
indicated. For a correctinterpretation, this report must be read in
conjunction with all other material periodically filed with the Comision
Nacionalde Valores (www.cnv.gob.ar), the Securities and Exchange Commission
(www.sec.gov), Bolsas y mercados Argentinos (www.byma.com.ar) andthe New York
Stock Exchange (www.nyse.com). In addition, the Central Bank (www.bcra.gov.ar)
may publish information related to BancoMacro as of a date subsequent to the
last date for which the Bank has published information.
Readers of thisreport must note that this is a translation made from an
original version written and expressed in Spanish. Consequently, any mattersof
interpretation should be referred to the original version in Spanish.
This Earnings Releasehas been prepared in accordance with the accounting
framework established by the Central Bank of Argentina ("BCRA"), basedon
International Financial Reporting Standards ("I.F.R.S.") and the resolutions
adopted by the International Accouting StandardsBoard ("I.A.S.B") and by the
Federacion Argentina de Consejos Profesionales de Ciencias Economicas
("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 EarningsRelease 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 monetarynature measured at fair value with changes in Other
Comprehensive Income (OCI), is recorded in the Result form the Net Monetary
Positionintegrating the Net Result of the period in accordance with
Communication "A" 7211 of the Central Bank of Argentina. Previousquarters of
20223 have been restated in accordance with said Communication in order to
make a comparison possible
7
BANCO MACRO 1Q24 EARNINGS RELEASE
1Q24 Earnings Release Conference Call
Friday, May 24, 2024
Time:
12:00 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 05/24/2024 through 06/7/2024
IR Contacts in Buenos Aires:
Jorge Scarinci
Chief Financial Officer
Nicolas 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 1Q24 EARNINGS RELEASE
Results .03
As ofDecember 2023, Banco Macro consolidated includes Banco Macro +
subsidiaries + Banco BMA (formerly Banco Itau Argentina)
Earnings peroutstanding
share were Ps.430.74 in 1Q24, 61% lower than in 4Q23 but 627% higher than the
result posted a year ago.
EARNINGS PER SHARE MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY
Net income -Parent Company- (M $) 37,921 138,379 17,458 697,255 275,235 -61 % 626 %
Average # of shares outstanding (M) 639 639 639 639 639 0 % 0 %
Book value per avg. Outstanding share ($) 3,841 3,643 3,665 4,851 5,259 8 % 37 %
Shares Outstanding (M) 639 639 639 639 639 0 % 0 %
Earnings per avg. outstanding share ($) 59.22 216.56 27.32 1,091.17 430.74 -61 % 627 %
EOP FX (Pesos per USD) 208.9883 256.6750 350.0083 808.4833 857.4167 6 % 310 %
Book value per avg. issued ADS (USD) 183.79 141.93 104.71 60.00 61.34 2 % -67 %
Earnings per avg. outstanding ADS (USD) 2.83 8.44 0.78 13.50 5.02 -63 % 77 %
Banco Macro's1Q24 net income
of Ps.275.2 billion was 61% or Ps.422 billion lower than the previous quarter
and 626% or Ps.237.3 billion higherYoY mainly due to the mark to market of
Government Securities (financial assets at fair value through profit or loss).
This result representedan annualized ROAE and ROAA of 37.4% and 11.9%
respectively. Total comprehensive income for the quarter totaled Ps.260.5
billion, 66%lower than the result posted in the previous quarter.
Net operatingincome
(before G&A and personnel expenses) was Ps.1.62 trillion in 1Q24, 19% or
Ps.388 billion lower compared to 4Q23. On a yearlybasis, Net Operating Income
(before G&A and personnel expenses) increased 149% or Ps.969.3 billion.
In 1Q24,
Provisionfor loan losses
totaled Ps.18.9 billion, 32% or Ps.8.7 billion lower than in 4Q23. On a yearly
basis provision for loan losses increased40% or Ps.5.4 billion.
Operating income
(after G&A and personnel expenses) was Ps.1.25 trillion in 1Q24, 20% or
Ps.322.7 billion lower than in 4Q23 and 211% or Ps.850.8billion higher than a
year ago.
It is importantto emphasize that
this result
was obtained
with a leverage
of only 3x assets to equity ratio.
9
BANCO MACRO 1Q24 EARNINGS RELEASE
INCOME STATEMENT MACRO Consolidated Change
In MILLION $ 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY
(Measuring
Unit Current
at EOP)
Net 378,801 338,239 261,918 278,516 167,515 -40 % -56 %
Interest
Income
Net 85,455 82,535 82,488 84,256 74,061 -12 % -13 %
fee
income
Net Interest 464,256 420,774 344,406 362,772 241,576 -33 % -48 %
Income
+ Net Fee
Income
Net Income from 35,664 162,583 -84,503 1,357,364 1,272,438 -6 % 3468 %
financial instruments
at fair value
through P&L
Income from - - 319 200 21 0 % 0 %
assets
at amortized
cost
Differences in 142,244 237,601 553,341 277,087 80,592 -71 % -43 %
quoted prices
of gold and
foreign currency
Other 22,170 23,975 26,223 38,150 44,350 16 % 100 %
operating
income
Provision 13,492 17,296 11,305 27,569 18,857 -32 % 40 %
for
loan
losses
Net 650,842 827,637 828,481 2,008,004 1,620,120 -19 % 149 %
Operating
Income
Employee 91,026 96,158 100,219 134,878 133,392 -1 % 47 %
benefits
Administrative 45,189 53,873 53,635 96,306 68,910 -28 % 52 %
expenses
Depreciation 18,981 19,364 19,185 30,560 24,284 -21 % 28 %
and
impairment
of assets
Other 92,454 115,885 109,226 169,603 139,584 -18 % 51 %
operating
expenses
Operating 403,192 542,357 546,216 1,576,657 1,253,950 -20 % 211 %
Income
Result from -851 -597 -165 237,238 -214 - -
associates
& joint
ventures
Result -342,825 -342,898 -501,839 -797,250 -888,994 12 % 159 %
from net
monetary
postion
Result before 59,516 198,862 44,212 1,016,645 364,742 -64 % 513 %
taxes from
continuing
operations
Income 21,595 60,483 26,754 319,390 89,507 -72 % 314 %
tax
Net income 37,921 138,379 17,458 697,255 275,235 -61 % 626 %
from
continuing
operations
- -
Net 37,921 138,379 17,458 697,255 275,235 -61 % 626 %
Income of
the
period
Net income of 37,869 138,284 17,396 696,933 275,419 -60 % 627 %
the period
attributable to
parent company
Net income of 52 95 62 322 -184 -157 % -
the period
attributable to
minority interest
Other -3,224 6,744 -3,294 60,678 -14,706 - -
Comprehensive
Income
Foreign currency -822 -192 298 15,513 -14,063 - -
translation differences
in financial
statements conversion
Profits or losses from financial -2,402 6,936 -3,592 45,165 -643 - -
assets measured at fair value
through other comprehensive
income (FVOCI) (IFRS 9(4.1.2)(a)
TOTAL 34,697 145,123 14,164 757,933 260,529 -66 % 651 %
COMPREHENSIVE
INCOME FOR
THE PERIOD
Total Comprehensive 34,645 145,028 14,102 757,611 260,713 -66 % 653 %
Income
attributable to
parent Company
Total Comprehensive 52 95 62 322 -184 -157 % -
Income attributable
to non-controlling
interests
The Bank's1Q24 net interest income
totaled Ps.167.5 billion, 40% or Ps.111 billion lower than in 4Q23 and 56% or
Ps.211.3 billion lower YoY.Interest income decreased 18% while interest
expenses decreased 7%.
10
BANCO MACRO 1Q24 EARNINGS RELEASE
In 1Q24 interestincome
totaled Ps714.8 billion, 18% or Ps.154.5 billion lower than in 4Q23 and 19% or
Ps.172 billion lower than in 1Q23.
Income frominterest on loans and other financing
totaled Ps.462 billion, 18% or Ps102.8 billion lower compared with the
previous quarter mainlydue to a 16% decrease in the average volume of private
sector loans and a 118 basis points decease in the average lending rate. On
ayearly basis Income from interest on loans increased 39% or Ps.129.8 billion.
In 1Q24,
incomefrom government and private securities
decreased 42% or Ps.68.3 billion QoQ (due to the unwinding of our Leliq
portfolio) and decreased82% or Ps.429.33 billion compared with the same period
of last year. This result is explained 68% by income from government and
privatesecurities through other comprehensive income (Other government
securities) and the remaining 32% is explained by income from governmentand
private securities in pesos at amortized cost.
