6-K
Macro Bank Inc. (BMA)
SECURITIES ANDEXCHANGE COMMISSION
Washington**,D.C. 20549**
FORM 6-K
REPORT OF FOREIGNPRIVATE ISSUER
PURSUANT TO RULE13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGEACT OF 1934
February 23, 2023
Commission File Number: 001-32827
MACRO BANK INC.
(Translationof registrant’s name into English)
Avenida Eduardo Madero 1182
Ciudad Autónoma de Buenos Aires C1106 ACY
Tel: 54 11 5222 6500
(Address of registrant’sprincipal 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 | ¨ |
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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 |
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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 |
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| 4Q22 Earnings Release |
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Banco Macro AnnouncesResults for the Fourth Quarter of 2022
Buenos Aires,Argentina, February 23, 2023 – Banco Macro S.A. (NYSE: BMA; BYMA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the fourth quarter ended December 31, 2022 (“4Q23”). 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. As of 1Q20, the Bank began reporting results applying Hyperinflation Accounting, in accordance with IFRS IAS 29 as established by the Central Bank. For ease of comparison, figures of previous quarters of 2021 and 2022 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through December 31, 2022.
Summary
• TheBank’s net income totaled Ps.16.6 billion in 4Q22. This result was 59% higher than the Ps.10.4 billion posted in 3Q22 and 19% lowerthan the Ps.20.5 billion posted in 4Q21. Net Income for FY2022 totaled Ps.43 billion, 19% lower than the Ps.52.8 posted in FY2021. In4Q22, the annualized return on average equity (“ROAE”) and the annualized return on average assets (“ROAA”) were16.9% and 3.3%, respectively.
• In 4Q22Operating Income (after G&A and personnel expenses) totaled Ps.78.2 billion, 79% or Ps.34.6 billion higher than in the same periodof last year.
• In4Q22, Banco Macro’s financing to the private sector increased Ps.2 billion quarter over quarter(“QoQ”) totaling Ps.596.4 billion and decreased 12% or Ps.83.4 billion year over year (“YoY”). In FY2022 pesofinancing decreased 14% while USD financing decreased 30%.
• In4Q22, Banco Macro’s total deposits decreased 2% or Ps.23.5 billion QoQ and increased 13% or Ps.148.4 billion YoY, totaling Ps.1.3trillion and representing 82% of the Bank’s total liabilities. Private sector deposits increased 2% or Ps.24.5 billion QoQ. InFY2022, private sector deposits stand out with a 14% increase (within private sector deposits time deposits grew 28% compared to FY2021)
• BancoMacro continued showing a strong solvency ratio, with an excess capital of Ps.410.3 billion, 39.9% regulatory capital ratio – BaselIII and 36.6% Tier 1 Ratio. In addition, the Bank’s liquid assets remained at an adequate level, reaching 95% of its total depositsin 4Q22.
• In4Q22, the Bank’s non-performing to total financing ratio was 1.25% and the coverage ratio remained stable at 151.69%.
• Asof 4Q22, through its 467 branches and 7.781 employees Banco Macro serves 4.6 million retail customers (1.6 million digital customers)across 23 of the 24 Provinces in Argentina and over 111,700 corporate customers.
| 4Q22 Earnings Release Conference Call | IR Contacts in Buenos Aires: | ||
|---|---|---|---|
| Thursday, February 24, 2022 | Jorge Scarinci | ||
| **Time: 11:00 a.m. Eastern Time | 1:00 p.m. Buenos Aires Time** | Chief Financial Officer | |
| To participate, please dial: | **** | **** | |
| Argentina Toll Free: | **** | Nicolás A. Torres | |
| (011) 3984 5677 | **** | Investor Relations | |
| Participants Dial In (Toll Free): | **** | ||
| +1 (844) 450 3847 | Webcast Replay: click here | Phone: (54 11) 5222 6682 | |
| Participants International Dial In: | E-mail: [email protected] | ||
| +1 (412) 317 6370 | Available from 02/24/2023 through 03/10/2023 | **** | |
| Conference ID: Banco Macro | **** | Visit our website at: | |
| Webcast: click here | **** | www.macro.com.ar/relaciones-inversores |
2
| 4Q22 Earnings Release |
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Disclaimer
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 revise any forward-looking statements after we distribute this press release because of new information, future events or other factors. In light of the risks and uncertainties described above, the forward-looking events and circumstances discussed in this press release might not occur and are not guarantees of future performance.
This report is a summary analysis of Banco Macro's financial condition and results of operations as of and for the period indicated. For a correct interpretation, this report must be read in conjunction with all other material periodically filed with the Comisión Nacional de Valores (www.cnv.gob.ar), the Securities and Exchange Commission (www.sec.gov), Bolsas y mercados Argentinos (www.byma.com.ar) and the New York Stock Exchange (www.nyse.com). In addition, the Central Bank (www.bcra.gov.ar) may publish information related to Banco Macro as of a date subsequent to the last date for which the Bank has published information.
Readers of this report must note that this is a translation made from an original version written and expressed in Spanish. Consequently, any matters of interpretation should be referred to the original version in Spanish.
3
| 4Q22 Earnings Release |
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This EarningsRelease has been prepared in accordance with the accounting framework established by the Central Bank of Argentina (“BCRA”),based on International Financial Reporting Standards (“I.F.R.S.”) and the resolutions adopted by the International AccoutingStandards Board (“I.A.S.B”) and by the Federación Argentina de Consejos Profesionales de Ciencias Económicas(“F.A.C.P.E.”). As of January 2020 the Bank started reporting with the application of (i) Expected losses of IFRS9 “Financial Instruments” and (ii) IAS 29 “Financial Reporting in Hyperinflationary Economies”. Data andfigures shown in this Earnings Release may differ from the ones shown in the 20-F annual report. As of fiscal year 2021, the monetaryresult accrued by items of a monetary nature measured at fair value with changes in Other Comprehensive Income (OCI), is recorded inthe Result form the Net Monetary Position integrating the Net Result of the period in accordance with Communication “A” 7211of the Central Bank of Argentina. Previous quarters of 2021/2 have been restated in accordance with said Communication in order to makea comparison possible
Results
Earnings per outstanding share were Ps.26 in 4Q22, 59% higher than in 3Q22 and 19% lower than the result posted a year ago.
In FY2022, earnings per outstanding share were Ps.67.31, 19% lower than in FY2021.
| EARNINGS PER SHARE | Change | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION (Measuring Unit Current at EOP) | 3Q22 | 4Q22 | FY2021 | FY2022 | QoQ | YoY | |||||||||
| Net income -Parent Company- (M ) | 20,519 | 10,417 | 16,614 | 52,834 | 43,046 | 59 | % | -19 | % | ||||||
| Average # of shares outstanding (M) | 639 | 639 | 639 | 639 | 639 | 0 | % | 0 | % | ||||||
| Average #of treasury stocks (shares repurchased) (M) | - | - | - | 0 | 0 | - | - | ||||||||
| Book value per avg. Outstanding share () | 727 | 780 | 802 | 727 | 802 | 3 | % | 10 | % | ||||||
| Shares Outstanding (M) | 639 | 639 | 639 | 639 | 639 | 0 | % | 0 | % | ||||||
| Earnings per avg. outstanding share () | 32.09 | 16.30 | 26.00 | 82.63 | 67.31 | 59 | % | -19 | % | ||||||
| EOP FX (Pesos per ) | 102.7500 | 147.3150 | 177.1283 | 20 | % | 72 | % | ||||||||
| Book value per avg. issued ADS () | 70.75 | 52.95 | 45.28 | -14 | % | -36 | % | ||||||||
| Earnings per avg. outstanding ADS () | 3.12 | 1.11 | 1.47 | 8.04 | 3.80 | 33 | % | -53 | % |
All values are in US Dollars.
Banco Macro’s 4Q22 net income of Ps.16.6 billion was 59% or Ps.6.2 billion higher than the previous quarter and 19% or Ps.3.9 billion lower YoY. This result represented an accumulated ROAE and ROAA of 9.7% and 2.3% respectively. Net comprehensive income was Ps.14.1 billion, 10% higher than the result posted in 3Q21 and 32% lower than the one registered a year ago.
In FY2022 net income for the period totaled Ps.43 billion, 19% lower than the Ps.52.8 billion posted in FY2021. Total comprehensive income totaled Ps.37.5 billion, 32% lower than a year ago.
Net operating income (before G&A and personnel expenses) was Ps.131.3 billion in 4Q22, decreasing 8% or Ps.11.3 billion compared to 3Q22 due to lower income from financial assets at fair value through profit or loss. On a yearly basis, Net Operating Income (before G&A and personnel expenses) increased 36% or Ps.34.4 billion.
In FY2022 Net operating income (before G&A and personnel expenses) totaled Ps.498.2 billion, 31% higher than the previous year.
In 4Q22, Provision for loan losses totaled Ps.2.5 billion, 51% or Ps.861 million higher than in 4Q21. On a yearly basis provision for loan losses decreased 34% or Ps.1.3 billion.
In FY2022 Provision for loan losses increased 37% compared to FY2021.
Operating income (after G&A and personnel expenses) was Ps.78.2 billion in 4Q22, 11% or Ps.9.9 billion lower than in 3Q22 but 79% or Ps.34.6 billion higher than a year ago.
In FY2022 Operating income totaled Ps.291.2 billion, 60% higher than the previous year.
It is important to emphasize that this result was obtained with a leverage of only 4.1x assets to equity ratio.
4
| 4Q22 Earnings Release | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| INCOME STATEMENT | MACRO Consolidated | Change | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In MILLION $ (Measuring Unit Current at EOP) | 4Q21 | 3Q22 | 4Q22 | FY2021 | FY2022 | QoQ | YoY | |||||||||
| Net Interest Income | 69,579 | 74,467 | 83,602 | 255,255 | 305,325 | 12 | % | 20 | % | |||||||
| Net fee income | 17,064 | 16,705 | 17,066 | 65,164 | 67,989 | 2 | % | 0 | % | |||||||
| Net Interest Income + Net Fee Income | 86,643 | 91,172 | 100,668 | 320,419 | 373,314 | 10 | % | 16 | % | |||||||
| Net Income from financial instruments at fair value through P&L | 6,891 | 29,946 | -3,366 | 38,577 | 47,847 | -111 | % | -149 | % | |||||||
| Income from assets at amortized cost | 177 | 0 | 170 | 475 | 170 | - | -4 | % | ||||||||
| Differences in quoted prices of gold and foreign currency | 3,116 | 18,802 | 30,597 | 9,053 | 62,274 | 63 | % | 882 | % | |||||||
| Other operating income | 3,874 | 4,394 | 5,759 | 15,260 | 21,177 | 31 | % | 49 | % | |||||||
| Provision for loan losses | 3,824 | 1,672 | 2,533 | 4,783 | 6,558 | 51 | % | -34 | % | |||||||
| Net Operating Income | 96,877 | 142,642 | 131,295 | 379,001 | 498,224 | -8 | % | 36 | % | |||||||
| Employee benefits | 18,946 | 20,709 | 18,790 | 76,907 | 77,638 | -9 | % | -1 | % | |||||||
| Administrative expenses | 11,486 | 9,730 | 10,406 | 39,138 | 39,156 | 7 | % | -9 | % | |||||||
| Depreciation and impairment of assets | 3,607 | 3,855 | 3,936 | 13,880 | 15,249 | 2 | % | 9 | % | |||||||
| Other operating expenses | 19,247 | 20,265 | 19,981 | 66,691 | 74,994 | -1 | % | 4 | % | |||||||
| Operating Income | 43,591 | 88,083 | 78,182 | 182,385 | 291,187 | -11 | % | 79 | % | |||||||
| Result from associates & joint ventures | 69 | -113 | 117 | 170 | -114 | - | - | |||||||||
| Result from net monetary postion | -29,565 | -68,423 | -56,970 | -126,482 | -228,573 | - | - | |||||||||
| Result before taxes from continuing operations | 14,095 | 19,547 | 21,329 | 56,073 | 62,500 | 9 | % | 51 | % | |||||||
| Income tax | -6,424 | 9,130 | 4,715 | 3,239 | 19,454 | - | - | |||||||||
| Net income from continuing operations | 20,519 | 10,417 | 16,614 | 52,834 | 43,046 | 59 | % | -19 | % | |||||||
| Net Income of the period | 20,519 | 10,417 | 16,614 | 52,834 | 43,046 | 59 | % | -19 | % | |||||||
| Net income of the period attributable to parent company | 20,518 | 10,396 | 16,604 | 52,833 | 43,039 | 60 | % | -19 | % | |||||||
| Net income of the period attributable to minority interest | 1 | 21 | 10 | 1 | 7 | -52 | % | 900 | % | |||||||
| Other Comprehensive Income | 134 | 2,440 | -2,497 | 2,286 | -5,559 | - | - | |||||||||
| Foreign currency translation differences in financial statements conversion | -376 | -208 | 144 | -1,493 | -719 | - | - | |||||||||
| Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a) | 510 | 2,648 | -2,641 | 3,779 | -4,840 | . | - | |||||||||
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 20,653 | 12,857 | 14,117 | 55,120 | 37,487 | 10 | % | -32 | % | |||||||
| Total Comprehensive Income attributable to parent Company | 20,652 | 12,836 | 14,107 | 55,119 | 37,480 | 10 | % | -32 | % | |||||||
| Total Comprehensive Income attributable to non-controlling interests | 1 | 21 | 10 | 1 | 7 | -52 | % | 900 | % |
The Bank’s 4Q22 net interest income totaled Ps.83.6 billion, 12% or Ps.9.1 billion higher than in 3Q22 and 20% or Ps.14 billion higher YoY.
