BMA Sets 10-Month, AR $300 bn Cash Dividend; First Payout AR $53.14/Share

Rhea-AI Filing Summary

Banco Macro S.A. (NYSE: BMA) has confirmed a sizeable cash dividend program totaling AR $300 billion. The Board, following Central Bank approval, will distribute the amount in 10 equal and consecutive monthly instalments, each initially set at AR $30 billion and subsequently adjusted for inflation using the most recent INDEC Consumer Price Index at the time of payment.

The preliminary schedule begins on 30 June 2025 and ends on 30 March 2026. Concurrently, the company issued the payment notice for Instalment #1, whose constant-currency update lifts the payable amount to AR $33.978 billion, equal to AR $53.1408799960 per share. The record date is 27 June 2025, and payment will be handled by Caja de Valores S.A. for local shares and by The Bank of New York Mellon for ADR holders.

Shareholders should note that dividends are subject to a 7 % withholding under Section 97 of the 2019 Income Tax Law. Prior to each subsequent instalment, the Board will publish a notice specifying (i) the constant-currency amount, (ii) the peso amount per share and (iii) applicable tax withholdings.

The announcement implements resolutions approved at the 4 April 2025 shareholders’ meeting and aligns with Central Bank Communiqué “A” 8214, which authorises Argentine banks to distribute dividends in inflation-indexed instalments. No other operational or earnings information was provided in this Form 6-K.

Positive

• Board approval of a substantial AR $300 billion cash dividend, highlighting management confidence and providing immediate shareholder return.
• Inflation-indexed payments ensure real value preservation in a high-inflation environment.
• Defined 10-month payment schedule offers clarity on expected cash flows, starting 30 June 2025.
• First instalment amount disclosed (AR $33.978 billion; AR $53.14 per share) provides concrete data for yield calculations.

Negative

• Dividend subject to 7 % income-tax withholding, reducing net cash received by shareholders.
• Future instalment amounts may increase with CPI, potentially placing additional strain on the bank’s liquidity if inflation spikes.

Insights

Financial Analyst

TL;DR: Large, inflation-indexed dividend (AR $300 bn) begins 30 June 2025; first tranche AR $33.98 bn; 7 % tax applies.

This 6-K is strictly capital-distribution news. A total AR $300 bn dividend is material, equating to roughly AR $53.14 per share on the first tranche alone. Payment in constant currency shields shareholders from Argentina’s high inflation, preserving real value. A 10-month cadence reduces liquidity pressure on the bank versus a one-off payout, while still signalling confidence in capital strength given Central Bank authorisation. Investors in ADRs will receive pass-through distributions via BNY Mellon. The mandatory 7 % withholding marginally trims the net yield but is standard under Argentine tax rules.

Risk Analyst

TL;DR: Dividend positive but recurring payouts may constrain capital if macro conditions worsen.

The filing lacks balance-sheet metrics, yet a AR $300 bn outflow over 10 months is sizeable relative to industry peers. While Central Bank vetting mitigates regulatory risk, Argentina’s volatile inflation and currency backdrop heighten uncertainty around real capital adequacy post-distribution. The CPI indexation feature protects shareholder purchasing power but simultaneously raises the nominal peso outflow if inflation accelerates. Investors should monitor subsequent Board notices for updated amounts and potential shifts in regulatory stance.

 

 

 

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

 

June 18, 2025

 

 

 

Commission File Number: 001-32827

 

 

 

MACRO BANK INC.

(Translation of registrant’s name into English)

 

 

 

Av. Eduardo Madero 1182

Buenos Aires C1106ACY

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 x Form 40-F ¨

 

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 ¨ No x

 

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 ¨ No x

  

 

 

 

 

 

INDEX

 

Translation of a submission from Banco Macro to the CNV dated on June 18, 2025. 

  

 

 

 

Autonomous City of Buenos Aires, June 18^th 2025.

 

To

 

CNV/BYMA/A3Mercados

 

Re.: Relevant Event.