In 1Q24,
incomefrom Repos
totaled Ps.151.9 billion, 19% or Ps.24.3 billion higher than the previous
quarter and 482% or Ps.125.8 billion higherthan a year ago.
In 1Q43
FX incometotaled
Ps.80.6 billion,71% or Ps.196.5 billion lower than the previous quarter and
43% or Ps.61.6 billion lower than a year ago.FX income gain was due to the
6.1% argentine peso depreciation against the US dollar and the Bank's long
dollar position duringthe quarter. It is important to notice that the Bank's
long dollar position decreased 96% during the quarter.
FX INCOME MACRO Consolidated Variation
In MILLION $ (Measuring Unit Current at EOP) 1Q23 4Q23 1Q24 QoQ YoY
(1) Differences in quoted prices of gold and foreign currency 142,244 277,087 80,592 -71 % -43 %
Translation of FX assets and liabilities to Pesos 141,393 275,980 80,391 -71 % -43 %
Income from foreign currency exchange 851 1,107 201 -82 % -76 %
(2) Net Income from financial assets and liabilities at fair value through P&L 754 23,363 5,165 -78 % 585 %
Income from investment in derivative financing instruments 754 23,363 5,165 -78 % 585 %
(1) +(2) Total Result from Differences in quoted prices of gold and foreign currency 142,998 300,450 85,757 -71 % -40 %
11
BANCO MACRO 1Q24 EARNINGS RELEASE
INTEREST INCOME MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY
Interest on Cash and due from Banks 2,135 2,357 2,953 2,938 3,135 7 % 47 %
Interest from government securities 524,026 518,059 480,857 162,143 94,022 -42 % -82 %
Interest from private securities 381 281 193 1,244 1,050 -16 % 176 %
Interest on loans and other financing
To the financial sector 413 775 1,321 2,468 1,027 -58 % 149 %
To the public non financial sector 1,501 10,122 9,320 8,064 1,666 -79 % 11 %
Interest on overdrafts 36,222 50,041 63,546 115,119 71,365 -38 % 97 %
Interest on documents 35,223 43,583 65,561 93,445 56,909 -39 % 62 %
Interest on mortgages loans 42,682 53,543 50,679 74,171 108,751 47 % 155 %
Interest on pledged loans 3,110 3,514 3,964 4,434 3,143 -29 % 1 %
Interest on personal loans 100,643 95,216 88,773 85,783 69,749 -19 % -31 %
Interest on credit cards loans 70,542 73,310 74,478 83,491 64,917 -22 % -8 %
Interest on financial leases 447 378 845 3,553 3,510 -1 % 685 %
Interest on other loans 43,315 53,681 67,541 104,764 83,613 -20 % 93 %
Interest on Repos 0
From the BCRA 26,036 57,510 87,304 126,637 151,842 20 % 483 %
Other financial institutions 62 0 39 982 65 - 5 %
Total Interest income 886,738 962,370 997,374 869,236 714,764 -18 % -19 %
Income from Interest on loans 332,184 373,266 415,387 564,760 461,957 -18 % 39 %
The Bank's1Q24
interest expense
totaled Ps.547.3 billion, decreasing 7% or Ps.43.5 billion compared to the
previous quarter and 8% (Ps.39.3billion) higher compared to 1Q23.
In 1Q24,
intereston deposits
represented 96% of the Bank's total interest expense, decreasing 8% or Ps.46.5
billion QoQ, due to a 970 basispoints decrease in the average rate paid on
deposits while the average volume of deposits from the private sector
increased 5%. On ayearly basis, interest on deposits increased 6% or
Ps.31.5billion.
INTEREST EXPENSE MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY
Deposits
Interest on checking accounts 22,924 42,034 49,320 54,310 64,109 18 % 180 %
Interest on saving accounts 4,969 6,709 6,366 9,429 13,088 39 % 163 %
Interest on time deposits 467,690 559,647 665,900 509,882 449,935 -12 % -4 %
Interest on other financing from BCRA and financial inst. 824 691 550 1,043 2,137 105 % 159 %
Repos
Other financial institutions 4,811 7,101 5,012 4,111 4,109 0 % -15 %
Interest on corporate bonds 62 61 66 2,477 4,746 92 % 7555 %
Interest on subordinated bonds 5,211 5,078 5,487 5,726 6,035 5 % 16 %
Interest on other financial liabilities 1,446 2,810 2,755 3,742 3,090 -17 % 114 %
Total financial expense 507,937 624,131 735,456 590,720 547,249 -7 % 8 %
Expenses from interest on deposits 495,583 608,390 721,586 573,621 527,132 -8 % 6 %
12
BANCO MACRO 1Q24 EARNINGS RELEASE
In 1Q24,
the Bank's net interest margin
(including FX) was 26%, lower than the 33.8% posted in 4Q23 and the 33.6%
posted in 1Q23.
1Q24 17.6% LOWER
NET INTEREST MARGIN* THAN THE 26.1% POSTED IN 4Q23 AND LOWER THAN THE 24.4% IN 1Q23
1Q24 20.6% LOWER
NET INTEREST MARGIN PESOS THAN THE 28.1% POSTED IN 4Q23 AND LOWER THAN THE 26.8% IN 1Q23
1Q234 7.5% LOWER
NET INTEREST MARGIN USD THAN THE 15.3% POSTED IN 4Q23 AND HIGHER THAN THE 6.7% IN 1Q23
*
EXCLUDING FX GAINS
ASSETS & LIABILITIES MACRO Consolidated
PERFORMANCE (AR$)
In MILLION $ 1Q23 4Q23 1Q24
(Measuring AVERAGE REAL NOMINAL AVERAGE REAL NOMINAL AVERAGE REAL NOMI
Unit INT INT INT
Current
at
EOP)
Yields BALANCE RATE INT BALANCE RATE INT BALANCE RATE INT
& RATE RATE RAT
rates
in
annualized
nominal
%
Interest-earning
assets
Loans
&
Other
Financing
Public 10,310 -15.5 % 59.0 % 29,472 -33.0 % 108.6 % 7,272 -37.6 % 9
Sector
Financial 4,138 -25.9 % 39.4 % 17,790 -50.3 % 54.7 % 13,315 -57.7 % 3
Sector
Private 2,450,418 -18.8 % 52.7 % 2,542,513 -40.9 % 84.1 % 1,916,282 -37.3 % 9
Sector
Other
debt
securities
Central 2,266,694 -6.3 % 76.2 % 330,214 -26.0 % 130.6 % 0 0.0 %
Bank
Securities
(Leliqs)
Government 680,464 -16.1 % 57.8 % 286,568 -44.5 % 72.7 % 423,066 -39.9 % 8
&
Private
Securities
Repos 148,576 -9.0 % 71.2 % 385,326 -25.7 % 131.4 % 599,248 -34.3 % 10
Total 5,560,600 -13.1 % 63.4 % 3,591,883 -38.2 % 92.6 % 2,959,183 -36.9 % 9
interest-earning
assets
Fin. 87,634 -35.4 % 21.5 % 23,852 200.6 % 836.0 % 1,962,707 5.3 % 22
Assets
through
P&L
and
equity
inv.
Other 561,646 741,409 558,592
Non
interest-earning
assets
Total 649,280 765,261 2,521,299
Non
interest-earning
assets
Total 6,209,880 4,357,144 5,480,482
Average
Assets
Interest-bearing
liabilities
Deposits
Public 262,065 -14.7 % 60.4 % 166,285 -35.3 % 101.4 % 241,012 -38.4 % 8
Sector
Private 3,578,302 -19.4 % 51.7 % 2,505,946 -40.9 % 84.1 % 2,444,959 -42.2 % 7
Sector
BCRA 2,033 40.4 % 164.2 % 3,086 -29.4 % 119.8 % 4,860 -9.3 % 17
and
other
financial
institutions
Corporate 0 0.0 % 0.0 % 5,640 -24.5 % 135.2 % 8,069 -3.2 % 19
bonds
Repos 30,473 -12.8 % 64.0 % -15,023 -102.8 % -108.6 % 19,621 -40.1 % 8
Other 471439 -0.463 0.011 595806 -0.672 0.023 524592 -0.668 0.