In FY2022, net interest income was 20% higher than in FY2021 as a result of different regulations adopted that set caps on lending rates and floors on deposit rates. Interest income increased 39% while interest expense increased 67%.
In 4Q22 interest income totaled Ps.198.6 billion,23% or Ps.37.8 billion higher than in 3Q22 and 79% or Ps.87.8 billion higher than in 4Q21.
Income from interest on loans and other financing totaled Ps.69.6 billion, 7% or Ps.4.5 billion higher compared with the previous quarter mainly due a 570 basis points increase in the average lending rate. On a yearly basis Income from interest on loans increased 21% or Ps.12 billion.
In FY2022 interest on loans totaled Ps.251 billion and increased 12% compared to FY2021.
In 4Q22 income from government and private securities increased 34% or Ps.30.7 billion QoQ (due to higher income from Government securities) and increased 144% or Ps.71.9 billion compared with the same period of last year. This result is explained 20% by income from government and private securities through other comprehensive income (Leliqs and Other government securities) and the remaining 80% is explained by income from government and private securities in pesos at amortized cost.
5
| 4Q22 Earnings Release |
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In FY2022, income from government and private securities increased 75% compared with FY2021.
In 4Q22, income from Repos totaled Ps.7 billion, 52% or Ps.2.4 billion higher than the previous quarter and 112% or Ps.3.7 higher than a year ago.
In 4Q22 FX income totaled Ps.31.2 billion, 63% or Ps.11.8 million higher than the previous quarter and Ps.27.5 billion higher than a year ago. FX income gain was due to the 20% argentine peso depreciation against the US dollar, the Bank’s long dollar position during the quarter and FX trading results.
In FY2022, FX income totaled a Ps.62.3 billion gain, 588% higher than FY2021.
| FX INCOME | MACRO Consolidated | Change | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at EOP) | 4Q21 | 3Q22 | 4Q22 | QoQ | YoY | |||||||||||
| (1) Differences in quoted prices of gold and foreign currency | 3,116 | 18,802 | 30,597 | 63 | % | 882 | % | |||||||||
| Translation of FX assets and liabilities to Pesos | 2,803 | 18,414 | 30,425 | 65 | % | 985 | % | |||||||||
| Income from foreign currency exchange | 313 | 389 | 172 | -56 | % | -45 | % | |||||||||
| (2) Net Income from financial assets and liabilities at fair value through P&L | - | 123 | 619 | 402 | % | - | ||||||||||
| Income from investment in derivative financing instruments | - | 123 | 619 | 402 | % | - | ||||||||||
| (1) +(2) Total Result from Differences in quoted prices of gold and foreign currency | 3,116 | 18,926 | 31,216 | 65 | % | 902 | % | |||||||||
| INTEREST INCOME | MACRO Consolidated | Change | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In MILLION $ (Measuring Unit Current at EOP) | 4Q21 | 3Q22 | 4Q22 | FY2021 | FY2022 | QoQ | YoY | |||||||||
| Interest on Cash and due from Banks | 6 | 114 | 259 | 26 | 400 | 127 | % | 4217 | % | |||||||
| Interest from government securities | 49,829 | 91,109 | 121,731 | 198,393 | 347,584 | 34 | % | 144 | % | |||||||
| Interest from private securities | 75 | 39 | 80 | 590 | 193 | 105 | % | 7 | % | |||||||
| Interest on loans and other financing | ||||||||||||||||
| To the financial sector | 270 | 97 | 172 | 1,316 | 536 | 77 | % | -36 | % | |||||||
| To the public non financial sector | 606 | 350 | 333 | 3,538 | 1,515 | -5 | % | -45 | % | |||||||
| Interest on overdrafts | 4,000 | 7,673 | 7,967 | 15,724 | 25,400 | 4 | % | 99 | % | |||||||
| Interest on documents | 5,838 | 7,238 | 7,915 | 18,258 | 25,584 | 9 | % | 36 | % | |||||||
| Interest on mortgages loans | 7,417 | 9,974 | 9,744 | 29,770 | 37,616 | -2 | % | 31 | % | |||||||
| Interest on pledged loans | 893 | 708 | 614 | 2,071 | 2,977 | -13 | % | -31 | % | |||||||
| Interest on personal loans | 23,702 | 21,792 | 21,749 | 93,772 | 89,374 | 0 | % | -8 | % | |||||||
| Interest on credit cards loans | 7,970 | 10,158 | 12,870 | 28,693 | 40,706 | 27 | % | 61 | % | |||||||
| Interest on financial leases | 72 | 88 | 114 | 164 | 345 | 30 | % | 58 | % | |||||||
| Interest on other loans | 6,845 | 6,960 | 8,102 | 30,185 | 26,951 | 16 | % | 18 | % | |||||||
| Interest on Repos | 0 | |||||||||||||||
| From the BCRA | 3,272 | 4,494 | 6,651 | 16,525 | 12,636 | 48 | % | 103 | % | |||||||
| Other financial institutions | 16 | 85 | 329 | 102 | 648 | 287 | % | 1956 | % | |||||||
| Total Interest income | 110,811 | 160,879 | 198,630 | 439,127 | 612,465 | 23 | % | 79 | % | |||||||
| Income from Interest on loans | 57,613 | 65,038 | 69,580 | 223,491 | 251,004 | 7 | % | 21 | % |
The Bank’s 4Q22 interest expense totaled Ps.115 billion, increasing 33% or Ps.28.6 billion compared to the previous quarter and 179% (Ps.73.8 billion) compared to 4Q21.
In 4Q22, interest on deposits represented 98% of the Bank’s total interest expense, increasing 34% or Ps.28.5 billion QoQ, due to a 10% increase in the average volume of deposits from the private sector, while the average rate paid on deposits increased 860 basis points. On a yearly basis, interest on deposits increased 187% or Ps.73.8 billion.
In FY2022, interest expense increased 67% compared with FY2021.
6
| 4Q22 Earnings Release | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| INTEREST EXPENSE | MACRO Consolidated | Change | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In MILLION $ (Measuring Unit Current at EOP) | 4Q21 | 3Q22 | 4Q22 | FY2021 | FY2022 | QoQ | YoY | |||||||||
| Deposits | ||||||||||||||||
| Interest on checking accounts | 277 | 3,940 | 8,922 | 2,564 | 15,478 | 126 | % | 3121 | % | |||||||
| Interest on saving accounts | 593 | 1,062 | 1,125 | 2,409 | 3,808 | 6 | % | 90 | % | |||||||
| Interest on time deposits | 38,603 | 79,799 | 103,244 | 169,974 | 280,599 | 29 | % | 167 | % | |||||||
| Interest on other financing from BCRA and financial inst. | 40 | 140 | 188 | 305 | 506 | 34 | % | 370 | % | |||||||
| Repos | ||||||||||||||||
| Other financial institutions | 117 | 103 | 52 | 574 | 976 | -50 | % | -56 | % | |||||||
| Interest on corporate bonds | 216 | 13 | 14 | 1,679 | 296 | 8 | % | -94 | % | |||||||
| Interest on subordinated bonds | 1,378 | 1,125 | 1,130 | 6,321 | 4,628 | 0 | % | -18 | % | |||||||
| Interest on other financial liabilities | 8 | 230 | 353 | 46 | 849 | 53 | % | 4313 | % | |||||||
| Total financial expense | 41,232 | 86,412 | 115,028 | 183,872 | 307,140 | 33 | % | 179 | % | |||||||
| Expenses from interest on deposits | 39,473 | 84,801 | 113,291 | 174,947 | 299,885 | 34 | % | 187 | % |
In 4Q22, the Bank’s net interest margin (including FX) was 27.1%, higher than the 25.2% posted in 3Q22 and the 19.1% posted in 4Q21.
In 4Q22, Net Interest Margin (excluding FX) was 22.5%, higher than the 22.1% posted in 3Q22 and than the 18.4% posted in 4Q21.
In 4Q22, Net Interest Margin (Pesos) was 26.3%, higher than the 24.5% posted in 3Q22 and than the 23% in 4Q21; meanwhile Net Interest Margin (USD) was 5.6%, higher than the 5% posted in 3Q22 and than the 4.1% registered in 4Q21.
