Banco Macro Announces Results for the Fourth Quarter of 2024

Rhea-AI Summary

Banco Macro (NYSE: BMA) reported its Q4 2024 financial results with a net income of Ps.102.2 billion, up 4% from Q3 2024. The bank achieved an annualized ROAE of 7.5% and ROAA of 2.4%.

Operating income before expenses decreased 9% QoQ to Ps.813.9 billion, while operating income after expenses fell 17% to Ps.359.9 billion. Total financing grew 18% QoQ to Ps.5.8 trillion, with both peso and USD financing increasing 14% and 29% respectively in FY2024.

Total deposits reached Ps.8.4 trillion, representing 81% of total liabilities, with a 3% QoQ decrease but 15% YoY increase. The bank maintained strong solvency with Ps.2.8 trillion excess capital and a 32.4% Capital Adequacy Ratio. The non-performing ratio stood at 1.28% with a 158.8% coverage ratio.

Positive

• Net income increased 4% QoQ to Ps.102.2 billion
• Total financing grew 18% QoQ and 45% YoY
• Strong capital position with Ps.2.8 trillion excess capital
• Robust 158.8% loan coverage ratio
• Low non-performing ratio of 1.28%

Negative

• Operating income before expenses decreased 9% QoQ
• Operating income after expenses fell 17% QoQ
• Total deposits declined 3% QoQ
• USD deposits decreased 18% in FY2024

  BUENOS AIRES, Argentina, Feb. 26, 2025 /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 December 31, 2024 ("4Q24").  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 2023 and 2024 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through December 31, 2024.

Summary

• THE BANK'S NET INCOME totaled Ps.102.2 billion in 4Q24. This result was 4%  or Ps.3.5 billion higher than the result posted in 3Q24. In 4Q24, the accumulated annualized return on average equity ("ROAE") and the accumulated annualized return on average assets ("ROAA") were 7.5% and 2.4%, respectively.
• In 4Q24, OPERATING INCOME (before G&A and personnel expenses) totaled Ps.813.9 billion, 9% or Ps.81.9 billion lower than in 3Q24 and 72% or Ps.2.1 trillion lower than the same period of last year.
• In 4Q24, OPERATING INCOME (after G&A and personnel expenses) totaled Ps.359.9 billion, 17% or Ps.76.2 billion lower than in 3Q24 and 84% or Ps.1.9 trillion lower than the same period of last year.
• In 4Q24, BANCO MACRO'S TOTAL FINANCING increased 18% or Ps.884.1 billion quarter over quarter ("QoQ") totaling Ps.5.8 trillion and increased 45% or Ps.1.8 trillion year over year ("YoY"). In FY204 both peso an USD financing increased 14% and 29% respectively
• In 4Q24, BANCO MACRO'S TOTAL DEPOSITS decreased 3% or Ps.299.3 billion QoQ and increased 15% or Ps.1.1 trillion YoY, totaling Ps.8.4 trillion and representing 81% of the Bank's total liabilities. Private sector deposits increased 2% or Ps.147 billion QoQ. In FY2024, Peso deposits increased 2% while USD deposits decreased, 18%.
• Banco Macro continued showing a strong solvency ratio, with an EXCESS CAPITAL of Ps.2.8 trillion, 32.4% Capital Adequacy Ratio – Basel III and 31.6 % Tier 1 Ratio. In addition, the Bank's LIQUID ASSETS remained at an adequate level, reaching 79% of its total deposits in 4Q24.
• In 4Q24, the Bank's NON-PERFORMING TO TOTAL FINANCING RATIO was 1.28% and the COVERAGE RATIO reached 158.8%.
• As of 4Q24, through its 515 branches and 9.004 employees Banco Macro serves 6.12 million retail customers (2.5 million digital customers) across 23 of the 24 Provinces in Argentina and over 201,233 corporate customers.

4Q24 Earnings Release Conference Call
Thursday, February 27, 2025
Time: 11:00 a.m. Eastern Time | 1:00 p.m. Buenos Aires Time

To participate, please dial:
Argentina Toll Free: 
(011) 3984 5677
Participants Dial In (Toll Free): 
+1 (844) 450 3847
Participants International Dial In: 
+1 (412) 317 6370
Conference ID: Banco Macro
Webcast: click here

Webcast Replay:  click here

Available from 02/27/2025 through 03/13/2025

IR Contacts in Buenos Aires:

Jorge Scarinci
Chief Financial Officer

Nicolás A. Torres
Investor Relations

Phone: (54 11) 5222 6682
E-mail: investorelations@macro.com.ar

Visit our website at: www.macro.com.ar/relaciones-inversores

View original content:https://www.prnewswire.com/news-releases/banco-macro-announces-results-for-the-fourth-quarter-of-2024-302386673.html

SOURCE Banco Macro S.A.

FAQ

What was Banco Macro's (BMA) net income in Q4 2024?

Banco Macro reported a net income of Ps.102.2 billion in Q4 2024, representing a 4% increase from Q3 2024.

How much did BMA's total financing grow in Q4 2024?

BMA's total financing increased 18% quarter-over-quarter to Ps.5.8 trillion, showing a 45% year-over-year growth.

What is Banco Macro's (BMA) deposit trend in Q4 2024?

Total deposits decreased 3% QoQ but increased 15% YoY to Ps.8.4 trillion, with private sector deposits growing 2% QoQ.

What are BMA's key performance metrics for Q4 2024?

BMA achieved a 7.5% ROAE, 2.4% ROAA, 32.4% Capital Adequacy Ratio, and maintained a low 1.28% non-performing ratio.

How strong is Banco Macro's capital position in Q4 2024?

BMA showed strong solvency with Ps.2.8 trillion excess capital, 32.4% Capital Adequacy Ratio, and 79% liquid assets to total deposits.