financial
liabilities
Total 4,344,312 -21.9 % 46.9 % 3,261,740 -45.1 % 71.0 % 3,243,113 -45.7 % 6
int.-bearing
liabilities
Total 1,156,987 1,250,165 1,209,769
non
int.-bearing
liabilities
Total 5,501,299 4,511,905 4,452,882
Average
Liabilities
Assets 869,305 838,012 691,365
Performance
Liabilities 502,447 583,944 540,033
Performance
Net 366,858 254,068 151,332
Interest
Income
Total 5,560,600 3,591,883 2,959,183
interest-earning
assets
Net 26.8 % 28.1 % 20.6 %
Interest
Margin
(NIM)
NAL
E
2.1 %
0.2 %
2.9 %
0.0 %
4.9 %
2.0 %
4.0 %
4.0 %
9.6 %
7.9 %
9.0 %
7.8 %
4.2 %
021
7.0 %
13
BANCO MACRO 1Q24 EARNINGS RELEASE
ASSETS & LIABILITIES MACRO Consolidated
PERFORMANCE USD
In MILLION $ 1Q23 4Q23 1Q24
(Measuring AVERAGE REAL NOMINAL AVERAGE REAL NOMINAL AVERAGE REAL NOMINAL
Unit INT INT INT
Current
at EOP)
Yields & BALANCE RATE INT BALANCE RATE INT BALANCE RATE INT
rates in RATE RATE RATE
annualized
nominal %
Interest-earning
assets
Cash and 356,234 -5.9 % 2.4 % 308,343 106.6 % 3.8 % 399,785 -58.3 % 3.2 %
Deposits
in
Banks
Loans &
Other
Financing
Financial 658 -1.8 % 6.8 % 6,191 100.6 % 0.8 % 255 -41.7 % 44.2 %
Sector
Private 174,386 21.3 % 31.9 % 188,132 208.6 % 55.1 % 381,142 -51.4 % 20.2 %
Sector
Other
debt
securities
Central 143,703 0 0 75335 0 0 19884 0 0
Bank
Government 52,901 3.0 % 12.0 % 51,219 132.2 % 16.7 % 61,479 -56.7 % 7.0 %
&
Private
Securities
Total 727,882 0.8 % 9.7 % 635,749 137.8 % 19.5 % 862,545 -55.2 % 10.9 %
interest-earning
assets
Fin. Assets 855,340 6.2 % 15.5 % 2,124,428 585.3 % 244.4 % 1,306,440 -36.3 % 57.5 %
through
P&L and
equity inv.
Other 1,320,657 1,500,938 1,654,935
Non
interest-earning
assets
Total Non 2,175,997 3,625,366 2,961,375
interest
earning
assets
Total 2,903,879 4,261,115 3,823,920
Average
Assets
Interest-bearing
liabilities
Deposits
Public 20,974 -8.0 % 0.1 % 7,140 99.2 % 0.1 % 6,741 -59.5 % 0.1 %
Sector
Private 473,868 -8.1 % 0.0 % 504,525 99.0 % 0.0 % 712,809 -59.6 % 0.0 %
Sector
BCRA and 12,920 -3.5 % 5.0 % 18,160 117.9 % 9.5 % 16,043 -56.3 % 8.1 %
other
financial
institutions
Issued 12,330 -6.2 % 2.0 % 38,651 110.3 % 5.7 % 62,930 -57.6 % 5.0 %
corporate
bonds
Subordinated 327,296 -2.1 % 6.5 % 323,986 112.9 % 7.0 % 381,664 -57.0 % 6.4 %
bonds
Total 847,388 -5.7 % 2.6 % 892,462 105.0 % 3.0 % 1,180,187 -58.6 % 2.5 %
int.-bearing
liabilities
Total non 411,371 613,192 719,071
int.-bearing
liabilities
Total 1,258,759 1,505,654 1,899,258
Average
liabilities
Assets 17,433 31,224 23,399
Performance
Liabilities 5,490 6,776 7,216
Performance
Net 11,943 24,448 16,183
Interest
Income
Total 727,882 635,749 862,545
interest-earning
assets
Net 6.7 % 15.3 % 7.5 %
Interest
Margin
(NIM)
In 1Q24
Banco Macro's net fee income
totaled Ps.74.1 billion, 12% or Ps.10.2 billion lower than in 4Q23 and was 13%
or Ps.11.4 billion lower than the same period of lastyear.
In the quarter,
fee income
totaled Ps.84.2billion, 12% or Ps.11 billion lower than in 4Q23. In the
quarter fees charged on deposit accounts decreased 13% or Ps.4.2 billion,
creditcard fees decreased 14% or Ps.2.8 billion and Mutual funds and
securities fees decreased 31% or Ps.1.3 billion. On a yearly basis, feeincome
decreased 11% or Ps.10 billion.
In the quarter,
total fee expense
decreased7% or Ps.820 million. On a yearly basis, fee expenses increased 16%
or Ps.1.4 billion.
14
BANCO MACRO 1Q24 EARNINGS RELEASE
NET FEE INCOME MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY
Fees charged on deposit accounts 34,893 34,068 32,990 33,182 28,945 -13 % -17 %
Credit card fees 20,583 19,233 18,391 19,810 17,044 -14 % -17 %
Corporate services fees 13,665 13,360 14,016 13,859 13,715 -1 % 0 %
Debit card fees 4,272 3,904 5,893 6,633 5,589 -16 % 31 %
ATM transaction fees 6,383 5,508 5,378 5,110 5,115 0 % -20 %
Insurance fees 5,078 4,748 4,420 4,268 3,629 -15 % -29 %
Credit related fees 2,209 2,634 2,227 3,351 3,604 8 % 63 %
Financial agent fees (provinces) 4,628 5,212 4,977 4,556 3,474 -24 % -25 %
Mutual funds & securities fees 2,232 2,583 3,130 4,248 2,936 -31 % 32 %
AFIP & Collection services 225 184 176 156 125 -20 % -44 %
ANSES fees 55 46 47 33 15 -55 % -73 %
Total fee income 94,223 91,480 91,645 95,206 84,191 -12 % -11 %
Total fee expense 8,768 8,945 9,157 10,950 10,130 -7 % 16 %
Net fee income 85,455 82,535 82,488 84,256 74,061 -12 % -13 %
In 1Q43
Net Income from financial assets andliabilities at fair value through profit
or loss
totaled a Ps.1.27 trillion gain, decreasing 6% or Ps.84.9 billion in the
quarter.This gain was mainly due to the mark to market of some government
securities (CER inflation adjusted bonds) (Ps.1.28 trillion).
On a yearly basis
Net Income
from financial assets and liabilities at fair value through profit or loss increased Ps.1.24 trillion.
NET INCOME FROM FINANCIAL MACRO Consolidated Change
ASSETS AND LIABILITIES
AT FAIR VALUE THROUGH
PROFIT OR LOSS
In MILLION $ (Measuring 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY
Unit Current at EOP)
Profit or loss from 50,067 137,694 -141,234 1,266,336 1,279,205 1 % 2455 %
government securities
Profit or loss from -11,849 25,065 37,242 54,781 6,579 -88 % -156 %
private securities
Profit or loss from investment in 754 1,311 1,921 23,363 5,165 -78 % 585 %
derivative financing instruments
Profit or loss from 66 474 -2,433 3,708 3,165 -15 % 4695 %
other financial assets
Profit or loss from investment 197 -119 4,163 1,046 435 -58 % 121 %
in equity instruments
Profit or loss from the sale of -1,954 5,772 16,846 9,736 -14,503 - -
financial assets at fair value
Income from financial assets at 37,281 170,197 -83,495 1,358,970 1,280,046 -6 % 3334 %
fair value through profit or loss
Profit or loss from derivative -1,617 -7,614 -1,008 -1,606 -7,608 - -
financing instruments
Income from financial liabilities at -1,617 -7,614 -1,008 -1,606 -7,608 - -
fair value through profit or loss
NET INCOME FROM FINANCIAL 35,664 162,583 -84,503 1,357,364 1,272,438 -6 % 3468 %
ASSETS AT FAIR
VALUE THROUGH
PROFIT OR LOSS
15
BANCO MACRO 1Q24 EARNINGS RELEASE
In the quarter,
Other Operating Income
totaled Ps.44.4 billion, 16% or Ps.6.2 billion higher than in 4Q23 (Other
adjustments and interest from other receivables increased 5.2billion while
Other adjustments and interest from receivables increased 54% or Ps.5
billion).On a yearly basis, Other Operating Incomeincreased 100% or Ps.22.2
billion.
OTHER OPERATING INCOME MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY
Credit and debit cards 2,465 2,929 3,649 4,629 3,796 -18 % 54 %
Lease of safe deposit boxes 2,711 2,549 2,438 2,805 2,606 -7 % -4 %
Other service related fees 6,884 7,605 9,656 11,344 12,841 13 % 87 %
Other adjustments and interest from other receivables 5,696 6,037 6,869 9,296 14,321 54 % 151 %
Initial recognition of loans - - - - 5,162 - -
Sale of property, plant and equipment 23 180 -5 53 1 -98 % -
Others 4,391 4,675 3,616 10,023 5,623 -44 % 28 %
Other Operating Income 22,170 23,975 26,223 38,150 44,350 16 % 100 %
In 1Q24
Banco Macro's administrativeexpenses plus employee benefits
totaled Ps.202.3 billion, 12% or Ps.28.9 billion lower than the previous
quarter, due to lower employeebenefits (-1%) and lower (+28%) administrative
expenses. On a yearly basis, administrative expenses plus employee benefits
increased49% or Ps.66.1 billion.
