#Argentina #Buenos Aires #Banco Macro #BMA

Banco Macro's Robust Financial Performance in Q3 2024

Banco Macro S.A., listed on the NYSE as BMA, reported its financial outcomes for the third quarter of 2024, showcasing significant growth and resilience amid challenging economic conditions in Argentina. The figures reflect a comprehensive inflation adjustment in accordance with IAS 29, ensuring an accurate representation of financial health.

Financial Highlights

In the third quarter ended September 30, 2024, Banco Macro's net income reached 91.3 billion Argentine pesos, marking a substantial 293% increase or 68.1 billion pesos higher compared to the previous year. This impressive growth translates to an accumulated return on average equity (ROAE) of 6.8% and a return on average assets (ROAA) of 2.1%, underscoring the bank's profitability and operational efficiency.

The bank's operating income (before general and administrative expenses) totaled 829.2 billion pesos, demonstrating a 61% increase from the previous quarter. Despite a 25% reduction from the same period of the prior year, the rising operating income indicates effective cost management and strategic growth initiatives.

Total Financing and Deposits

Banco Macro also reported significant enhancements in total financing, which rose by 17% or 657.9 billion pesos from the last quarter, culminating in a total of 4.55 trillion pesos. Year-over-year, total financing witnessed a 28% uptick, driven primarily by the bank's commitment to enhancing accessibility to credit for its customers.

In terms of deposits, the bank experienced a 7% increase or 516 billion pesos from the prior quarter, totaling 8.1 trillion pesos. This reflects a significant customer trust and confidence, with private sector deposits contributing to a 6% increase. Interestingly, peso-denominated deposits declined by 15%, while USD deposits surged by 87%, indicating a shift in customer preferences amid inflationary pressures.

Capital Adequacy and Liquidity

Banco Macro's capital adequacy remains robust, with excess capital amounting to 2.5 trillion pesos and a solid 32.8% capital adequacy ratio, adhering to Basel III standards. The bank also maintained a strong liquidity position, with liquid assets constituting 91% of total deposits, providing a cushion against potential financial fluctuations.

The non-performing (NPL) ratio was recorded at 1.15%, accompanied by an excellent coverage ratio of 177.6%, ensuring that the bank remains secure in its risk management practices.

Continued Commitment to Customers

As of the third quarter of 2024, Banco Macro operates 515 branches and employs approximately 9,109 individuals, catering to over 5.24 million retail customers, including 2.21 million digital customers across 23 provinces in Argentina. The bank also serves over 161,180 corporate clients, showcasing its expansive reach and commitment to supplying a diverse range of financial services.

Upcoming Events

The bank has scheduled a conference call to discuss its earnings release on December 2, 2024, at 11:00 AM Eastern Time. Investors and interested analysts can join the call using the provided dial-in information.

For further details on Banco Macro's financial releases, visit their investor relations website at Banco Macro Investor Relations.

In conclusion, Banco Macro's third-quarter results highlight a strong financial position amidst economic challenges, emphasizing the bank's focus on growth, customer service, and robust risk management practices.