Banco Macro Announces Results for the Second Quarter of 2024

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August 22, 2024 6:11 PM EDT

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BUENOS AIRES, Argentina, Aug. 22, 2024 /PRNewswire/ -- Banco Macro S.A. (NYSE: BMA; BYMA: BMA) ("Banco Macro" or "BMA" or the "Bank") announced today its results for the second quarter ended June 30, 2024 ("2Q24"). 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 June 30, 2024.

Summary

THE BANK'S NET INCOME totaled Ps.93.1 billion in the six months ended June 30, 2024. This result was 55% or Ps.115.9 billion lower 6M23. In 2Q24, the accumulated annualized return on average equity ("ROAE") and the accumulated annualized return on average assets ("ROAA") were 5.4% and 1.7%, respectively.
In the six months ended June 30, 2024, OPERATING INCOME (before G&A and personnel expenses) totaled Ps.2.38 trillion, 36% or Ps.628.2 billion higher than in 6M23.
In 2Q24, OPERATING INCOME (after G&A and personnel expenses) totaled Ps.99.1 billion, 93% or Ps.1.39 trillion lower than in 1Q24 and 85% or Ps.544 billion lower than the same period of last year.
In 2Q24, BANCO MACRO'S TOTAL FINANCING increased 17% or Ps.504.1 billion quarter over quarter ("QoQ") totaling Ps.3.47 trillion and increased 5% or Ps.154.5 billion year over year ("YoY"). In 2Q24 peso financing increased 7% while USD financing remained unchanged.
In 2Q24, BANCO MACRO'S TOTAL DEPOSITS increased 13% or Ps.769.5 billion QoQ and decreased 5% or Ps.329.3 billion YoY, totaling Ps.6.74 trillion and representing 79% of the Bank's total liabilities. Private sector deposits increased 11% or Ps.591.5 billion QoQ. In 2Q24, Peso deposits increased 17% while USD deposits decreased 6%.
Banco Macro continued showing a strong solvency ratio, with an EXCESS CAPITAL of Ps.2.36 trillion, 35.7% Capital Adequacy Ratio – Basel III and 34 % Tier 1 Ratio. In addition, the Bank's LIQUID ASSETS remained at an adequate level, reaching 98% of its total deposits in 2Q24.
In 2Q24, the Bank's NON-PERFORMING TO TOTAL FINANCING RATIO was 1.23% and the COVERAGE RATIO reached 181.4%..
As of 2Q24, through its 515 branches and 9.175 employees Banco Macro serves 5.28 million retail customers (2.24 million digital customers) across 23 of the 24 Provinces in Argentina and over 151,900 corporate customers.

2Q24 Earnings Release Conference Call
Friday, August 23, 2024
Time: 12:00 p.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