Employee benefits
decreased 1% or Ps.1.5billion QoQ, social security contributions and
compensation and bonuses decreased 7% or Ps.1.6 billion while Compensation and
bonusesdecreased 7% or Ps.1.3 billion. On a yearly basis, Employee benefits
increased 47% or Ps.42.4 billion.
In 1Q24,
administrative expenses
decreased28% or Ps.27.4 billion, due to lower Directors and auditors
fees(-60%), lower other professional fees (-37%) lower advertisement
andpublicity fees (-43%) and lower other administrative expenses (-16%). On a
yearly basis administrative expenses increased 52% or Ps.23.7billion.
In 1Q24,
the efficiency ratio
reached14.7%, improving significantly from the 18.6% posted in 4Q23 and much
better than the 25.5% posted a year ago. In 1Q24 expenses (employeebenefits +
G&A expenses + depreciation and impairment of assets) decreased 13%, 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 valuethrough profit or loss - (Turnover Tax + Insurance on
deposits)) decreased 11% compared to 4Q23.
16
BANCO MACRO 1Q24 EARNINGS RELEASE
PERSONNEL & ADMINISTRATIVE EXPENSES MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY
Employee benefits 91,026 96,158 100,219 134,878 133,392 -1 % 47 %
Remunerations 61,357 65,900 69,341 89,747 91,400 2 % 49 %
Social Security Contributions 15,605 15,907 17,202 23,505 21,913 -7 % 40 %
Compensation and bonuses 11,012 11,112 10,379 18,067 16,820 -7 % 53 %
Employee services 3,052 3,239 3,297 3,559 3,259 -8 % 7 %
Administrative Expenses 45,189 53,873 53,635 96,306 68,910 -28 % 52 %
Taxes 7,672 8,343 11,194 13,640 11,788 -14 % 54 %
Maintenance, conservation fees 6,996 7,510 7,508 10,497 9,673 -8 % 38 %
Directors & statutory auditors fees 1,824 6,100 3,076 29,825 12,035 -60 % 560 %
Security services 4,322 4,314 4,544 4,862 4,013 -17 % -7 %
Electricity & Communications 4,132 3,995 3,923 3,712 5,106 38 % 24 %
Other professional fees 4,894 5,401 5,849 8,984 5,666 -37 % 16 %
Rental agreements 177 228 160 148 433 193 % 145 %
Advertising & publicity 1,848 3,012 4,309 4,920 2,783 -43 % 51 %
Personnel allowances 931 988 1,057 1,314 755 -43 % -19 %
Stationary & Office Supplies 405 354 372 491 362 -26 % -11 %
Insurance 374 463 471 477 337 -29 % -10 %
Hired administrative services 324 1,398 924 1,941 2,872 48 % 786 %
Other 11,290 11,767 10,248 15,495 13,087 -16 % 16 %
Total Administrative Expenses 136,215 150,031 153,854 231,184 202,302 -12 % 49 %
Total Employees 7,756 7,797 7,765 9,192 9,166
Branches 463 462 461 519 517
Efficiency ratio 25.5 % 21.7 % 22.4 % 13.6 % 14.7 %
Accumulated efficiency ratio 25.5 % 23.4 % 23.0 % 18.6 % 14.7 %
In 1Q24,
Other Operating Expenses
totaledPs.139.6 billion, decreasing 18% or Ps.30 billion QoQ, due to lower
turnover tax (13% or Ps.13.5 billion), lower initial loan recognitioncharges
(Ps.9 billion) and lower Other expenses (12% or Ps.5.4 billion). On a yearly
basis, Other Operating Expenses increased 51% orPs.47.1 billion.
OTHER OPERATING EXPENSES MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY
Turnover Tax 54,278 63,790 63,942 106,298 92,800 -13 % 71 %
Other provision charges 2,568 3,026 2,047.00 5,738 3,720 -35 % 45 %
Deposit Guarantee Fund Contributions 2,352 2,187 2,237 1,879 1,687 -10 % -28 %
Donations 801 619 213 282 530 88 % -34 %
Insurance claims 890 893 900 1,213 1,128 -7 % 27 %
Initial loan recognition 846 11,337 1,289 9,028 - -100 % 100 %
Others 30,719 34,032 38,597 45,149 39,716 -12 % 29 %
Other Operating Expenses 92,454 115,885 109,226 169,603 139,584 -18 % 51 %
17
BANCO MACRO 1Q24 EARNINGS RELEASE
In 1Q24, the result from the net monetaryposition totaled a Ps.889 billion
loss, 12% or Ps.91 billion higher than the loss posted in 4Q23 and 159% or
Ps.546.2 billion higherthan the loss posted one year ago.
This result is a consequence of a higher net monetary position (+84%) which
was partiallyoffset by lower inflation during the quarter(167 b.p. below 4Q23
level, down to 51.6% from 53.3% in 4Q23).
OPERATING RESULT MACRO consolidated Change
In MILLION $ (Measuring 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY
Unit Current at EOP)
Operating Result (exc. Loss 403,192 542,357 546,216 1,576,657 1,253,950 -20 % 211 %
from net monetary position)
Result from net monetary position -342,825 -342,898 -501,839 -797,250 -888,994 12 % 159 %
(i.e. inflation adjustment)
Operating Result (Inc. Loss 60,367 199,459 44,377 779,407 364,956 -53 % 505 %
from net monetary position)
In 1Q24,
Banco Macro's effective income tax
rate was 24.5%, lower than the 31.4% registered in 4Q23.
For more information, please see note 21 "Income Tax" of our Financial Statements.
18
BANCO MACRO 1Q24 EARNINGS RELEASE
Financial Assets .04
Loans and other financing
The volume of financing
(including loans,financial trust and leasing portfolio) totaled Ps.2.5
triillion, decreasing 10% or Ps.279.6 billion QoQ and decreasing 8% or
Ps.205.9billion YoY. In 1Q24 Private sector loans decreased 10% or Ps.279.8
billion. On a yearly basis Private sector loans decreased 8% or Ps.215.7billion.
Within commercial loans, Overdrafts
standout with a 21% or Ps.92.6 billion decrease,
Documents decreased
2% or Ps.10 billion while
Others
increased 2% or Ps.9.3billion.
Within
consumer lending, personal loans
decreased 12% or Ps.44.8 billion while
credit card loans
decreased 18% or Ps.132.1 billion.
Within
private sector financing,
pesofinancing decreased 20% or Ps.513.9 billion, while US dollar financing
increased 75% or USD 254 million.
As of 1Q24,
Banco Macro's market shareover private sector loans
was 9.4%.
LOANS AND OTHER MACRO Consilidated Change
FINANCING
In MILLION $ (Measuring 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY
Unit Current at EOP)
Public 5,468 58,171 7,346 7,152 2,817 -61 % -48 %
Sector
Finacial 7,202 6,607 33,789 15,109 19,637 30 % 173 %
Sector
Financial 7,250 6,666 33,843 15,144 19,659 30 % 171 %
Sector
Less: Expected -48 -59 -54 -35 -22 -37 % -54 %
Credit Losses
Private 2,693,826 2,733,995 2,639,619 2,757,967 2,478,131 -10 % -8 %
Sector
Overdrafts 208,656 276,170 262,354 436,518 343,943 -21 % 65 %
Discounted 389,554 432,414 502,585 512,966 502,960 -2 % 29 %
documents
Mortgage 276,994 273,534 253,024 253,600 245,941 -3 % -11 %
loans
Pledged 42,545 42,867 43,551 42,647 32,928 -23 % -23 %
loans
Personal 623,668 549,091 461,065 361,214 316,391 -12 % -49 %
loans
Credit 838,490 826,147 793,305 735,017 602,881 -18 % -28 %
Card loans
Leasing 5,217 4,499 3,374 14,387 10,057 -30 % 93 %
Others 363,039 385,009 370,772 482,925 492,211 2 % 36 %
Less: Expected -54,337 -55,736 -50,411 -81,307 -69,181 -15 % 27 %
Credit Losses
Total loans and 2,706,496 2,798,773 2,680,754 2,780,228 2,500,585 -10 % -8 %
other financing
Total loans 2,504,688 2,613,790 2,501,555 2,507,337 1,993,425 -20 % -20 %
in Pesos
Total loans in 201,808 184,983 179,199 272,891 507,160 86 % 151 %
foreign currency
EOP FX (Pesos 208.9883 256.6750 350.0083 808.4833 857.4167 6 % 310 %
per USD)
Total loans in foreign 966 721 512 338 591 75 % -39 %
currency (USD)
USD financing / Financing 7 % 7 % 7 % 10 % 20 %
to the private sector
19
BANCO MACRO 1Q24 EARNINGS RELEASE
Public Sector Assets .05
In 1Q24, the
Bank'spublic sector assets
(excluding Central Bank notes) to total assets ratio was 47.3%, higher than
the 31% registered in the previousquarter, and higher than the 17% posted in
1Q23. Other government securities increased 50% (CER inflation linked bonds)
which were partiallyoffset by a decrease in Dual Bond holdings.