| ASSETS &<br> LIABILITIES PERFORMANCE (AR$) | MACRO<br> Consolidated | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION<br> $ | 4Q21 | 3Q22 | 4Q22 | |||||||||||||||||||||
| (Measuring Unit Current<br> at EOP) | AVERAGE | REAL<br> INT | NOMINAL | AVERAGE | REAL<br> INT | NOMINAL | AVERAGE | REAL<br> INT | NOMINAL | |||||||||||||||
| Yields & rates in<br> annualized nominal % | BALANCE | RATE | INT<br> RATE | BALANCE | RATE | INT<br> RATE | BALANCE | RATE | INT<br> RATE | |||||||||||||||
| Interest-earning assets | ||||||||||||||||||||||||
| Loans & Other<br> Financing | ||||||||||||||||||||||||
| Public<br> Sector | 5,671 | 1.3 | % | 42.4 | % | 3,215 | -23.5 | % | 43.2 | % | 2,644 | -11.0 | % | 50.0 | % | |||||||||
| Financial<br> Sector | 3,276 | -5.6 | % | 32.7 | % | 1,130 | -28.4 | % | 34.1 | % | 1,418 | -12.3 | % | 47.8 | % | |||||||||
| Private<br> Sector | 618,284 | -4.4 | % | 34.3 | % | 568,583 | -23.5 | % | 43.2 | % | 534,488 | -11.6 | % | 49.1 | % | |||||||||
| Other debt securities | ||||||||||||||||||||||||
| Central<br> Bank Securities (Leliqs) | 264,816 | -2.1 | % | 37.6 | % | 449,124 | -9.8 | % | 68.8 | % | 486,718 | 6.3 | % | 79.2 | % | |||||||||
| Government<br> & Private Securities | 239,511 | 0.3 | % | 40.9 | % | 123,391 | -24.0 | % | 42.2 | % | 164,161 | -5.5 | % | 59.3 | % | |||||||||
| Repos | 36,071 | -3.1 | % | 36.2 | % | 30,354 | -14.6 | % | 59.8 | % | 39,624 | 0.8 | % | 69.9 | % | |||||||||
| Total interest-earning assets | 1,167,629 | -2.9 | % | 36.5 | % | 1,175,797 | -18.1 | % | 53.3 | % | 1,229,053 | -3.3 | % | 63.0 | % | |||||||||
| Fin. Assets through P&L and<br> equity inv. | 60,468 | -5.8 | % | 32.4 | % | 61,424 | -58.4 | % | -22.2 | % | 37,528 | -71.5 | % | -52.0 | % | |||||||||
| Other Non interest-earning<br> assets | 139,763 | 154,624 | 120,302 | |||||||||||||||||||||
| Total Non interest-earning<br> assets | 200,231 | 216,048 | 157,830 | |||||||||||||||||||||
| Total Average Assets | 1,367,860 | 1,391,845 | 1,386,883 | |||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||||
| Deposits | ||||||||||||||||||||||||
| Public<br> Sector | 38,741 | -9.1 | % | 27.7 | % | 73,019 | -21.6 | % | 46.8 | % | 80,866 | -5.6 | % | 59.1 | % | |||||||||
| Private<br> Sector | 616,611 | -12.0 | % | 23.6 | % | 717,747 | -24.1 | % | 42.1 | % | 792,031 | -10.6 | % | 50.7 | % | |||||||||
| BCRA and other financial institutions | 604 | -10.6 | % | 25.6 | % | 751 | -7.0 | % | 74.0 | % | 750 | 18.0 | % | 98.9 | % | |||||||||
| Corporate bonds | 6,107 | -18.9 | % | 14.0 | % | 0 | 0.0 | % | 0.0 | % | 0 | 0.0 | % | 0.0 | % | |||||||||
| Repos | 1,608 | -8.3 | % | 28.9 | % | 889 | -22.0 | % | 46.0 | % | 382 | -8.7 | % | 54.0 | % | |||||||||
| Other financial liabilities | 4,277 | -28.8 | % | 0.1 | % | 3,684 | -35.1 | % | 21.4 | % | 93,963 | -39.9 | % | 1.4 | % | |||||||||
| Total int.-bearing liabilities | 667,948 | -12.0 | % | 23.7 | % | 796,090 | -23.9 | % | 42.5 | % | 967,992 | -13.0 | % | 46.7 | % | |||||||||
| Total non int.-bearing liabilities | 450,280 | 372,954 | 368,824 | |||||||||||||||||||||
| Total Average Liabilities | 1,118,228 | 1,169,044 | 1,336,816 | |||||||||||||||||||||
| Assets Performance | 107,396 | 157,948 | 195,248 | |||||||||||||||||||||
| Liabilities Performance | 39,824 | 85,231 | 113,855 | |||||||||||||||||||||
| Net Interest Income | 67,572 | 72,717 | 81,393 | |||||||||||||||||||||
| Total interest-earning assets | 1,167,629 | 1,175,797 | 1,229,053 | |||||||||||||||||||||
| Net Interest Margin (NIM) | 23.0 | % | 24.5 | % | 26.3 | % |
7
| 4Q22 Earnings Release | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS &<br> LIABILITIES PERFORMANCE USD | MACRO<br> Consolidated | |||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In MILLION<br> $ | 4Q21 | 3Q22 | 4Q22 | |||||||||||||||||||||
| (Measuring Unit Current<br> at EOP) | AVERAGE | REAL<br> INT | NOMINAL | AVERAGE | REAL<br> INT | NOMINAL | AVERAGE | REAL<br> INT | NOMINAL | |||||||||||||||
| Yields & rates in<br> annualized nominal % | BALANCE | RATE | INT<br> RATE | BALANCE | RATE | INT<br> RATE | BALANCE | RATE | INT<br> RATE | |||||||||||||||
| Interest-earning assets | ||||||||||||||||||||||||
| Cash and Deposits<br> in Banks | 97,105 | -17.3 | % | 0.0 | % | 76,743 | -8.6 | % | 0.6 | % | 76,837 | 8.3 | % | 1.3 | % | |||||||||
| Loans & Other<br> Financing | ||||||||||||||||||||||||
| Financial<br> Sector | 0 | 0.0 | % | 0.0 | % | 0 | 0.0 | % | 0.0 | % | 31 | 20.6 | % | 12.8 | % | |||||||||
| Private<br> Sector | 37,351 | 11.3 | % | 34.6 | % | 31,315 | 21.7 | % | 34.0 | % | 33,007 | 45.1 | % | 35.7 | % | |||||||||
| Other debt securities | ||||||||||||||||||||||||
| Central<br> Bank Securities | 57,667 | -16.5 | % | 1.0 | % | 26,227 | -7.4 | % | 2.0 | % | 8,975 | 14.1 | % | 6.7 | % | |||||||||
| Government<br> & Private Securities | 0 | 0.0 | % | 0.0 | % | 0 | 0.0 | % | 0.0 | % | 0 | 0.0 | % | 0.0 | % | |||||||||
| Total interest-earning assets | 192,123 | -11.5 | % | 7.1 | % | 138,773 | -1.5 | % | 8.4 | % | 157,001 | 16.0 | % | 8.5 | % | |||||||||
| Fin. Assets through P&L and<br> equity inv. | 4,094 | 138.7 | % | 188.8 | % | 91,834 | 121.8 | % | 144.2 | % | 163,561 | 11.0 | % | 3.8 | % | |||||||||
| Non interest-earning assets | 290,648 | 263,855 | 266,834 | |||||||||||||||||||||
| Total Non interest-earning<br> assets | 294,742 | 355,689 | 430,395 | |||||||||||||||||||||
| Total Average Assets | 486,865 | 494,462 | 587,396 | |||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||||
| Deposits | ||||||||||||||||||||||||
| Public<br> Sector | 8,425 | -17.3 | % | 0.1 | % | 4,536 | -9.1 | % | 0.1 | % | 4,485 | 7.0 | % | 0.1 | % | |||||||||
| Private<br> Sector | 118,324 | -17.3 | % | 0.1 | % | 88,823 | -9.2 | % | 0.0 | % | 92,862 | 6.9 | % | 0.0 | % | |||||||||
| BCRA and other financial institutions | 795 | -14.0 | % | 4.0 | % | 2,579 | -4.8 | % | 4.8 | % | 2,121 | 10.3 | % | 3.2 | % | |||||||||
| Issued Corporte bonds | 0 | 0.0 | % | 0.0 | % | 2,612 | -7.4 | % | 2.0 | % | 2,617 | 9.2 | % | 2.1 | % | |||||||||
| Subordinated bonds | 82,901 | -11.9 | % | 6.6 | % | 69,306 | -3.4 | % | 6.4 | % | 69,421 | 13.9 | % | 6.5 | % | |||||||||
| Total int.-bearing liabilities | 210,445 | -15.1 | % | 2.7 | % | 167,856 | -6.6 | % | 2.8 | % | 171,506 | 9.8 | % | 2.7 | % | |||||||||
| Total non int.-bearing liabilities | 86,179 | 80,274 | 76,577 | |||||||||||||||||||||
| Total Average liabilities | 296,624 | 248,130 | 248,083 | |||||||||||||||||||||
| Assets Performance | 3,415 | 2,931 | 3,382 | |||||||||||||||||||||
| Liabilities Performance | 1,408 | 1,181 | 1,173 | |||||||||||||||||||||
| Net Interest Income | 2,007 | 1,750 | 2,209 | |||||||||||||||||||||
| Total interest-earning assets | 192,123 | 138,773 | 157,001 | |||||||||||||||||||||
| Net Interest Margin (NIM) | 4.1 | % | 5.0 | % | 5.6 | % |
In 4Q22 Banco Macro’s net fee income totaled Ps.17.1 billion, 2% or Ps.361 million higher than in 3Q22 and was practically unchanged from the same period of last year.
In FY2022, net fee income was 4% higher than in the previous year.
In the quarter, fee income totaled Ps.19 billion, 2% or Ps.386 million higher than in 3Q22. Fees charged on deposits accounts, credit card fees and mutual funds and securities fees stood out with 2% (Ps.170 million), 7% (Ps.253 million) and 53% (Ps.128 million) increases respectively which were partially offset by a 12% decrease in debit card fees and a 9% decrease in ATM transaction fees. On a yearly basis, fee income was almost unchanged with Ps.17 million decrease.
In the quarter, total fee expense increased 1% or Ps.25 million. On a yearly basis, fee expenses decreased 1% or Ps.19 million.
| NET FEE INCOME | MACRO Consolidated | Change | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at EOP) | 4Q21 | 3Q22 | 4Q22 | FY2021 | FY2022 | QoQ | YoY | |||||||||
| Fees charged on deposit accounts | 7,031 | 6,940 | 7,110 | 27,674 | 28,332 | 2 | % | 1 | % | |||||||
| Credit card fees | 3,431 | 3,460 | 3,713 | 12,831 | 14,052 | 7 | % | 8 | % | |||||||
| Corporate services fees | 2,269 | 2,665 | 2,610 | 8,040 | 10,198 | -2 | % | 15 | % | |||||||
| ATM transactions fees | 1,742 | 1,568 | 1,426 | 6,733 | 6,300 | -9 | % | -18 | % | |||||||
| Insurance fees | 1,154 | 987 | 1,016 | 4,451 | 4,226 | 3 | % | -12 | % | |||||||
| Debit card fees | 1,286 | 1,206 | 1,066 | 4,696 | 4,758 | -12 | % | -17 | % | |||||||
| Financial agent fees (Provinces) | 1,058 | 1,023 | 1,077 | 4,020 | 4,162 | 5 | % | 2 | % | |||||||
| Credit related fees | 484 | 414 | 512 | 1,708 | 1,798 | 24 | % | 6 | % | |||||||
| Mutual funds & securities fees | 420 | 241 | 369 | 1,477 | 1,264 | 53 | % | -12 | % | |||||||
| AFIP & Collection services | 83 | 58 | 52 | 310 | 233 | -10 | % | -37 | % | |||||||
| ANSES fees | 25 | 18 | 15 | 102 | 80 | -17 | % | -40 | % | |||||||
| Total fee income | 18,983 | 18,580 | 18,966 | 72,042 | 75,403 | 2 | % | 0 | % | |||||||
| Total fee expense | 1,919 | 1,875 | 1,900 | 6,878 | 7,414 | 1 | % | -1 | % | |||||||
| Net fee income | 17,064 | 16,705 | 17,066 | 65,164 | 67,989 | 2 | % | 0 | % |
8
| 4Q22 Earnings Release |
|---|
In 4Q22, as opposed to previous quarters Net Income from financial assets and liabilities at fair value through profit or loss totaled a Ps.3.4 billion loss, mainly due to the mark to market of some government securities. In 4Q22 a Ps.9.5 billion loss was recorded related to government securities which was partially offset by a Ps.5.4 billion gain in private securities.
