Banco Macro Announces Results for the First Quarter of 2024
BUENOS AIRES, Argentina, May 22, 2024 /PRNewswire/ -- Banco Macro S.A. (NYSE: BMA; BYMA: BMA) ("Banco Macro" or "BMA" or the "Bank") announced today its results for the first quarter ended March 31, 2024 ("1Q24"). 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 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through March 31, 2024
Summary
As of December 2023, Banco Macro consolidated includes Banco Macro + subsidiaries + Banco BMA (formerly Banco Itaú Argentina)
THE BANK'S NET INCOME totaled Ps.275.2 billion in 1Q24. This result was 61% lower than the Ps.679.3 billion posted in 4Q23 and 626% higher than the Ps.37.9 billion posted in 1Q23. In 1Q24 the annualized return on average equity ("ROAE") and the annualized return on average assets ("ROAA") were 37.4% and 11.9%, respectively.
In 1Q24, OPERATING INCOME (before G&A and personnel expenses) totaled Ps.1.62 trillion, 19% or Ps.388 billion lower than in 4Q23 and 149% or Ps.969.3 billion higher than the same period of last year.
In 1Q24, OPERATING INCOME (after G&A and personnel expenses) totaled Ps.1.25 trillion, 20% or Ps.322.7 billion lower than in 4Q23 and 211% or Ps.850.8 billion higher than the same period of last year.
In 1Q24, BANCO MACRO'S TOTAL FINANCING decreased 10% or Ps.279.6 billion quarter over quarter ("QoQ") totaling Ps.2.5 trillion and decreased 8% or Ps.205.9 billion year over year ("YoY"). In 1Q24 peso financing decreased 20% while USD financing increased 75%.
In 1Q24, BANCO MACRO'S TOTAL DEPOSITS decreased 1% or Ps.74.3 billion QoQ and 11% or Ps.644 billion YoY, totaling Ps.5 trillion and representing 76% of the Bank's total liabilities. Private sector deposits decreased 6% or Ps.291.2 billion QoQ. In 1Q24, Peso deposits increased, 10% while USD deposits decreased 32%.
Banco Macro continued showing a strong solvency ratio, with an EXCESS CAPITAL of Ps.2.6 trillion, 46.5% Capital Adequacy Ratio ? Basel III and 44.5 % Tier 1 Ratio. In addition, the Bank's LIQUID ASSETS remained at an adequate level, reaching 124% of its total deposits in 1Q24.
In 1Q24, the Bank's NON-PERFORMING TO TOTAL FINANCING RATIO was 1.14% and the COVERAGE RATIO reached 222.7%.
As of 1Q24, through its 517 branches and 9.166 employeesBanco Macro serves 5.18 million retail customers (2.19 million digital customers) across 23 of the 24 Provinces in Argentina and over 149,770 corporate customers.
1Q24 Earnings Release Conference Call Friday, May 24, 2024
Time: 12:00 p.m. Eastern Time 01:00 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
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