Macro Bank Inc. Reports 1Q24 Earnings

Ticker: BMA · Form: 6-K · Filed: May 23, 2024 · CIK: 1347426

Macro Bank Inc. 6-K Filing Summary
FieldDetail
CompanyMacro Bank Inc. (BMA)
Form Type6-K
Filed DateMay 23, 2024
Risk Levellow
Pages15
Reading Time19 min
Sentimentneutral

Sentiment: neutral

Topics: earnings, financials, foreign-issuer

TL;DR

Macro Bank dropped its 1Q24 earnings report, check the numbers on assets and funding.

AI Summary

Macro Bank Inc. (Banco Macro) filed a Form 6-K on May 23, 2024, reporting its first-quarter 2024 earnings release. The filing includes details on the bank's financial assets, public sector assets, funding, and liquid assets.

Why It Matters

This filing provides investors with key financial performance indicators for Macro Bank Inc. during the first quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a routine earnings release filing, not indicating any immediate significant risks.

Key Players & Entities

  • Macro Bank Inc. (company) — Filer of the report
  • Banco Macro (company) — Alternative name for the filer
  • 001-32827 (other) — SEC File Number
  • May 23, 2024 (date) — Filing date
  • 1Q24 (period) — Reporting period for earnings

FAQ

What is the primary purpose of this Form 6-K filing?

The primary purpose of this Form 6-K filing is to report Macro Bank Inc.'s first-quarter 2024 earnings release.

When was this Form 6-K filed with the SEC?

This Form 6-K was filed with the SEC on May 23, 2024.

What specific financial areas are covered in the earnings release?

The earnings release covers areas such as Summary, Disclaimer, Results, Financial Assets, Public Sector Assets, Funding, and Liquid Assets.

What is the SEC file number for Macro Bank Inc.?

The SEC file number for Macro Bank Inc. is 001-32827.

What is the address of Macro Bank Inc.'s principal executive offices?

The address of Macro Bank Inc.'s principal executive offices is Avenida Eduardo Madero 1182, Ciudad Autónoma de Buenos Aires, C1106 ACY.

Filing Stats: 4,645 words · 19 min read · ~15 pages · Grade level 6.2 · Accepted 2024-05-23 06:06:02

Filing Documents

From the Filing

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 May 22, 2024 Commission File Number: 001-32827 MACRO BANK INC. (Translation of registrant's name into English) Avenida Eduardo Madero 1182 Ciudad Autónoma de Buenos Aires C1106 ACY 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 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 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 BANCO MACRO 1Q24 EARNINGS RELEASE Index 01 Summary 02 Disclaimer 03 Results 04 Financial Assets 05 Public Sector Assets 06 Funding 07 Liquid Assets 08 Solvency 09 Asset Quality 10 1Q24 Snapshot 11 Relevant and Recent Events 12 Regulatory Changes 13 CER Exposure and Foreign Currency Position 2 BANCO MACRO 1Q24 EARNINGS RELEASE 4 BANCO MACRO 1Q24 EARNINGS RELEASE 5 BANCO MACRO 1Q24 EARNINGS RELEASE Summary .01 · 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 employees Banco 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. As of December 2023, Banco Macro consolidated includes Banco Macro + subsidiaries + Banco BMA (formerly Banco Itaú Argentina) 6 BANCO MACRO 1Q24 EARNINGS RELEASE Disclaimer .02 This press release includes forward-looking statements. We have based these forward-looking statements largely on our current beliefs, expectations and projections about future events and financial trends affecting our business. Many important factors could cause our actual results to differ substantially from those anticipated in our forward-looking statements, including, among other things: inflation; changes in interest rates and the cost of deposits; government regulation; adverse legal or regulatory disputes or proceedings; credit and other risks of lending, such as increases in defaults by borrowers; fluctuations and declines in the value of Argentine public debt; competition in banking and financial services; deterioration in regional and national business and economic conditions in Argentina; and fluctuations in the exchange rate of the peso. The words "believe," "may," "will," "aim," "estimate," "continue," "anticipate," "intend," "expect" and similar words are intended to identify forward-looking statements. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of future regulation and the effects of competition. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to update publicly or to

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