In FY2022, Net Income from financial assets and liabilities at fair value through profit or loss was 24% higher than in FY2021, mainly due to higher income from private securities.
| NET INCOME FROM FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS | MACRO Consolidated | Change | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at EOP) | 4Q21 | 3Q22 | 4Q22 | FY2021 | FY2022 | QoQ | YoY | |||||||||
| Profit or loss from government securities | 5,349 | 21,375 | -9,525 | 32,949 | 18,345 | - | - | |||||||||
| Profit or loss from private securities | -88 | 8,267 | 5,390 | 2,422 | 19,740 | -35 | % | - | ||||||||
| Profit or loss from investment in derivative financing instruments | 0 | 123 | 619 | 0 | 752 | 403 | % | 0 | % | |||||||
| Profit or loss from other financial assets | -12 | -41 | 25 | -28 | -26 | - | - | |||||||||
| Profit or loss from investment in equity instruments | 1,141 | -96 | 51 | 2,025 | 6,746 | - | -96 | % | ||||||||
| Profit or loss from the sale of financial assets at fair value | 517 | 318 | 74 | 1,391 | 2,290 | -77 | % | -86 | % | |||||||
| Income from financial assets at fair value through profit or loss | 6,907 | 29,946 | -3,366 | 38,759 | 47,847 | - | - | |||||||||
| Profit or loss from derivative financing instruments | -16 | 0 | 0 | -182 | 0 | - | - | |||||||||
| Income from financial liabilities at fair value through profit or loss | -16 | 0 | 0 | -182 | 0 | - | - | |||||||||
| NET INCOME FROM FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS | 6,891 | 29,946 | -3,366 | 38,577 | 47,847 | - | - |
In the quarter, Other Operating Income totaled Ps.5.8 billion, 31% or Ps.1.4 billion higher than in 3Q22. On a yearly basis, Other Operating Income increased 49% or Ps.1.9 billion.
In FY2022, Other Operating Income was 39% higher than in FY2021.
| OTHER OPERATING INCOME | MACRO Consolidated | Change | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at EOP) | 4Q21 | 3Q22 | 4Q22 | FY2021 | FY2022 | QoQ | YoY | |||||||||
| Credit and debit cards | 275 | 342 | 839 | 753 | 1,812 | 145 | % | 205 | % | |||||||
| Lease of safe deposit boxes | 580 | 511 | 511 | 2,281 | 2,143 | 0 | % | -12 | % | |||||||
| Other service related fees | 1,410 | 1,314 | 1,678 | 5,336 | 5,655 | 28 | % | 19 | % | |||||||
| Sale of real estate and other non-financial assets | 76 | -2 | -24 | 76 | 0 | - | - | |||||||||
| Other adjustments and interest from other receivables | 591 | 1,138 | 1,307 | 2,861 | 4,058 | 15 | % | 121 | % | |||||||
| Initial recognition of loans | 0 | -118 | 0 | 0 | 0 | - | 0 | % | ||||||||
| Sale of property, plant and equipment | 4 | 0 | 35 | 9 | 35 | - | 775 | % | ||||||||
| Others | 938 | 1,209 | 1,413 | 3,944 | 7,474 | 17 | % | 51 | % | |||||||
| Other Operating Income | 3,874 | 4,394 | 5,759 | 15,260 | 21,177 | 31 | % | 49 | % |
In 4Q22 Banco Macro’s administrative expenses plus employee benefits totaled Ps.29.2 billion, 4% or Ps.1.2 billion lower than the previous quarter, due to lower employee expenses (9%) and a 7% increase in administrative expenses. On a yearly basis, administrative expenses plus employee benefits decreased 4% or Ps.1.2 billion.
In FY2022 administrative expenses plus employee benefits increased 1% compared to FY2021, showing the strict cost control policies adopted by the Bank’s senior management.
9
| 4Q22 Earnings Release |
|---|
Employee benefits decreased 9% or Ps.1.9 billion QoQ. On a yearly basis, Employee benefits decreased 1% or Ps.156 million.
In 4Q22, administrative expenses increased 7% or Ps.676 million, due to higher Other professional fees (28%) higher maintenance and conservation fees (9%) and higher advertising and publicity fees (24%).
As of 4Q22, the accumulated efficiency ratio reached 28.6%, improving from the 29.1% posted in 3Q22 and much better than the 37.5% posted a year ago. In 4Q22 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) increased 2%, while income (net interest income + net fee income + differences in quoted prices of gold and foreign currency + other operating income + net income from financial assets at fair value through profit or loss – (Turnover Tax + Insurance on deposits)) increased 33% compared to 3Q22.
| PERSONNEL & ADMINISTRATIVE EXPENSES | MACRO Consolidated | Change | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at EOP) | 4Q21 | 3Q22 | 4Q22 | FY2021 | FY2022 | QoQ | YoY | ||||||||||||
| Employee benefits | 18,946 | 20,709 | 18,790 | 76,907 | 77,638 | -9 | % | -1 | % | ||||||||||
| Remunerations | 13,132 | 14,076 | 13,099 | 54,584 | 53,578 | -7 | % | 0 | % | ||||||||||
| Social Security Contributions | 3,129 | 3,581 | 3,480 | 12,595 | 13,221 | -3 | % | 11 | % | ||||||||||
| Compensation and bonuses | 1,951 | 2,357 | 1,562 | 7,611 | 8,116 | -34 | % | -20 | % | ||||||||||
| Employee services | 734 | 695 | 649 | 2,117 | 2,723 | -7 | % | -12 | % | ||||||||||
| Administrative Expenses | 11,486 | 9,730 | 10,406 | 39,138 | 39,156 | 7 | % | -9 | % | ||||||||||
| Taxes | 1,443 | 1,681 | 1,646 | 5,704 | 6,415 | -2 | % | 14 | % | ||||||||||
| Maintenance, conservation fees | 1,733 | 1,537 | 1,673 | 6,462 | 6,236 | 9 | % | -3 | % | ||||||||||
| Directors & statutory auditors fees | 751 | 429 | 767 | 1,523 | 1,975 | 79 | % | 2 | % | ||||||||||
| Security services | 1,009 | 934 | 943 | 3,972 | 3,761 | 1 | % | -7 | % | ||||||||||
| Electricity & Communications | 940 | 877 | 817 | 3,960 | 3,465 | -7 | % | -13 | % | ||||||||||
| Other professional fees | 964 | 900 | 1,151 | 3,317 | 3,780 | 28 | % | 19 | % | ||||||||||
| Rental agreements | 57 | 39 | 40 | 228 | 173 | 3 | % | -30 | % | ||||||||||
| Advertising & publicity | 679 | 511 | 636 | 1,700 | 2,375 | 24 | % | -6 | % | ||||||||||
| Personnel allowances | 193 | 193 | 228 | 470 | 683 | 18 | % | 18 | % | ||||||||||
| Stationary & Office Supplies | 71 | 64 | 77 | 246 | 272 | 20 | % | 8 | % | ||||||||||
| Insurance | 123 | 109 | 95 | 529 | 413 | -13 | % | -23 | % | ||||||||||
| Hired administrative services | 80 | 75 | 69 | 243 | 266 | -8 | % | - | |||||||||||
| Other | 3,443 | 2,381 | 2,264 | 10,784 | 9,342 | -5 | % | -34 | % | ||||||||||
| Total Administrative Expenses | 30,432 | 30,439 | 29,196 | 116,045 | 116,794 | -4 | % | -4 | % | ||||||||||
| Total Employees | 8,005 | 7,857 | 7,781 | ||||||||||||||||
| Branches | 466 | 466 | 467 | ||||||||||||||||
| Efficiency ratio | 37.4 | % | 25.8 | % | 27.2 | % | |||||||||||||
| Accumulated efficiency ratio | 37.5 | % | 29.1 | % | 28.6 | % |
In 4Q22, Other Operating Expenses totaled Ps.20 billion, decreasing 1% or Ps.284 million QoQ, due to lower other provision charges (Ps.1.5 billion). On a yearly basis, Other Operating Expenses increased 4% or Ps.734 million.
In FY2022, Other Operating Expenses were 12% higher than in FY2021.
| OTHER OPERATING EXPENSES | MACRO Consolidated | Change | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at EOP) | 4Q21 | 3Q22 | 4Q22 | FY2021 | FY2022 | QoQ | YoY | |||||||||
| Turnover Tax | 8,995 | 11,049 | 11,479 | 35,193 | 41,332 | 4 | % | 28 | % | |||||||
| Other provision charges | 984 | 1,195 | -287 | 3,162 | 2,383 | - | - | |||||||||
| Deposit Guarantee Fund Contributions | 473 | 478 | 513 | 2,029 | 1,913 | 7 | % | 8 | % | |||||||
| Donations | 38 | 164 | 28 | 57 | 421 | -83 | % | -26 | % | |||||||
| Insurance claims | 72 | 114 | 148 | 174 | 435 | 30 | % | 106 | % | |||||||
| Initial loan recognition | 1,560 | 451 | 114 | 1,952 | 565 | -75 | % | -93 | % | |||||||
| Others | 7,125 | 6,814 | 7,986 | 24,124 | 27,945 | 17 | % | 12 | % | |||||||
| Other Operating Expenses | 19,247 | 20,265 | 19,981 | 66,691 | 74,994 | -1 | % | 4 | % |
10
| 4Q22 Earnings Release |
|---|
In 4Q22, theresult from the net monetary position totaled a Ps.57 billion loss, 17% or Ps.11.5 billion lower than the loss posted in 3Q22. Lower inflation was observed during the quarter (468 b.p. below 3Q22 level, down to 17.3% from 22% in 3Q22).
In FY2022, the result from net monetary position was 81% higher than the one posted in FY2021 as inflation soared to 94.8% from 50.9% a year ago.
In FY2022, Banco Macro's effective income tax rate 31.1%, higher than the 5.8% effective tax rate of FY2021. It should be noted that in FY2021 the effective tax rate was affected by the implications of inflation adjustments on accounting and tax balances and the determination of income tax due and deferred income tax. For more information, please see Note 25 “Income Tax” of our Financial Statements.
| OPERATING RESULT | MACRO consolidated | Change | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at EOP) | 4Q21 | 3Q22 | 4Q22 | FY2021 | FY2022 | QoQ | YoY | |||||||||
| Operating Result (exc. Loss from net monetary position) | 43,591 | 88,083 | 78,182 | 182,385 | 291,187 | -11 | % | 79 | % | |||||||
| Result from net monetary position (i.e. inflation adjustment) | -29,565 | -68,423 | -56,970 | -126,482 | -228,573 | -17 | % | 93 | % | |||||||
| Operating Result (Inc. Loss from net monetary position) | 14,026 | 19,660 | 21,212 | 55,903 | 62,614 | 8 | % | 51 | % |
Financial Assets
Private sectorfinancing
The volume of “core” financing to the private sector (including loans, financial trust and leasing portfolio) totaled Ps.596.4 billion, increasing Ps.2 billion QoQ and decreasing 12% or Ps.83.4 billion YoY.
Within commercial loans, Overdrafts stand out with a 2% or Ps.1.2 billion decrease.
Within consumer lending, credit card loans increased 6% or Ps.10 billion while credit card loans and mortgage loans decreased 7% and 4% respectively QoQ.
Within private sector financing, peso financing decreased 1% or Ps.3.3 billion, while US dollar financing decreased 2% or USD 5 million.
In FY2022 credit card loans stand out with a 3% increase while personal loans decreased 25%.
As of 4Q22, Banco Macro’s market share over private sector loans was 7.4%.