In 1Q24
, a 50% or Ps.1.58 trillion increase in Government Securities stands out.
PUBLIC SECTOR ASSETS MACRO Consolidated Change
In MILLION $ (Measuring 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY
Unit Current at EOP)
Leliqs 2,497,487 1,919,463 983,024 - - - -100 %
Other 1,600,837 2,177,464 2,147,586 3,149,227 4,732,151 50 % 196 %
Government 4,098,324 4,096,927 3,130,610 3,149,227 4,732,151 50 % 15 %
securities
Provincial 3,626 55,585 5,027 4,882 952 -80 % -74 %
loans
Loans 3,626 55,585 5,027 4,882 952 -80 % -74 %
TOTAL PUBLIC 4,101,950 4,152,512 3,135,637 3,154,109 4,733,103 50 % 15 %
SECTOR ASSETS
TOTAL PUBLIC SECTOR ASSETS 1,604,463 2,233,049 2,152,613 3,154,109 4,733,103 50 % 195 %
(net of LEBAC/NOBAC/LELIQ)
TOTAL PUBLIC SECTOR ASSETS (net of 17.0 % 22.4 % 25.0 % 31.0 % 47.3 %
LEBAC/NOBAC/LELIQ)/TOTAL ASSETS
20
BANCO MACRO 1Q24 EARNINGS RELEASE
Funding .06
Deposits
Banco Macro'sdeposit base
totaled Ps.5 trillion in 1Q24, decreasing 1% or Ps.74.3 billion QoQ and an 11%
or Ps.644 billion decrease YoY and representing76% of the Bank's total
liabilities.
On a quarterlybasis
private sector deposits
decreased 6% or Ps.291.2 billion while
public sector deposits
decreased 83% or Ps.234.2 billion.
The decrease inprivate sector deposits was led by
demand deposits
, which decreased 26% or Ps.777.3 billion, while time deposits increased 27%or
Ps.422.6 billion QoQ.
Within privatesector deposits,
peso deposits
increased 10% or Ps.365.2 billion, while US dollar deposits decreased 32% or
USD 622 million.
As of 1Q24,
BancoMacro´s market share
over private sector deposits was 7.5%.
DEPOSITS MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY
Public sector 430,767 415,060 413,026 283,686 517,846 83 % 20 %
Financial sector 7,412 9,214 8,024 30,606 13,371 -56 % 80 %
Private sector 5,241,536 5,538,160 4,248,617 4,795,731 4,504,544 -6 % -14 %
Checking accounts 649,635 605,034 584,674 772,698 541,276 -30 % -17 %
Savings accounts 1,640,953 1,887,931 1,503,265 2,168,236 1,622,337 -25 % -1 %
Time deposits 2,869,724 2,933,859 2,064,094 1,589,204 2,011,772 27 % -30 %
Investment accounts 6,776 40,066 15,165 189,853 262,273 38 % 3771 %
Other 74,448 71,270 81,419 75,740 66,886
Total 5,679,715 5,962,434 4,669,667 5,110,023 5,035,761 -1 % -11 %
Pesos 4,885,753 5,218,833 3,941,234 3,558,225 3,923,408 10 % -20 %
Foreign Currency (in Pesos) 793,962 743,601 728,433 1,551,798 1,112,353 -28 % 40 %
EOP FX (Pesos per USD) 208.9883 256.6750 350.0083 808.4833 857.4167 6 % 310 %
Foreign Currency (USD) 3,799 2,897 2,081 1,919 1,297 -32 % -66 %
USD Deposits / Total Deposits 14 % 12 % 16 % 30 % 22 %
Banco Macro'stransactional deposits represent approximately 46% of its total
deposit base as of 1Q24.
These accounts are low cost and are notsensitive to interest rate increases.
21
BANCO MACRO 1Q24 EARNINGS RELEASE
Other sources offunds
In 1Q24, the totalamount of
other sources of funds
increased 2% or Ps.84.3 billion compared to 4Q23 mainly due to a 8% or
Ps.260.7 billion increasein Shareholders' equity generated by the
positive net
income registered during the peiod. On a yearly basis,
other sourcesof funds
increased 35% or Ps.981.2 billion.
OTHER SOURCES MACRO Consolidated Change
OF FUNDS
In MILLION $ (Measuring 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY
Unit Current at EOP)
Central Bank 190 167 126 131 62 -53 % -67 %
of Argentina
Banks and international 17,142 10,654 12,061 23,079 18,551 -20 % 8 %
institutions
Financing received from Argentine 151 1,528 612 6,810 1,130 -83 % 648 %
financial institutions
Subordinated 335,094 326,821 335,807 497,665 353,563 -29 % 6 %
corporate bonds
Corporate 12,747 10,246 12,675 89,251 67,179 -25 % 427 %
bonds
Shareholders' 2,454,052 2,327,687 2,341,790 3,099,400 3,360,113 8 % 37 %
equity
Total other 2,819,376 2,677,103 2,703,071 3,716,336 3,800,598 2 % 35 %
source of funds
22
BANCO MACRO 1Q24 EARNINGS RELEASE
Liquid Assets .07
In 1Q24,
theBank's liquid assets
amounted to Ps.6.25 trillion, showing a 4% or Ps.9239.7 billion increase QoQ,
and a 14% or Ps.755.7 billionincrease on a yearly basis.
In 1Q24 Other Government securities
increased 50% or Ps.1.58 trillion while
Net Repos
decreased 70% or Ps.650 billion.
In 1Q24, Banco Macro's liquid assets to
total deposits ratio
reached124%.
LIQUID ASSETS MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY
Cash 1,154,332 1,039,322 1,040,143 1,824,171 1,149,472 -37 % 0 %
Guarantees for compensating chambers 99,460 79,392 76,467 103,281 99,616 -4 % 0 %
Call 2,327.00 251.00 - 8,188 -8,461.00 - -
Leliq own portfolio 2,497,487 1,919,463 983,024 - - - -100 %
Net Repos 140,114 423,397 355,015 925,673 277,483 -70 % -
Other government & private securities 1,600,837 2,177,464 2,147,586 3,149,227 4,732,151 50 % 196 %
Total 5,494,557 5,639,289 4,602,235 6,010,540 6,250,261 4 % 14 %
Liquid assets to total deposits 97 % 95 % 99 % 118 % 124 %
23
BANCO MACRO 1Q24 EARNINGS RELEASE
Solvency .08
Banco Macro continuedshowing
high solvency levels
in 1Q24 with an integrated capital (RPC) of Ps.3.2 trillion over a total
capital requirement of Ps.548.9billion.
Banco Macro's excess capital
in 1Q24 was 472% or Ps.2.59 trillion.
The CapitalAdequacy Ratio
(as a percentage of risk-weighted assets- RWA) was 46.5% in 1Q24; TIER1 Ratio
stood at 44.5%.
The Bank's aim is to make
THE BEST USE
OF THIS EXCESS CAPITAL.
MINIMUM CAPITAL REQUIREMENT MACRO Consolidated Change
In MILLION $ 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY
Credit risk requirement 73,119 92,213 124,155 250,774 312,304 25 % 327 %
Market risk requirement 11,531 25,821 19,898 38,335 39,647 3 % 244 %
Operational risk requirement 38,935 48,802 71,224 114,388 196,966 72 % 406 %
Total capital requirements 123,585 166,836 215,276 403,497 548,917 36 % 344 %
Ordinary Capital Level 1 (COn1) 627,056 717,831 979,304 1,745,360 3,184,428 82 % 408 %
Deductible concepts Level 1 (COn1) -33,553 -41,726 -59,469 -121,538 -180,391 48 % 438 %
Capital Level 2 (COn2) 50,063 61,480 83,763 128,995 136,797 6 % 173 %
Integrated capital - RPC (i) 643,566 737,585 1,003,598 1,752,832 3,140,849 79 % 388 %
Excess capital 519,981 570,749 788,322 1,349,335 2,591,932 92 % 398 %
Risk-weighted assets - RWA (ii) 1,518,189 2,051,880 2,645,752 4,952,407 6,747,756 36 % 344 %
Regulatory Capital ratio [(i)/(ii)] 42.4 % 35.9 % 37.9 % 35.4 % 46.5 %
Ratio TIER 1 [Capital Level 1/RWA] 39.1 % 33.0 % 34.8 % 32.8 % 44.5 %
RWA - (ii): RiskWeighted Assets, considering total capital requirements.
