Banco Macro Announces Results for the Third Quarter of 2024

Rhea-AI Summary

Banco Macro (NYSE: BMA) reported its Q3 2024 results with a net income of Ps.91.3 billion, representing a 293% increase from Q3 2023. The bank achieved an annualized ROAE of 6.8% and ROAA of 2.1%. Total financing increased 17% QoQ to Ps.4.55 trillion, while total deposits grew 7% to Ps.8.1 trillion. The bank maintained strong financial metrics with a Capital Adequacy Ratio of 32.8% and excess capital of Ps.2.5 trillion. The non-performing to total financing ratio stood at 1.15% with a coverage ratio of 177.6%. Banco Macro serves 5.24 million retail customers through 515 branches across Argentina.

Positive

• Net income increased 293% year-over-year to Ps.91.3 billion
• Total financing grew 17% QoQ to Ps.4.55 trillion
• Total deposits increased 7% QoQ to Ps.8.1 trillion
• Strong capital position with 32.8% Capital Adequacy Ratio
• Low non-performing loan ratio of 1.15% with 177.6% coverage ratio
• High liquidity ratio at 91% of total deposits

Negative

• Operating income after expenses decreased 44% year-over-year
• Peso deposits decreased 15% in Q3 2024

News Market Reaction

+3.49%

1 alert

+3.49% News Effect

On the day this news was published, BMA gained 3.49%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

BUENOS AIRES, Argentina, Nov. 27, 2024 /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, 2024 ("3Q24").  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 September 30, 2024.

Summary

• 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.

3Q24 Earnings Release Conference Call 
Monday, December 2, 2024
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 12/02/2024 through 09/06/2024

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

View original content:https://www.prnewswire.com/news-releases/banco-macro-announces-results-for-the-third-quarter-of-2024-302317902.html

SOURCE Banco Macro S.A.

FAQ

What was Banco Macro's (BMA) net income in Q3 2024?

Banco Macro reported a net income of Ps.91.3 billion in Q3 2024, representing a 293% increase compared to Q3 2023.

What is Banco Macro's (BMA) Capital Adequacy Ratio in Q3 2024?

Banco Macro maintained a strong Capital Adequacy Ratio of 32.8% in Q3 2024, with excess capital of Ps.2.5 trillion.

How much did Banco Macro's (BMA) total deposits grow in Q3 2024?

Banco Macro's total deposits increased 7% quarter-over-quarter, reaching Ps.8.1 trillion in Q3 2024.

What was Banco Macro's (BMA) non-performing loan ratio in Q3 2024?

Banco Macro's non-performing to total financing ratio was 1.15% with a coverage ratio of 177.6% in Q3 2024.