11
| 4Q22 Earnings Release | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FINANCING TO THE PRIVATE SECTOR | Change | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In MILLION (Measuring Unit Current at EOP) | 3Q22 | 4Q22 | QoQ | YoY | ||||||||||
| Overdrafts | 45,319 | 46,517 | 45,396 | -2 | % | 0 | % | |||||||
| Discounted documents | 77,256 | 74,987 | 75,911 | 1 | % | -2 | % | |||||||
| Mortgage loans | 42,884 | 24,549 | 23,462 | -4 | % | -45 | % | |||||||
| Pledged loans | 14,271 | 9,374 | 9,320 | -1 | % | -35 | % | |||||||
| Personal loans | 182,357 | 146,420 | 136,590 | -7 | % | -25 | % | |||||||
| Credit Card loans | 184,982 | 180,758 | 190,779 | 6 | % | 3 | % | |||||||
| Others | 68,565 | 50,488 | 51,458 | 2 | % | -25 | % | |||||||
| Interest | 60,095 | 57,281 | 60,047 | 5 | % | 0 | % | |||||||
| Total loan portfolio | 675,729 | 590,374 | 592,963 | 0 | % | -12 | % | |||||||
| Total loans in Pesos | 646,963 | 560,646 | 557,923 | 0 | % | -14 | % | |||||||
| Total loans in | 28,766 | 29,728 | 35,040 | 18 | % | 22 | % | |||||||
| Financial trusts | 1,034 | 1,351 | 951 | -30 | % | -8 | % | |||||||
| Leasing | 931 | 1,257 | 1,387 | 10 | % | 49 | % | |||||||
| Others | 2,098 | 1,409 | 1,117 | -21 | % | -47 | % | |||||||
| Total other financing | 4,063 | 4,017 | 3,455 | -14 | % | -15 | % | |||||||
| Total other financing in Pesos | 2,897 | 3,092 | 2,505 | -19 | % | -14 | % | |||||||
| Total other financing in | 1,166 | 925 | 950 | 3 | % | -19 | % | |||||||
| Total financing to the private sector | 679,792 | 594,391 | 596,418 | 0 | % | -12 | % | |||||||
| EOP FX (Pesos per ) | 102.7500 | 147.3150 | 177.1283 | 20 | % | 72 | % | |||||||
| financing / Financing to the private sector | 4 | % | 5 | % | 6 | % |
All values are in US Dollars.
Public Sector Assets
In 4Q22, the Bank’s public sector assets (excluding LELIQs) to total assets ratio was 18.5%, higher than the 17.8% registered in the previous quarter, and higher than the 18.1% posted in 4Q21.
In 4Q22, a 5% or Ps.18.2 billion increase in Other government securities stand out while Central Bank Notes decreased 71% or Ps.29.3 billion.
| PUBLIC SECTOR ASSETS | MACRO Consolidated | Change | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at EOP) | 4Q21 | 3Q22 | 4Q22 | QoQ | YoY | ||||||||||
| Notaliq / Central Bank Notes | 0 | 41,438 | 12,106 | -71 | % | - | |||||||||
| Leliqs | 259,018 | 489,953 | 491,522 | 0 | % | 90 | % | ||||||||
| Other | 346,801 | 366,784 | 384,976 | 5 | % | 11 | % | ||||||||
| Government securities | 605,819 | 898,175 | 888,604 | -1 | % | 47 | % | ||||||||
| Provincial loans | 4,157 | 1,678 | 1,722 | 3 | % | -59 | % | ||||||||
| Loans | 4,157 | 1,678 | 1,722 | 3 | % | -59 | % | ||||||||
| Purchase of government bonds | 351 | 0 | 0 | - | -100 | % | |||||||||
| Other receivables | 351 | 0 | 0 | - | - | ||||||||||
| TOTAL PUBLIC SECTOR ASSETS | 610,327 | 899,853 | 890,326 | -1 | % | 46 | % | ||||||||
| TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ) | 351,309 | 368,462 | 386,698 | 5 | % | 10 | % | ||||||||
| TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS | 18.1 | % | 17.8 | % | 18.5 | % |
12
| 4Q22 Earnings Release |
|---|
Funding
Deposits
Banco Macro’s deposit base totaled Ps.1.3 trillion in 4Q22, decreasing 2% or Ps.23.5 billion QoQ and a 13% or Ps.148.4 billion increase YoY and representing 82% of the Bank’s total liabilities.
On a quarterly basis private sector deposits increased 2% or Ps.24.5 billion while public sector deposits decreased 30% or Ps.48.1 billion.
The increase in private sector deposits was led demand deposits, which increased 5% or Ps.27.6 billion, while time deposits decreased 2% or Ps.9 billion QoQ.
Within private sector deposits, peso deposits decreased 4% or Ps.41.7 billion, while US dollar deposits decreased 7% or USD 72 million.
In FY2022, within private sector deposits, time deposits increased 28% or Ps.129.3 while demand deposits increased 1% or Ps.4.2 billion.
As of 4Q22, Banco Macro´s market share over private sector deposits was 6.3%.
| DEPOSITS | Change | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION (Measuring Unit Current at EOP) | 3Q22 | 4Q22 | QoQ | YoY | ||||||||||
| Public sector | 109,868 | 158,080 | 109,952 | -30 | % | 0 | % | |||||||
| Financial sector | 1,872 | 1,494 | 1,653 | 11 | % | -12 | % | |||||||
| Private sector | 1,035,301 | 1,159,291 | 1,183,790 | 2 | % | 14 | % | |||||||
| Checking accounts | 196,485 | 174,872 | 159,124 | -9 | % | -19 | % | |||||||
| Savings accounts | 358,322 | 328,102 | 371,400 | 13 | % | 4 | % | |||||||
| Time deposits | 454,741 | 593,072 | 584,033 | -2 | % | 28 | % | |||||||
| Other | 25,753 | 63,245 | 69,233 | 9 | % | 169 | % | |||||||
| Total | 1,147,041 | 1,318,865 | 1,295,395 | -2 | % | 13 | % | |||||||
| Pesos | 958,865 | 1,166,069 | 1,124,374 | -4 | % | 17 | % | |||||||
| Foreign Currency (Pesos) | 188,176 | 152,796 | 171,021 | 12 | % | -9 | % | |||||||
| EOP FX (Pesos per ) | 102.7500 | 147.3150 | 177.1283 | 20 | % | 72 | % | |||||||
| Foreign Currency () | 1,831 | 1,037 | 966 | -7 | % | -47 | % | |||||||
| Deposits / Total Deposits | 16 | % | 12 | % | 13 | % |
All values are in US Dollars.
Banco Macro’s transactional deposits represent approximately 45% of its total deposit base as of 4Q22. These accounts are low cost and are not sensitive to interest rate increases.
13
| 4Q22 Earnings Release |
|---|
Other sourcesof funds
In 4Q22, the total amount of other sources of funds increased 2% or Ps.14.3 billion compared to 3Q22 mainly due to a 3% or Ps.14.1 increase in Shareholders’ equity. On a yearly basis, other sources of funds increased 7% or Ps.36.5 billion.
| OTHER SOURCES OF FUNDS | MACRO Consolidated | Change | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at EOP) | 4Q21 | 3Q22 | 4Q22 | QoQ | YoY | |||||||
| Central Bank of Argentina | 42 | 36 | 46 | 28 | % | 10 | % | |||||
| Banks and international institutions | 535 | 2,055 | 2,383 | 16 | % | 345 | % | |||||
| Financing received from Argentine financial institutions | 276 | 761 | 20 | -97 | % | -93 | % | |||||
| Subordinated corporate bonds | 81,763 | 71,541 | 72,130 | 1 | % | -12 | % | |||||
| Corporate bonds | 5,826 | 2,704 | 2,716 | 0 | % | -53 | % | |||||
| Shareholders' equity | 464,715 | 498,304 | 512,410 | 3 | % | 10 | % | |||||
| Total other source of funds | 553,157 | 575,401 | 589,705 | 2 | % | 7 | % |
Liquid Assets
In 4Q22, the Bank’s liquid assets amounted to Ps.1.2 trillion, showing a 1% or Ps.8.2 billion decrease QoQ, and a 19% or Ps.192.5 billion increase on a yearly basis.
In 4Q22, Other government securities increased 5% or Ps.18.2 billion. Cash increased 6% or Ps.14.3 billion.
In 4Q22, Banco Macro’s liquid assets to total deposits ratio reached 95%.
| LIQUID ASSETS | MACRO Consolidated | Change | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at EOP) | 4Q21 | 3Q22 | 4Q22 | QoQ | YoY | ||||||||||
| Cash | 335,692 | 235,830 | 250,089 | 6 | % | -26 | % | ||||||||
| Guarantees for compensating chambers | 30,242 | 26,809 | 24,825 | -7 | % | -18 | % | ||||||||
| Notaliq / Central Bank Notes | 0 | 41,438 | 12,106 | -71 | % | - | |||||||||
| Leliq own portfolio | 259,018 | 489,953 | 491,522 | 0 | % | 90 | % | ||||||||
| Net Repos | 61,176 | 72,874 | 61,929 | -15 | % | 1 | % | ||||||||
| Other government & private securities | 346,801 | 366,784 | 384,976 | 5 | % | 11 | % | ||||||||
| Total | 1,032,929 | 1,233,688 | 1,225,447 | -1 | % | 19 | % | ||||||||
| Liquid assets to total deposits | 90 | % | 94 | % | 95 | % |
14
| 4Q22 Earnings Release |
|---|
Solvency
Banco Macro continued showing high solvency levels in 4Q22 with an integrated capital (RPC) of Ps.515.3 billion over a total capital requirement of Ps.105.1 billion. Banco Macro’s excess capital in 4Q22 was 391% or Ps.410.3 billion.
The regulatory capital ratio (as a percentage of risk-weighted assets- RWA) was 39.9% in 4Q22; TIER1 Ratio stood at 36.6%.
The Bank’s aim is to make the best use of this excess capital.
| MINIMUM CAPITAL REQUIREMENT | MACRO Consolidated | Change | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ | 4Q21 | 3Q22 | 4Q22 | QoQ | YoY | ||||||||||
| Credit risk requirement | 36,726 | 52,233 | 60,581 | 16 | % | 65 | % | ||||||||
| Market risk requirement | 3,585 | 9,998 | 11,709 | 17 | % | 227 | % | ||||||||
| Operational risk requirement | 17,438 | 26,568 | 32,771 | 23 | % | 88 | % | ||||||||
| Total capital requirements | 57,749 | 88,800 | 105,061 | 18 | % | 82 | % | ||||||||
| Ordinary Capital Level 1 (COn1) | 233,700 | 418,322 | 500,504 | 20 | % | 114 | % | ||||||||
| Deductible concepts Level 1 (COn1) | -14,585 | -24,630 | -27,620 | 12 | % | 89 | % | ||||||||
| Capital Level 2 (COn2) | 36,401 | 47,051 | 42,447 | -10 | % | 17 | % | ||||||||
| Integrated capital - RPC (i) | 255,516 | 440,743 | 515,330 | 17 | % | 102 | % | ||||||||
| Excess capital | 197,767 | 351,943 | 410,269 | 17 | % | 107 | % | ||||||||
| Risk-weighted assets - RWA (ii) | 708,490 | 1,090,977 | 1,291,206 | 18 | % | 82 | % | ||||||||
| Regulatory Capital ratio [(i)/(ii)] | 36.1 | % | 40.4 | % | 39.9 | % | |||||||||
| Ratio TIER 1 [Capital Level 1/RWA] | 30.9 | % | 36.1 | % | 36.6 | % | |||||||||
| RWA - (ii): Risk Weighted Assets, considering total capital requirements. |
15
| 4Q22 Earnings Release |
|---|
Asset Quality
In 4Q22, Banco Macro’s non-performing to total financing ratio (under Central Bank rules) reached a level of 1.25%, down from 1.27% in 3Q22, and than the 1.30% posted in 4Q21.
Consumer portfolio non-performing loans improved 14b.p. (down to 1.1% from 1.24%) while Commercial portfolio non-performing loans deteriorated 52b.p. in 4Q21 (up to 1.95% from 1.43%).