24
BANCO MACRO 1Q24 EARNINGS RELEASE
Asset Quality .09
In 1Q24,
BancoMacro's non-performing
to total financing ratio (under Central Bank rules) reached a level of 1.14%,
down from 1.29% in 4Q23,from the 1.41% posted in 1Q23.
Consumer portfolionon-
performing loans deteriorated 12 b.p. (up to 1.47% from 1.35%) while
Commercial portfolio non-performing loans
improved49 b.p. in 1Q24 (down to 0.72% from 1.2%).
The coverageratio
(measured as total allowances under Expected Credit Losses over Non Performing
loans under Central Bank rules) reached 222.7%in 1Q24. Write-offs over
total loans
totaled 0.06%.
The Bank is committedto continue working in this area to maintain excellent
asset quality standards.
ASSET QUALITY MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY
Commercial portfolio 531,924 681,922 706,309 1,372,953 1,248,032 -9 % 135 %
Non-performing 9,204 8,041 8,067 16,539 8,972 -46 % -3 %
Consumer portfolio 2,290,952 2,271,503 2,131,273 1,919,565 1,600,661 -17 % -30 %
Non-performing 30,723 32,410 31,442 25,900 23,486 -9 % -24 %
Total portfolio 2,822,876 2,953,425 2,837,582 3,292,518 2,848,693 -13 % 1 %
Non-performing 39,927 40,451 39,509 42,439 32,458 -24 % -19 %
Commercial non-perfoming ratio 1.73 % 1.18 % 1.14 % 1.20 % 0.72 %
Consumer non-perfoming ratio 1.34 % 1.43 % 1.48 % 1.35 % 1.47 %
Total non-performing/ Total portfolio 1.41 % 1.37 % 1.39 % 1.29 % 1.14 %
Total allowances 57,979 59,079 52,915 85,266 72,285 -15 % 25 %
Coverage ratio w/allowances 145.21 % 146.05 % 133.93 % 200.91 % 222.70 %
Write Offs 1,776 5,515 2,301 2,552 1,831 -28 % 3 %
Write Offs/ Total portfolio 0.06 % 0.19 % 0.08 % 0.08 % 0.06 %
Expected Credit Losses (E.C.L) (I.F.R.S.9)
The Bank recordsan 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 overthe 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 1Q24 EARNINGS RELEASE
1Q24 Snapshot .10
In AR$ Million.Figures of previous quarters have been restated to reflect the
accumulated effect of the inflation adjustment for each period throughMarch
31, 2024
26
BANCO MACRO 1Q24 EARNINGS RELEASE
27
BANCO MACRO 1Q24 EARNINGS RELEASE
28
BANCO MACRO 1Q24 EARNINGS RELEASE
Relevant and Recent Events .11
.
Interest Payment Series F Dollar denominated Notes
On April 30
th
, 2024 the Bank paid
semiannual interest on Series F dollar denominated notes
in the amount of USD 1,321,370.
.
Interest Payment Series A Subordinated Notes
On May 4
th
, 2024 the Bank paid
semiannual interest on Series A subordinated notes
in the amount of USD 13,286,000.
.
Principal and Interest Payment Series E Dollar denominated Notes
On May 2
nd
, 2024 the Bank paid
principal and interest on Class E dollar denominated notes
in the amount of USD 17,060,781
.
Ordinary and Special Shareholders'
meeting. Dividend payment schedule
On April 12, 2024 the Shareholders' Meeting held resolved to separate a portion of the
Optional Reserve Fund for Future ProfitDistributions, in order to pay a cash or in kind
dividend, in the latter case valued at market price, or in any combination of both
options,in the amount of Ps.294,130,167,680 (amount expressed in constant currency as of 31
December 2023), which expressed in constantcurrency as of 29 February 2024 amounts to
Ps.401,735,819,252 and represents AR$ 628.2880750164 per share, subject to prior authorizationfrom
the Banco Central de la Republica Argentina (BCRA). The above stated amount is subject
to a 7% tax withholding under section97 of the Income Tax Law as revised in 2019.
On May 6, 2024 the Superintendencia de Entidades Financieras y Cambiarias of the Central Bank
of the Republic of Argentina informedus that it has decided to authorize Banco Macro S.A. to
distribute profits for an aggregate amount of Ps.294,130,168,000, in cash orin kind, as requested
by the Bank, which distribution shall be carried out in the terms provided by the standard
set by Distributionof Results. Pursuant to Communication "A" 7984, such amount shall be paid
in constant currency of the payment date/s, afterre-expression of the relevant payable amount
by applying the most recently published rate before the date on which each of the
above-mentionedinstalments is made available according to the payment schedule duly fixed by the Board.
On May 14, 2024 the Board of Banco Macro S.A. resolved to
apply the amount of Ps.294,130,167,680 to the payment
of a cashdividend in 3 equal and consecutive monthly
instalments. The amount of each one of such instalments shall
be paid in constant currency,using the most recently published
consumer price index (CPI) as determined by Instituto
Nacional de Estadisticas y Censos (INDEC)to the date
each instalment is made available to the shareholders.
29
BANCO MACRO 1Q24 EARNINGS RELEASE
Year 2024
Instalment Available on (date) Amount (i)
#
1 May 22nd $ 98,043,389,226.67
2 June 26th $ 98,043,389,226.67
3 July 22nd $ 98,043,389,226.67
(i) The amount shall be expressed in constant currency to the date of the
resolution that determines the availability of such instalments.
Each time the Board resolves to make available a dividend instalment, it shall
issue the relevant notice of payment, containing the followinginformation: i)
the amount to be made available to the shareholders; ii) the amount per share;
and iii) whether the dividend to be paidis subject to any kind of tax
withholding.
In addition, please be advised that pursuant to Communication "A" 7997 of
theCentral Bank of the Republic of Argentina, in connection with the option to
be granted to the non-resident shareholders to apply thefunds derived from the
dividends received to the acquisition of BOPREALs, the Bank shall inform such
possibility at the time of issuingthe relevant notice of payment of each
dividend instalment.
The amount to be paid as dividend is subject to a 7% tax withholding
undersection 97 of the Argentine Income Tax Law as revised in 2019 and, in the
case of non-resident shareholders who choose to acquire BOPREALs,an additional
17.5% tax withholding shall apply as Tax for an Inclusive and Solidarity-based
Argentina (PAIS) pursuant to DecreeNo. 385/2024.
Simultaneously with this notice, we published the notice of payment of the
first dividend installment.
On May 6,2024 the Special Shareholders' meeting approved the following: (i)
the Preliminary Merger Agreement entered into onMarch 6th 2024 by and between
Banco Macro S.A. and Banco BMA S.A.U., pursuant to which the company named in
the first place shallabsorb the second one, with retroactive effect to January
1st 2024; (ii) the special consolidated financial statements of mergerof Banco
Macro S.A. and Banco BMA S.A.U. as of 31 December 2023, based on the
information contained in the individual financialstatements of each company to
the same date, as duly submitted to the Central Bank of the Republic of
Argentina, the Argentine SecuritiesExchange Commission (Comision Nacional de
Valores) and Bolsas y Mercados S.A.; and (iii) to omit reading the above
mentioneddocuments since they have been made available to the shareholders
duly in advance and are copied on the relevant corporate books.
Pendingthe authorizations by the Central Bank of the Republic of Argentina and
the Argentine Securities Exchange Commission, the resolutionsadopted at the
present Shareholders' Meeting shall be subject to the granting of such
authorizations.
30
BANCO MACRO 1Q24 EARNINGS RELEASE
Regulatory Changes .12
.
Floor on deposit rates
On March 11, 2024, through Communication "A" 7978 the Central Bank of Argentina decided to remove
floors on deposit rates, therefore Banks can freely determine what they pay for time deposits.
.
Monetary Policy Rate
.
On April 25, 2024:
The Central Bank of Argentina decided to cut the monetary policy
rate by 10 percentage points. Repo rate was cut from 70% to 60% APR.
.
On May 2, 2024.