 

Dear Sirs,

 

In connection with the relevant event of last June 5^th regarding the authorization by the Superintendency of Financial and Exchange Entities of the Central Bank of the Republic of Argentina for the payment of a dividend of AR $300,000,000,000, please be advised that on the date hereof the Board of Banco Macro S.A. resolved to apply the amount of AR $300,000,000,000 to the payment of a cash dividend in 10 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 Estadísticas y Censos (INDEC) to the date each instalment is made available to the shareholders.

 

Therefore, the Board fixed a preliminary payment Schedule as follows:

 

Instalment #	Available on (date)	Amount (i)
1	 June 30, 2025	$ 30,000,000,000
2	July 30,  2025	$ 30,000,000,000
3	August 28, 2025	$ 30,000,000,000
4	September 29, 2025	$ 30,000,000,000
5	October 30, 2025	$ 30,000,000,000
6	November 27, 2025	$ 30,000,000,000
7	December 30, 2025	$ 30,000,000,000
8	January 29, 2026	$ 30,000,000,000
9	February 26, 2026	$ 30,000,000,000
10	March 30, 2026	$ 30,000,000,000

 

(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 following information: i) the amount to be made available to the shareholders; ii) the amount per share; and iii) whether the dividend to be paid is subject to any kind of tax withholding.

 

Simultaneously with this notice, we publish the notice of payment of the first dividend instalment.

 

Sincerely,

 

 

 

 

Payment of Cash Dividend

 

We hereby inform to the Shareholders of Banco Macro S.A. that, pursuant to (i) the resolutions adopted by the General and Special Shareholders’ Meeting held on April 4^th 2025, (ii) Communique “A” 8214 authorizing the financial entities with authorization of the Central Bank of the Republic of Argentina to distribute dividends in 10 equal and consecutive monthly instalments expressed in constant currency, (iii) the authorization by the Superintendency of Financial and Exchange Entities of the Central Bank of the Republic of Argentina obtained last June 4^th, and (iv) the resolutions adopted by the Board of Directors at the meeting held on June 18^th 2025, Banco Macro S.A. shall make available and pay to its shareholders instalment No. 1 of the cash dividend of AR $ 33,978,991,182.42, (i.e., AR $ 53.1408799960 per share representing 5,314.0879% of the capital stock of AR $639,413,408).

 

Available as of 06/30/2025

 

Record date: 06/27/2025

 

As to the aggregate amount of dividends Banco Macro S.A. shall distribute, please be advised that such amount is subject to a 7% withholding under section 97 of the Income Tax Law as revised in 2019.

 

Such cash dividend shall be made available as of the above stated date at Caja de Valores S.A. located in 25 de Mayo 362, Autonomous City of Buenos Aires, Mondays to Fridays from 10 AM to 3 PM.

 

Shareholders holding American Depositary Receipts (ADRs) shall receive the relevant dividend under the applicable depositary agreement through The Bank of New York Mellon, as depositary agent of such certificates’ underlying Class B Shares as of the relevant date under the rules applicable in the jurisdiction in which such ADRs of the Company are listed.

 

 

 

 

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: June 18, 2025 

 

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

  

 

FAQ

When will Banco Macro (BMA) pay the first dividend instalment?

Instalment #1 will be available on 30 June 2025, with a record date of 27 June 2025.

How much is the total dividend Banco Macro is distributing?

The Board authorised a total AR $300 billion cash dividend to be paid in 10 monthly instalments.

What is the amount per share for the first dividend instalment?

Shareholders will receive AR $53.1408799960 per share for Instalment #1.

Is the Banco Macro dividend adjusted for inflation?

Yes. Each instalment is expressed in constant currency and adjusted using the latest INDEC CPI at the payment date.

Will taxes be withheld from the Banco Macro dividend?

Yes. A 7 % withholding applies under Section 97 of the 2019 Income Tax Law.

How will ADR holders receive the dividend?

Holders of ADRs will be paid through The Bank of New York Mellon in accordance with the depositary agreement.