The coverage ratio (measured as total allowances under Expected Credit Losses over Non Performing loans under Central Bank rules) remained stable at to 151.69% in 4Q22. Write-offs over total loans totaled 0.10%.
The Bank is committed to continue working in this area to maintain excellent asset quality standards.
| ASSET QUALITY | MACRO Consolidated | Change | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at EOP) | 4Q21 | 3Q22 | 4Q22 | QoQ | YoY | ||||||||||
| Commercial portfolio | 169,763 | 121,641 | 113,086 | -7 | % | -33 | % | ||||||||
| Non-performing | 1,688 | 1,736 | 2,207 | 27 | % | 31 | % | ||||||||
| Consumer portfolio | 543,782 | 496,170 | 506,727 | 2 | % | -7 | % | ||||||||
| Non-performing | 7,591 | 6,127 | 5,554 | -9 | % | -27 | % | ||||||||
| Total portfolio | 713,545 | 617,811 | 619,813 | 0 | % | -13 | % | ||||||||
| Non-performing | 9,279 | 7,863 | 7,761 | -1 | % | -16 | % | ||||||||
| Commercial non-perfoming ratio | 0.99 | % | 1.43 | % | 1.95 | % | |||||||||
| Consumer non-perfoming ratio | 1.40 | % | 1.23 | % | 1.10 | % | |||||||||
| Total non-performing/ Total portfolio | 1.30 | % | 1.27 | % | 1.25 | % | |||||||||
| Total allowances | 19,448 | 12,041 | 11,773 | -2 | % | -39 | % | ||||||||
| Coverage ratio w/allowances | 209.59 | % | 153.13 | % | 151.69 | % | |||||||||
| Write Offs | 1,117 | 854 | 637 | -25 | % | -43 | % | ||||||||
| Write Offs/ Total portfolio | 0.16 | % | 0.14 | % | 0.10 | % |
Expected Credit Losses (E.C.L) (I.F.R.S.9)
The Bank records an allowance for expected credit losses for all loans and other debt financial assets not held at fair value through profit or loss, together with loan commitments and financial guarantee contracts, in this section all referred to as ‘financial instruments’. Equity instruments are not subject to impairment under IFRS 9. The ECL allowance is based on the credit losses expected to arise over the life of the asset (the lifetime expected credit loss), unless there has been no significant increase in credit risk since origination, in which case, the allowance is based on the 12 months expected credit loss.(For further information please see our 2021 20-F)
16
| 4Q22 Earnings Release |
|---|
CER Exposure and Foreign Currency Position
| CER EXPOSURE | MACRO Consolidated | Change | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at EOP) | 4Q21 | 3Q22 | 4Q22 | QoQ | YoY | |||||||
| CER adjustable ASSETS | ||||||||||||
| Government Securities | 190,780 | 185,796 | 137,975 | -26 | % | -28 | % | |||||
| Loans (*) | 50,981 | 45,065 | 45,085 | 0 | % | -12 | % | |||||
| Private sector loans | 13,624 | 8,282 | 7,324 | -12 | % | -46 | % | |||||
| Mortgage loans (UVA adjusted) | 37,333 | 36,750 | 37,734 | 3 | % | 1 | % | |||||
| Other loans | 24 | 33 | 27 | -18 | % | 13 | % | |||||
| Total CER adjustable assets | 241,761 | 230,861 | 183,060 | -21 | % | -24 | % | |||||
| CER adjustable LIABILITIES | ||||||||||||
| Deposits (*) | 15,072 | 18,923 | 12,265 | -35 | % | -19 | % | |||||
| UVA Unemployment fund | 3,123 | 4,053 | 4,364 | 8 | % | 40 | % | |||||
| Total CER adjustable liabilities | 18,195 | 22,976 | 16,629 | -28 | % | -9 | % | |||||
| NET CER EXPOSURE | 223,566 | 207,885 | 166,431 | -20 | % | -26 | % | |||||
| (*) Includes Loans &Time Deposits CER adjustable (UVAs) | ||||||||||||
| FOREIGN CURRENCY POSITION | Change | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| In MILLION (Measuring Unit Current at EOP) | 3Q22 | 4Q22 | QoQ | YoY | ||||||||
| Cash and deposits in Banks | 237,705 | 195,860 | 210,634 | 8 | % | -11 | % | |||||
| Cash | 17,301 | 18,097 | 5,462 | -70 | % | -68 | % | |||||
| Central Bank of Argentina | 62,449 | 69,707 | 74,085 | 6 | % | 19 | % | |||||
| Other financial institutions local and abroad | 76,079 | 78,957 | 78,933 | 0 | % | 4 | % | |||||
| Others | 13 | 12 | 12 | 0 | % | -8 | % | |||||
| Financial instruments at fair value through P&L | 2,404 | 171,954 | 177,936 | 3 | % | 7302 | % | |||||
| Other financial assets | 11,668 | 13,761 | 15,674 | 14 | % | 34 | % | |||||
| Loans and other financing | 29,871 | 30,602 | 35,940 | 17 | % | 20 | % | |||||
| Other financial institutions | 0 | 0 | 0 | - | - | |||||||
| Non financial private sector & foreign residents | 29,871 | 30,602 | 35,940 | 0 | % | 20 | % | |||||
| Other debt securities | 65,978 | 47,669 | 53,835 | 13 | % | -18 | % | |||||
| Guarantees received | 4,474 | 3,993 | 4,898 | 23 | % | 9 | % | |||||
| Investment in equity instruments | 136 | 143 | 160 | 12 | % | 18 | % | |||||
| Investment in associates and joint ventures | 0 | 0 | 0 | - | - | |||||||
| Total Assets | 352,236 | 463,982 | 499,077 | 8 | % | 42 | % | |||||
| Deposits | 188,176 | 152,796 | 171,021 | 12 | % | -9 | % | |||||
| Non financial public sector | 14,953 | 6,280 | 6,163 | -2 | % | -59 | % | |||||
| Financial sector | 1,482 | 1,365 | 1,399 | 2 | % | -6 | % | |||||
| Non financial private sector & foreign residents | 171,741 | 145,151 | 163,459 | 13 | % | -5 | % | |||||
| Liabilities at fair value through P&L | 246 | 783 | 526 | -33 | % | 114 | % | |||||
| Other liabilities from financial intermediation | 12,676 | 14,267 | 16,099 | 13 | % | 27 | % | |||||
| Financing from the Central Bank and other fin. Inst | 539 | 2,073 | 2,398 | 16 | % | 345 | % | |||||
| Subordinated corporate bonds | 81,763 | 71,541 | 72,130 | 1 | % | -12 | % | |||||
| Issued corporate bonds | 0 | 2,704 | 2,716 | |||||||||
| Other non financial liabilities | 79 | 75 | 53 | -29 | % | -33 | % | |||||
| Total Liabilities | 283,479 | 244,239 | 264,943 | 8 | % | -7 | % | |||||
| NET FX POSITION (Pesos) | 68,757 | 219,743 | 234,134 | 7 | % | 241 | % | |||||
| EOP FX (Pesos per ) | 102.7500 | 147.3150 | 177.1283 | 20 | % | 72 | % | |||||
| NET FX POSITION () | 669 | 1,492 | 1,322 | -11 | % | 98 | % |
All values are in US Dollars.
17
| 4Q22 Earnings Release |
|---|
4Q22 Snapshot
In AR$ Million. Figures of previousquarters have been restated to reflect the accumulated effect of the inflation adjustment for each period through December 31, 2022
18
| 4Q22 Earnings Release |
|---|
19
| 4Q22 Earnings Release |
|---|
Relevant andRecent Events
| • | On<br> April 29th 2022 TheShareholders’ Meetingresolved to distribute as dividend to<br> the shareholders in cash and/or in kind, in the latter case valued at market price, the amount<br> of AR$ 14,187,872,701.21, which represents AR$ 22.18 per share, subject to prior authorization<br> from the Banco Central de la República Argentina (“BCRA”), and delegated<br> to the Board the powers to determine the date of the effective availability thereof to the<br> shareholders, currency, terms and other payment terms and conditions of such dividend. |
|---|
On May 12th the Superintendencia de Entidades Financieras y Cambiarias of the Central Bank of the Republic of Argentina informed us that it has decided to authorize Banco Macro S.A. to distribute profits in cash and/or in kind (securities) for an aggregate amount of AR $19,751,444,343.74, which distribution shall be carried out in 12 monthly equal and consecutive instalments.