The Central Bank of Argentina decided to cut the monetary policy
rate by 10 percentage points. Repo rate was cut from 60% to 50% APR.
.
On May 14, 2024:
The Central Bank of Argentina decided to cut the monetary policy
rate by 10 percentage points. Repo rate was cut from 50% to 40% APR.
.
Minimum Reserve Requirements
On May 2, 2024, The Central Bank of Argentina through Communication "A" 8000 decided to
increase reserve requirements for securities guaranteed loans effective as of May 15.
.
/
Up to 29 days: 15%
.
/
More than 30 days: 10%
At the same time the Central Bank of Argentina decided to
increase reserve requirements for Money Market funds to 15%
31
BANCO MACRO 1Q24 EARNINGS RELEASE
CER Exposure and Foreign Currency Position .13
CER EXPOSURE MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY
CER adjustable ASSETS
Government Securities 134,691 196,299 137,943 372,417 4,467,255 1100 % 3217 %
Loans (*) 204,857 206,298 188,513 188,306 202,407 7 % -1 %
Private sector loans 31,415 29,944 27,815 29,549 21,793 -26 % -31 %
Mortgage loans (UVA adjusted) 173,271 176,174 160,547 158,663 180,611 14 % 4 %
Other loans 171 180 151 94 3 -97 % -98 %
Total CER adjustable assets 339,548 402,597 326,456 560,723 4,669,662 733 % 1275 %
CER adjustable LIABILITIES
Deposits 32,592 22,823 11,159 52,317 37,918 -28 % 16 %
(*)
UVA Unemployment fund 21,579 23,521 22,822 18,953 19,122 1 % -11 %
Total CER adjustable liabilities 54,171 46,344 33,981 71,270 57,040 -20 % 5 %
NET CER EXPOSURE 285,377 356,253 292,475 489,453 4,612,622 842 % 1516 %
(*) Includes Loans &Time Deposits CER adjustable (UVAs)
FOREIGN CURRENCY POSITION MACRO Consolidated Change
In MILLION $ (Measuring Unit Current at EOP) 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY
Cash and deposits in Banks 935,863 866,679 889,643 1,698,725 992,394 -42 % 6 %
Cash 32,532 158,906 166,824 511,973 252,960 -51 % 678 %
Central Bank of Argentina 589,073 392,900 442,144 747,594 381,503 -49 % -35 %
Other financial institutions local and abroad 314,205 314,419 280,620 439,074 357,436 -19 % 14 %
Others 53 453 55 85 493 480 % 830 %
Financial instruments at fair value through P&L 1,078,843 1,811,082 1,861,087 2,634,253 122,006 -95 % -89 %
Other financial assets 81,810 82,584 78,627 120,057 104,394 -13 % 28 %
Loans and other financing 201,808 184,983 179,199 272,891 507,160 86 % 151 %
Non financial private sector & foreign residents 201,808 184,983 179,199 272,891 507,160 86 % 151 %
Other debt securities 154,906 324,339 117,790 134,407 63,578 -53 % -59 %
Guarantees received 22,765 29,391 33,859 84,550 24,429 -71 % 7 %
Investment in equity instruments 761 562 1,036 520 374 -28 % -51 %
Total Assets 2,476,756 3,299,619 3,161,241 4,945,404 1,814,333 -63 % -27 %
Deposits 793,962 743,601 728,433 1,551,798 1,112,353 -28 % 40 %
Non financial public sector 31,275 30,615 28,428 52,057 20,913 -60 % -33 %
Financial sector 6,404 7,069 7,150 10,774 7,536 -30 % 18 %
Non financial private sector & foreign residents 756,282 705,917 692,855 1,488,966 1,083,903 -27 % 43 %
Financial liabiities at fair value through P&L 9,607 4,502 24,485 20,951 14,204 -32 % 48 %
Other liabilities from financial intermediation 80,988 83,342 90,368 130,959 146,918 12 % 81 %
Financing from the Central Bank and other fin. Inst 17,284 10,929 12,249 23,310 18,829 -19 % 9 %
Issued corporate bonds 12,747 10,246 12,675 81,650 58,645 -28 % 360 %
Subordinated corporate bonds 335,094 326,821 335,807 497,665 353,563 -29 % 6 %
Other non financial liabilities 513 2,691 2,797 6,864 4,240 -38 % 727 %
Total Liabilities 1,250,194 1,182,132 1,206,814 2,313,196 1,713,878 -26 % 37 %
NET FX POSITION (Pesos) 1,226,562 2,117,487 1,954,427 2,632,208 100,455 -96 % -92 %
EOP FX (Pesos per USD) 208.9883 256.6750 350.0083 808.4833 857.4167 6 % 310 %
NET FX POSITION (USD) 5,869 8,250 5,584 3,256 117 -96 % -98 %
32
BANCO MACRO 1Q24 EARNINGS RELEASE
QUARTERLY MACRO Consolidated Change
BALANCE SHEET
In MILLION $ (Measuring 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY
Unit Current at EOP)
ASSETS
Cash and deposits 1,154,332 1,039,322 1,040,143 1,824,171 1,149,472 -37 % 0 %
in Banks
Cash 136,492 248,274 249,587 602,481 340,204 -44 % 149 %
Central Bank 703,068 476,148 509,868 782,287 451,327 -42 % -36 %
of Argentina
Other local & 314,719 314,446 280,633 439,317 357,446 -19 % 14 %
foreign entities
Other 53 454 55 86 495 476 % 834 %
Debt securities at fair 1,113,034 1,838,452 1,879,200 2,656,588 4,332,995 63 % 289 %
value through profit & loss
Derivatives 2 828 1,787 19,928 57,581 -100 % 2878950 %
Repo 151,727 423,902 365,746 933,358 279,193 -70 % 84 %
Transactions
Other financial 319,949 430,158 434,602 305,338 228,231 -25 % -29 %
assets
Loans & other 2,706,496 2,798,773 2,680,754 2,780,228 2,500,585 -10 % -8 %
receivables
Non Financial 5,468 58,171 7,346 7,152 2,817 -61 % -48 %
Public Sector
Financial 7,202 6,607 33,789 15,109 19,637 30 % 173 %
Sector
Non Financial private 2,693,826 2,733,995 2,639,619 2,757,967 2,478,131 -10 % -8 %
sector and foreign
Other debt 3,157,220 2,627,645 1,403,986 654,693 487,432 -26 % -85 %
securities
Financial assets 145,445 133,831 135,253 201,494 170,195 -16 % 17 %
in guarantee
Income tax 0 0 0 1,331 1,033
assets
Investments in 4,161 4,439 5,521 4,873 3,318 -32 % -20 %
equity instruments
Investments in other companies 5,786 3,507 3,342 2,555 2,163 -15 % -63 %
(subsidiaries and joint ventures)
Property, plant 482,610 482,098 483,998 540,968 542,983 0 % 13 %
and equipment
Intangible 84,588 84,626 83,124 113,975 110,471 -3 % 31 %
assets
Deferred income 345 486 849 1,509 1,263 -16 % 266 %
tax assets
Other non 59,179 56,913 61,236 83,062 67,602 -19 % 14 %
financial assets
Non-current assets 40,844 40,844 39,211 63,513 63,549 0 % 56 %
held for sale
TOTAL 9,425,718 9,965,824 8,618,752 10,187,584 9,998,066 -2 % 6 %
ASSETS
LIABILITIES
Deposits 5,679,715 5,962,434 4,669,667 5,110,023 5,035,761 -1 % -11 %
Non Financial 430,767 415,060 413,026 283,686 517,846 83 % 20 %
Public Sector
Financial 7,412 9,214 8,024 30,606 13,371 -56 % 80 %
Sector
Non Financial private 5,241,536 5,538,160 4,248,617 4,795,731 4,504,544 -6 % -14 %
sector and foreign
Liabilities at fair value 9,607 4,502 24,485 20,962 19,867 -5 % 107 %
through profit & loss
Derivatives 389 35 92 4,303 5,950 38 % 1430 %
Repo 17,402 22,840 90,167 35,785 20,857 - -86 %
Transactions
Other financial 593,468 737,331 746,104 567,812 474,250 -16 % -20 %
liabilities
Financing received from Central Bank 17,482 12,349 12,799 30,020 19,743 -34 % 13 %
and Other Financial Institutions
Issued Corporate 12,747 10,246 12,675 89,251 67,179 -25 % 427 %
Bonds
Current income 44,155 71,109 58,187 324,295 319,764 -1 % 624 %
tax liabilities
Subordinated 335,094 326,821 335,807 497,665 353,563 -29 % 6 %
corporate bonds
Provisions 12,280 11,374 9,157 13,257 11,757 -11 % -4 %
Deferred income 64,198 61,947 58,658 69,354 59,921 -14 % -7 %
tax liabilities
Other non financial 184,677 416,827 258,780 324,751 249,079 -23 % 35 %
liabilities
TOTAL 6,971,214 7,637,815 6,276,578 7,087,478 6,637,691 -6 % -5 %
LIABILITIES
SHAREHOLDERS'
EQUITY
Capital 639 639 639 639 639 0 % 0 %
Stock
Issued Shares 12,430 12,430 12,430 12,430 12,430 0 % 0 %
premium
Adjustment to 866,849 866,849 866,849 866,849 866,849 0 % 0 %
Shareholders' Equity
Reserves 1,335,485 1,267,024 1,267,024 1,267,024 1,267,024 0 % -5 %
Retained 203,857 925 925 925 891,406 96268 % 337 %
earnings
Other accumulated -3,077 3,668 375 61,051 46,345 -24 % -
comprehensive income
Net income for the 37,869 176,152 193,548 890,482 275,420 -69 % 627 %
period / fiscal year
Shareholders' Equity 2,454,052 2,327,687 2,341,790 3,099,400 3,360,113 8 % 37 %
attributable to parent company
Shareholders' Equity attributable 452 322 384 706 262 -63 % -42 %
to non controlling interest
TOTAL SHAREHOLDERS' 2,454,504 2,328,009 2,342,174 3,100,106 3,360,375 8 % 37 %
EQUITY
33
BANCO MACRO 1Q24 EARNINGS RELEASE
INCOME STATEMENT MACRO Consolidated Change
In MILLION $ (Measuring 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY
Unit Current at EOP)
Interest 886,738 962,370 997,374 869,236 714,764 -18 % -19 %
Income
Interest 507,937 624,131 735,456 590,720 547,249 -7 % 8 %
Expense
Net Interest 378,801 338,239 261,918 278,516 167,515 -40 % -56 %
Income
Fee 94,223 91,480 91,645 95,206 84,191 -12 % -11 %
income
Fee 8,768 8,945 9,157 10,950 10,130 -7 % 16 %
expense
Net Fee 85,455 82,535 82,488 84,256 74,061 -12 % -13 %
Income
Subtotal (Net Interest 464,256 420,774 344,406 362,772 241,576 -33 % -48 %
Income + Net Fee Income)
Net Income from financial instruments 35,664 162,583 -84,503 1,357,364 1,272,438 - 3468 %
at Fair Value Through Profit & Loss
Result from assets - - 319 200 21 - -
at amortised cost
Difference in quoted prices 142,244 237,601 553,341 277,087 80,592 -71 % -43 %
of gold and foreign currency
Other operating 22,170 23,975 26,223 38,150 44,350 16 % 100 %
income
Provision for 13,492 17,296 11,305 27,569 18,857 -32 % 40 %
loan losses
Net Operating 650,842 827,637 828,481 2,008,004 1,620,120 -19 % 149 %
Income
Personnel 91,026 96,158 100,219 134,878 133,392 -1 % 47 %
expenses
Administrative 45,189 53,873 53,635 96,306 68,910 -28 % 52 %
expenses
Depreciation and 18,981 19,364 19,185 30,560 24,284 -21 % 28 %
impairment of assets
Other operating 92,454 115,885 109,226 169,603 139,584 -18 % 51 %
expenses
Operating 403,192 542,357 546,216 1,576,657 1,253,950 -20 % 211 %
Income
Income from associates -851 -597 -165 237,238 -214 - -
and joint ventures
Result from net -342,825 -342,898 -501,839 -797,250 -888,994 - -
monetary position
Net Income before income 59,516 198,862 44,212 1,016,645 364,742 -64 % 513 %
tax on cont. operations
Income tax on 21,595 60,483 26,754 319,390 89,507 -72 % 314 %
continuing operations
Net Income from 37,921 138,379 17,458 697,255 275,235 -61 % 626 %
continuing operations
Net Income for 37,921 138,379 17,458 697,255 275,235 -61 % 626 %
the period
Net Income of the period 37,869 138,284 17,396 696,933 275,419 -60 % 627 %
attributable to parent company
Net income of the period attributable 52 95 62 322 -184 - -
to non-controlling interests
Other Comprehensive -3,224 6,744 -3,294 60,678 -14,706 - -
Income
Foreign currency translation differences -822 -192 298 15,513 -14,063 - -
in financial statements conversion
Profits or losses from financial assets measured at fair value -2,402 6,936 -3,592 45,165 -643 - -
through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a)
TOTAL COMPREHENSIVE 34,697 145,123 14,164 757,933 260,529 -66 % 651 %
INCOME FOR THE PERIOD
Total Comprehensive Income 34,645 145,028 14,102 757,611 260,713 -66 % 653 %
attributable to parent Company
Total Comprehensive Income attributable 52 95 62 322 -184 - -
to non-controlling interests
34
BANCO MACRO 1Q24 EARNINGS RELEASE
QUARTERLY ANNUALIZED RATIOS MACRO Consolidated
1Q23 2Q23 3Q23 4Q23 1Q24
Profitability & performance
Net interest margin 33.6 % 38.3 % 58.7 % 52.1 % 26.0 %
Net interest margin adjusted (exc. FX) 24.4 % 22.5 % 18.8 % 26.1 % 17.6 %
Net fee income ratio 8.4 % 5.2 % 5.5 % 0.7 % 1.5 %
Efficiency ratio 25.5 % 21.7 % 22.4 % 13.6 % 14.7 %
Net fee income as % of A&G Expenses 32.9 % 23.9 % 24.6 % 5.4 % 10.6 %
Return on average assets 1.7 % 6.1 % 0.8 % 32.1 % 11.9 %
Return on average equity 6.5 % 24.8 % 3.0 % 106.3 % 37.4 %
Liquidity
Loans as a percentage of total deposits 47.7 % 46.9 % 57.4 % 54.4 % 49.7 %
Liquid assets as a percentage of total deposits 97.0 % 95.0 % 99.0 % 118.0 % 124.0 %
Capital
Total equity as a percentage of total assets 26.0 % 23.4 % 27.2 % 30.4 % 33.6 %
Regulatory capital as % of APR 42.4 % 36.0 % 37.9 % 35.4 % 46.6 %
Asset Quality
Allowances over total loans 2.1 % 2.1 % 2.0 % 3.1 % 2.9 %
Non-performing financing as a percentage of total financing 1.4 % 1.4 % 1.4 % 1.3 % 1.1 %
Coverage ratio w/allowances 145.2 % 146.1 % 133.9 % 200.9 % 222.7 %
Cost of Risk 2.1 % 2.7 % 1.7 % 3.9 % 3.3 %
ACCUMULATED ANNUALIZED RATIOS MACRO Consolidated
1Q23 2Q23 3Q23 4Q23 1Q24
Profitability & performance
Net interest margin 33.6 % 35.9 % 43.0 % 44.8 % 26.0 %
Net interest margin adjusted (exc. FX) 24.4 % 23.5 % 22.0 % 22.8 % 17.6 %
Net fee income ratio 8.4 % 6.6 % 6.2 % 3.6 % 1.5 %
Efficiency ratio 25.5 % 23.4 % 23.0 % 18.6 % 14.7 %
Net fee income as % of A&G Expenses 32.9 % 28.2 % 26.9 % 19.5 % 10.6 %
Return on average assets 1.7 % 3.9 % 2.8 % 9.9 % 11.9 %
Return on average equity 6.5 % 15.5 % 11.3 % 37.5 % 37.4 %
Liquidity
Loans as a percentage of total deposits 47.7 % 46.9 % 57.4 % 54.4 % 49.7 %
Liquid assets as a percentage of total deposits 97.0 % 95.0 % 99.0 % 118.0 % 124.0 %
Capital
Total equity as a percentage of total assets 26.0 % 23.4 % 27.2 % 30.4 % 33.6 %
Regulatory capital as % of APR 42.4 % 36.0 % 37.9 % 35.4 % 46.6 %
Asset Quality
Allowances over total loans 2.1 % 2.1 % 2.0 % 3.1 % 2.9 %
Non-performing financing as a percentage of total financing 1.4 % 1.4 % 1.4 % 1.3 % 1.1 %
Coverage ratio w/allowances 145.2 % 146.1 % 133.9 % 200.9 % 222.7 %
Cost of Risk 2.1 % 2.4 % 2.1 % 2.6 % 3.3 %
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: May 22, 2024
MACRO BANK INC.
By: /s/ Jorge Francisco Scarinci
Name: Jorge Francisco Scarinci
Title: Chief Financial Officer
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}