As of this date the Bank has paid
| • | On<br> June 7, 2022 a cash dividend in the amount of Ps.9,875,722,171.88 (installments 1 through<br> 6) |
|---|---|
| • | On<br> July 6, 2022 a cash dividend in the amount of Ps.1,645,953,695.31 (installment 7) |
| --- | --- |
| • | On<br> August 2, 2022 a cash dividend in the amount of Ps.1,645,953,695.31 (installment 8) |
| --- | --- |
| • | On<br> September 6, 2022 a cash dividend in the amount of Ps.1,645,953,695.31 (installment<br> 9) |
| --- | --- |
| • | On<br> October 4, 2022 a cash dividend in the amount of Ps.1,645,953,695.31 (installment 10) |
| --- | --- |
| • | On<br> November 1, 2022 a cash dividend in the amount of Ps. 1,645,953,695.31 (installment<br> 11) |
| --- | --- |
| • | On<br> December 6, 2022 a cash dividend in the amount of Ps.1,645,953,695.31 (installment 12) |
| --- | --- |
| • | Interest Payment Series E Dollar denominated Notes. In February 2023, the Bank paid<br> quarterly interest on Class E dollar denominated notes in the amount of USD 62,131.5. |
| --- | --- |
Regulatory Changes
| • | Minimum Reserve Requirements. In November 2022, through Communication “A” 7637<br> the Central Bank of Argentina announced that financial institutions could set up reserve<br> requirements (daily and monthly balances) with Government Securities, specifically with "Bonos del Tesoro Nacional en pesos due November 23, 2027" while maintaining the same<br> terms and conditions that “Bonos del Tesoro Nacional en pesos due May 23, 2027” |
|---|---|
| • | Repo Interest Rate. On January 18, 2023, through Communication “C” 94.417<br> the Central Bank of Argentina established that the 1 day Repo Rate would increase 2% from<br> 70% to 72% and from 95% to 97%. |
| --- | --- |
| • | CEDIP – Digital Time Deposit. In January 2023, through Communication “A”<br> 7672 the Central Bank established the Digital Certificate of Deposits and Investments. This<br> Certificate is fully divisible, transferable, and digitally registered. The objective is<br> to assimilate time deposits made through home banking or mobile banking with the ones made<br> through the branches. |
| --- | --- |
| • | Debtor Classification – Agribusiness Emergency Law In February 2023 through Communication<br> “A” 7687 the Central Bank of Argentina established that until December 31,<br> 2023 for all those agro producers included in the Agribusiness emergency law debtor classification<br> should be as follows: |
| --- | --- |
| o | Stage 1 –normal<br> situation-: loans due up to 75 days. |
| --- | --- |
| o | Stage 2 –observed<br> or low risk- loans due more than 76 days and up to 135 days. |
| --- | --- |
| o | Stage 3 –<br> troubled or medium risk- loans due more than 136 days and up to 225 days. |
| --- | --- |
20
| 4Q22 Earnings Release | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| QUARTERLY BALANCE SHEET | MACRO Consolidated | Change | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In MILLION $ (Measuring Unit Current at EOP) | 4Q21 | 3Q22 | 4Q22 | FY2021 | FY2022 | QoQ | YoY | |||||||||
| ASSETS | ||||||||||||||||
| Cash and deposits in Banks | 335,692 | 235,830 | 250,089 | 335,692 | 250,089 | 6 | % | -26 | % | |||||||
| Cash | 51,863 | 39,398 | 27,613 | 51,863 | 27,613 | -30 | % | -47 | % | |||||||
| Central Bank of Argentina | 207,730 | 117,283 | 143,527 | 207,730 | 143,527 | 22 | % | -31 | % | |||||||
| Other local & foreign entities | 82,331 | 52,267 | 39,061 | 82,331 | 39,061 | -25 | % | -53 | % | |||||||
| Other | 12 | 11 | 11 | 12 | 11 | 0 | % | -8 | % | |||||||
| Debt securities at fair value through profit & loss | 63,126 | 210,153 | 211,054 | 63,126 | 211,054 | 0 | % | 234 | % | |||||||
| Derivatives | 3 | 162 | 43 | 3 | 43 | -73 | % | 1333 | % | |||||||
| Repo Transactions | 61,176 | 73,285 | 61,929 | 61,176 | 61,929 | -15 | % | 1 | % | |||||||
| Other financial assets | 68,497 | 38,037 | 57,945 | 68,497 | 57,945 | 52 | % | -15 | % | |||||||
| Loans & other receivables | 686,328 | 596,228 | 598,601 | 686,328 | 598,601 | 0 | % | -13 | % | |||||||
| Non Financial Public Sector | 4,628 | 2,087 | 2,207 | 4,628 | 2,207 | 6 | % | -52 | % | |||||||
| Financial Sector | 2,942 | 1,101 | 927 | 2,942 | 927 | -16 | % | -68 | % | |||||||
| Non Financial private sector and foreign | 678,758 | 593,040 | 595,467 | 678,758 | 595,467 | 0 | % | -12 | % | |||||||
| Other debt securities | 557,069 | 741,698 | 737,506 | 557,069 | 737,506 | -1 | % | 32 | % | |||||||
| Financial assets in guarantee | 34,993 | 31,972 | 30,620 | 34,993 | 30,620 | -4 | % | -12 | % | |||||||
| Investments in equity instruments | 4,246 | 794 | 839 | 4,246 | 839 | 6 | % | -80 | % | |||||||
| Investments in other companies<br> (subsidiaries and joint ventures) | 954 | 1,130 | 1,142 | 954 | 1,142 | 1 | % | 20 | % | |||||||
| Property, plant and equipment | 102,991 | 101,505 | 101,864 | 102,991 | 101,864 | 0 | % | -1 | % | |||||||
| Intangible assets | 16,371 | 17,614 | 17,440 | 16,371 | 17,440 | -1 | % | 7 | % | |||||||
| Deferred income tax assets | 1,059 | - | - | 1,059 | - | - | -100 | % | ||||||||
| Other non financial assets | 4,542 | 15,685 | 12,453 | 4,542 | 12,453 | -21 | % | 174 | % | |||||||
| Non-current assets held for sale | 6,314 | 6,173 | 8,856 | 6,314 | 8,856 | 43 | % | 40 | % | |||||||
| TOTAL ASSETS | 1,943,454 | 2,070,371 | 2,090,455 | 1,943,454 | 2,090,455 | 1 | % | 8 | % | |||||||
| LIABILITIES | ||||||||||||||||
| Deposits | 1,147,041 | 1,318,865 | 1,295,395 | 1,147,041 | 1,295,395 | -2 | % | 13 | % | |||||||
| Non Financial Public Sector | 109,868 | 158,080 | 109,952 | 109,868 | 109,952 | -30 | % | 0 | % | |||||||
| Financial Sector | 1,872 | 1,494 | 1,653 | 1,872 | 1,653 | 11 | % | -12 | % | |||||||
| Non Financial private sector and foreign | 1,035,301 | 1,159,291 | 1,183,790 | 1,035,301 | 1,183,790 | 2 | % | 14 | % | |||||||
| Liabilities at fair value through profit & loss | 3,171 | 783 | 526 | 3,171 | 526 | |||||||||||
| Derivatives | 5 | 2 | 2 | 5 | 2 | 0 | % | - | ||||||||
| Repo Transactions | - | 411 | - | - | - | -100 | % | - | ||||||||
| Other financial liabilities | 131,278 | 99,669 | 135,091 | 131,278 | 135,091 | 36 | % | 3 | % | |||||||
| Financing received from Central Bank and<br> Other Financial Institutions | 853 | 2,853 | 2,449 | 853 | 2,449 | -14 | % | 187 | % | |||||||
| Issued Corporate Bonds | 5,826 | 2,704 | 2,716 | 5,826 | 2,716 | 0 | % | -53 | % | |||||||
| Current income tax liabilities | 684 | 7,897 | 10,849 | 684 | 10,849 | 37 | % | 1486 | % | |||||||
| Subordinated corporate bonds | 81,763 | 71,541 | 72,130 | 81,763 | 72,130 | 1 | % | -12 | % | |||||||
| Provisions | 3,198 | 3,687 | 2,713 | 3,198 | 2,713 | -26 | % | -15 | % | |||||||
| Deferred income tax liabilities | 11,088 | 15,456 | 13,278 | 11,088 | 13,278 | -14 | % | 20 | % | |||||||
| Other non financial liabilities | 93,758 | 48,124 | 42,811 | 93,758 | 42,811 | -11 | % | -54 | % | |||||||
| TOTAL LIABILITIES | 1,478,665 | 1,571,992 | 1,577,960 | 1,478,665 | 1,577,960 | 0 | % | 7 | % | |||||||
| SHAREHOLDERS' EQUITY | ||||||||||||||||
| Capital Stock | 639 | 639 | 639 | 639 | 639 | 0 | % | 0 | % | |||||||
| Issued Shares premium | 12,430 | 12,430 | 12,430 | 12,430 | 12,430 | 0 | % | 0 | % | |||||||
| Adjustment to Shareholders' Equity | 173,290 | 173,290 | 173,290 | 173,290 | 173,290 | 0 | % | 0 | % | |||||||
| Reserves | 237,309 | 282,844 | 282,844 | 237,309 | 282,844 | 0 | % | 19 | % | |||||||
| Retained earnings | -17,376 | 137 | 137 | -17,376 | 137 | 0 | % | - | ||||||||
| Other accumulated comprehensive income | 5,590 | 2,530 | 31 | 5,590 | 31 | -99 | % | -99 | % | |||||||
| Net income for the period / fiscal year | 52,833 | 26,434 | 43,039 | 52,833 | 43,039 | 63 | % | -19 | % | |||||||
| Shareholders' Equity attributable<br> to parent company | 464,715 | 498,304 | 512,410 | 464,715 | 512,410 | 3 | % | 10 | % | |||||||
| Shareholders' Equity attributable<br> to non controlling interest | 74 | 75 | 85 | 74 | 85 | 13 | % | 15 | % | |||||||
| TOTAL SHAREHOLDERS' EQUITY | 464,789 | 498,379 | 512,495 | 464,789 | 512,495 | 3 | % | 10 | % |
21
| 4Q22 Earnings Release | |||||||
|---|---|---|---|---|---|---|---|
| ANNUAL BALANCE SHEET | Macro Consolidated | Change% | |||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| In MILLION $ (Measuring Unit Current at EOP) | FY2021 | FY2022 | YoY | ||||
| ASSETS | |||||||
| Cash and deposits in Banks | 335,692 | 250,089 | -26 | % | |||
| Cash | 51,863 | 27,613 | -47 | % | |||
| Central Bank of Argentina | 207,730 | 143,527 | -31 | % | |||
| Other local & foreign entities | 82,331 | 39,061 | -53 | % | |||
| Other | 12 | 11 | -8 | % | |||
| Debt securities at fair value through profit & loss | 63,126 | 211,054 | 234 | % | |||
| Derivatives | 3 | 43 | 1333 | % | |||
| Repo Transactions | 61,176 | 61,929 | 1 | % | |||
| Other financial assets | 68,497 | 57,945 | -15 | % | |||
| Loans & other receivables | 686,328 | 598,601 | -13 | % | |||
| Non Financial Public Sector | 4,628 | 2,207 | -52 | % | |||
| Financial Sector | 2,942 | 927 | -68 | % | |||
| Non Financial private sector and foreign | 678,758 | 595,467 | -12 | % | |||
| Other debt securities | 557,069 | 737,506 | 32 | % | |||
| Financial assets in guarantee | 34,993 | 30,620 | -12 | % | |||
| Investments in equity instruments | 4,246 | 839 | -80 | % | |||
| Investments in other companies (subsidiaries and joint<br> ventures) | 954 | 1,142 | 20 | % | |||
| Property, plant and equipment | 102,991 | 101,864 | -1 | % | |||
| Intangible assets | 16,371 | 17,440 | 7 | % | |||
| Deferred income tax assets | 1,059 | - | -100 | % | |||
| Other non financial assets | 4,542 | 12,453 | 174 | % | |||
| Non-current assets held for sale | 6,314 | 8,856 | 40 | % | |||
| TOTAL ASSETS | 1,943,454 | 2,090,455 | 8 | % | |||
| LIABILITIES | |||||||
| Deposits | 1,147,041 | 1,295,395 | 13 | % | |||
| Non Financial Public Sector | 109,868 | 109,952 | 0 | % | |||
| Financial Sector | 1,872 | 1,653 | -12 | % | |||
| Non Financial private sector and foreign | 1,035,301 | 1,183,790 | 14 | % | |||
| Liabilities at fair value through profit & loss | 3,171 | 526 | -83 | % | |||
| Derivatives | 5 | 2 | -60 | % | |||
| Repo Transactions | - | - | 0 | % | |||
| Other financial liabilities | 131,278 | 135,091 | 3 | % | |||
| Financing received from Central Bank and Other Financial<br> Institutions | 853 | 2,449 | 187 | % | |||
| Issued Corporate Bonds | 5,826 | 2,716 | -53 | % | |||
| Current income tax liabilities | 684 | 10,849 | 1486 | % | |||
| Subordinated corporate bonds | 81,763 | 72,130 | -12 | % | |||
| Provisions | 3,198 | 2,713 | -15 | % | |||
| Deferred income tax liabilities | 11,088 | 13,278 | 20 | % | |||
| Other non financial liabilities | 93,758 | 42,811 | -54 | % | |||
| TOTAL LIABILITIES | 1,478,665 | 1,577,960 | 7 | % | |||
| SHAREHOLDERS' EQUITY | |||||||
| Capital Stock | 639 | 639 | 0 | % | |||
| Issued Shares premium | 12,430 | 12,430 | 0 | % | |||
| Adjustment to Shareholders' Equity | 173,290 | 173,290 | 0 | % | |||
| Reserves | 237,309 | 282,844 | 19 | % | |||
| Retained earnings | -17,376 | 137 | -101 | % | |||
| Other accumulated comprehensive income | 5,590 | 31 | -99 | % | |||
| Net income for the period / fiscal year | 52,833 | 43,039 | -19 | % | |||
| Shareholders' Equity attributable to parent company | 464,715 | 512,410 | 10 | % | |||
| Shareholders' Equity attributable to non controlling<br> interest | 74 | 85 | 15 | % | |||
| TOTAL SHAREHOLDERS' EQUITY | 464,789 | 512,495 | 10 | % |
22
| 4Q22 Earnings Release | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| INCOME STATEMENT | MACRO Consolidated | Change | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In MILLION $ (Measuring Unit Current at EOP) | 4Q20 | 3Q21 | 4Q21 | FY2020 | FY2021 | QoQ | YoY | |||||||||
| Interest Income | 110,811 | 160,879 | 198,630 | 439,127 | 612,465 | 23 | % | 79 | % | |||||||
| Interest Expense | 41,232 | 86,412 | 115,028 | 183,872 | 307,140 | 33 | % | 179 | % | |||||||
| Net Interest Income | 69,579 | 74,467 | 83,602 | 255,255 | 305,325 | 12 | % | 20 | % | |||||||
| Fee income | 18,983 | 18,580 | 18,966 | 72,042 | 75,403 | 2 | % | 0 | % | |||||||
| Fee expense | 1,919 | 1,875 | 1,900 | 6,878 | 7,414 | 1 | % | -1 | % | |||||||
| Net Fee Income | 17,064 | 16,705 | 17,066 | 65,164 | 67,989 | 2 | % | 0 | % | |||||||
| Subtotal (Net Interest Income + Net Fee Income) | 86,643 | 91,172 | 100,668 | 320,419 | 373,314 | 10 | % | 16 | % | |||||||
| Net Income from financial instruments at Fair Value Through Profit & Loss | 6,891 | 29,946 | -3,366 | 38,577 | 47,847 | - | -149 | % | ||||||||
| Result from assets at amortised cost | 177 | - | 170 | 475 | 170 | - | -4 | % | ||||||||
| Difference in quoted prices of gold and foreign currency | 3,116 | 18,802 | 30,597 | 9,053 | 62,274 | 63 | % | 882 | % | |||||||
| Other operating income | 3,874 | 4,394 | 5,759 | 15,260 | 21,177 | 31 | % | 49 | % | |||||||
| Provision for loan losses | 3,824 | 1,672 | 2,533 | 4,783 | 6,558 | 51 | % | -34 | % | |||||||
| Net Operating Income | 96,877 | 142,642 | 131,295 | 379,001 | 498,224 | -8 | % | 36 | % | |||||||
| Personnel expenses | 18,946 | 20,709 | 18,790 | 76,907 | 77,638 | -9 | % | -1 | % | |||||||
| Administrative expenses | 11,486 | 9,730 | 10,406 | 39,138 | 39,156 | 7 | % | -9 | % | |||||||
| Depreciation and impairment of assets | 3,607 | 3,855 | 3,936 | 13,880 | 15,249 | 2 | % | 9 | % | |||||||
| Other operating expense | 19,247 | 20,265 | 19,981 | 66,691 | 74,994 | -1 | % | 4 | % | |||||||
| Operating Income | 43,591 | 88,083 | 78,182 | 182,385 | 291,187 | -11 | % | 79 | % | |||||||
| Income from associates and joint ventures | 69 | -113 | 117 | 170 | -114 | -204 | % | 70 | % | |||||||
| Result from net monetary position | -29,565 | -68,423 | -56,970 | -126,482 | -228,573 | -17 | % | 93 | % | |||||||
| Net Income before income tax on cont. operations | 14,095 | 19,547 | 21,329 | 56,073 | 62,500 | 9 | % | 51 | % | |||||||
| Income tax on continuing operations | -6,424 | 9,130 | 4,715 | 3,239 | 19,454 | -48 | % | -173 | % | |||||||
| Net Income from continuing operations | 20,519 | 10,417 | 16,614 | 52,834 | 43,046 | 59 | % | -19 | % | |||||||
| Net Income for the period | 20,519 | 10,417 | 16,614 | 52,834 | 43,046 | 59 | % | -19 | % | |||||||
| Net Income of the period attributable to parent company | 20,518 | 10,396 | 16,604 | 52,833 | 43,039 | 60 | % | -19 | % | |||||||
| Net income of the period attributable to non-controlling interests | 1 | 21 | 10 | 1 | 7 | -52 | % | 900 | % | |||||||
| Other Comprehensive Income | 134 | 2,440 | -2,497 | 2,286 | -5,559 | -202 | % | - | ||||||||
| Foreign currency translation differences in financial statements conversion | -376 | -208 | 144 | -1,493 | -719 | -169 | % | -138 | % | |||||||
| Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a) | 510 | 2,648 | -2,641 | 3,779 | -4,840 | - | - | |||||||||
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 20,653 | 12,857 | 14,117 | 55,120 | 37,487 | 10 | % | -32 | % | |||||||
| Total Comprehensive Income attributable to parent Company | 20,652 | 12,836 | 14,107 | 55,119 | 37,480 | 10 | % | -32 | % | |||||||
| Total Comprehensive Income attributable to non-controlling interests | 1 | 21 | 10 | 1 | 7 | -52 | % | 900 | % |
23
| 4Q22 Earnings Release | |||||||
|---|---|---|---|---|---|---|---|
| INCOME STATEMENT | Macro Consolidated | Change | |||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| In MILLION $ (Measuring Unit Current at EOP) | FY2021 | FY2022 | YoY | ||||
| Interest Income | 439,127 | 612,465 | 39 | % | |||
| Interest Expense | 183,872 | 307,140 | 67 | % | |||
| Net Interest Income | 255,255 | 305,325 | 20 | % | |||
| Fee income | 72,042 | 75,403 | 5 | % | |||
| Fee expense | 6,878 | 7,414 | 8 | % | |||
| Net Fee Income | 65,164 | 67,989 | 4 | % | |||
| Subtotal (Net Interest Income + Net Fee Income) | 320,419 | 373,314 | 17 | % | |||
| Net Income from financial instruments at Fair Value<br> Through Profit & Loss | 38,577 | 47,847 | 24 | % | |||
| Result from assets at amortised cost | 475 | 170 | -64 | % | |||
| Difference in quoted prices of gold and foreign currency | 9,053 | 62,274 | 588 | % | |||
| Other operating income | 15,260 | 21,177 | 39 | % | |||
| Provision for loan losses | 4,783 | 6,558 | 37 | % | |||
| Net Operating Income | 379,001 | 498,224 | 31 | % | |||
| Personnel expenses | 76,907 | 77,638 | 1 | % | |||
| Administrative expenses | 39,138 | 39,156 | 0 | % | |||
| Depreciation and impairment of assets | 13,880 | 15,249 | 10 | % | |||
| Other operating expense | 66,691 | 74,994 | 12 | % | |||
| Operating Income | 182,385 | 291,187 | 60 | % | |||
| Income from associates and joint ventures | 170 | -114 | -167 | % | |||
| Result from net monetary position | -126,482 | -228,573 | 81 | % | |||
| Net Income before income tax on cont. operations | 56,073 | 62,500 | 11 | % | |||
| Income tax on continuing operations | 3,239 | 19,454 | -28 | % | |||
| Net Income from continuing operations | 52,834 | 43,046 | -19 | % | |||
| Net Income for the period | 52,834 | 43,046 | -19 | % | |||
| Net Income of the period attributable to parent company | 52,833 | 43,039 | -19 | % | |||
| Net income of the period attributable to non-controlling<br> interests | 1 | 7 | 600 | % | |||
| Other Comprehensive Income | 2,286 | -5,559 | - | ||||
| Foreign currency translation differences in financial<br> statements conversion | -1,493 | -719 | - | ||||
| Profits or losses from financial assets measured at fair<br> value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a) | 3,779 | -4,840 | - | ||||
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 55,120 | 37,487 | -32 | % | |||
| Total Comprehensive Income attributable to parent<br> Company | 55,119 | 37,480 | -32 | % | |||
| Total Comprehensive Income attributable to non-controlling<br> interests | 1 | 7 | 600 | % |
24
| 4Q22 Earnings Release | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| QUARTERLY ANNUALIZED RATIOS | MACRO Consolidated | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | |||||||||||
| Profitability & performance | |||||||||||||||
| Net interest margin | 21.2 | % | 22.8 | % | 24.7 | % | 28.1 | % | 32.7 | % | |||||
| Net interest margin adjusted (exc. FX) | 20.3 | % | 21.2 | % | 22.5 | % | 22.5 | % | 23.9 | % | |||||
| Net fee income ratio | 12.6 | % | 13.0 | % | 11.7 | % | 7.2 | % | 8.9 | % | |||||
| Efficiency ratio | 37.4 | % | 29.6 | % | 32.7 | % | 25.8 | % | 27.2 | % | |||||
| Net fee income as % of A&G Expenses | 33.7 | % | 44.0 | % | 35.7 | % | 27.9 | % | 32.7 | % | |||||
| Return on average assets | 4.4 | % | 2.2 | % | 1.3 | % | 2.2 | % | 3.3 | % | |||||
| Return on average equity | 18.5 | % | 9.1 | % | 5.1 | % | 8.8 | % | 16.9 | % | |||||
| Liquidity | |||||||||||||||
| Loans as a percentage of total deposits | 59.8 | % | 55.2 | % | 52.4 | % | 45.2 | % | 46.2 | % | |||||
| Liquid assets as a percentage of total deposits | 90.0 | % | 93.0 | % | 92.0 | % | 94.0 | % | 95.0 | % | |||||
| Capital | |||||||||||||||
| Total equity as a percentage of total assets | 23.9 | % | 24.8 | % | 24.7 | % | 24.1 | % | 24.5 | % | |||||
| Regulatory capital as % of APR | 36.1 | % | 38.5 | % | 40.5 | % | 40.4 | % | 39.9 | % | |||||
| Asset Quality | |||||||||||||||
| Allowances over total loans | 2.8 | % | 2.8 | % | 2.1 | % | 2.0 | % | 2.0 | % | |||||
| Non-performing financing as a percentage of total financing | 1.3 | % | 1.7 | % | 1.3 | % | 1.3 | % | 1.3 | % | |||||
| Coverage ratio w/allowances | 209.6 | % | 163.2 | % | 159.7 | % | 153.1 | % | 151.7 | % | |||||
| Cost of Risk | 2.3 | % | 0.8 | % | 0.7 | % | 1.1 | % | 1.8 | % | |||||
| ACCUMULATED ANNUALIZED RATIOS | MACRO Consolidated | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | |||||||||||
| Profitability & performance | |||||||||||||||
| Net interest margin | 19.1 | % | 22.8 | % | 23.8 | % | 25.2 | % | 27.1 | % | |||||
| Net interest margin adjusted (exc. FX) | 18.4 | % | 21.2 | % | 21.9 | % | 22.1 | % | 22.5 | % | |||||
| Net fee income ratio | 12.5 | % | 13.0 | % | 12.3 | % | 10.3 | % | 10.0 | % | |||||
| Efficiency ratio | 37.5 | % | 29.6 | % | 31.2 | % | 29.1 | % | 28.6 | % | |||||
| Net fee income as % of A&G Expenses | 33.3 | % | 44.0 | % | 39.5 | % | 35.5 | % | 34.8 | % | |||||
| Return on average assets | 2.8 | % | 2.2 | % | 1.7 | % | 1.9 | % | 2.3 | % | |||||
| Return on average equity | 12.3 | % | 9.1 | % | 7.1 | % | 7.7 | % | 9.7 | % | |||||
| Liquidity | |||||||||||||||
| Loans as a percentage of total deposits | 59.8 | % | 55.2 | % | 52.4 | % | 45.2 | % | 46.2 | % | |||||
| Liquid assets as a percentage of total deposits | 90.0 | % | 93.0 | % | 92.0 | % | 94.0 | % | 95.0 | % | |||||
| Capital | |||||||||||||||
| Total equity as a percentage of total assets | 23.9 | % | 24.8 | % | 24.7 | % | 24.1 | % | 24.5 | % | |||||
| Regulatory capital as % of APR | 36.1 | % | 38.5 | % | 40.5 | % | 40.4 | % | 39.9 | % | |||||
| Asset Quality | |||||||||||||||
| Allowances over total loans | 2.8 | % | 2.8 | % | 2.1 | % | 2.0 | % | 2.0 | % | |||||
| Non-performing financing as a percentage of total financing | 1.3 | % | 1.7 | % | 1.3 | % | 1.3 | % | 1.3 | % | |||||
| Coverage ratio w/allowances | 209.6 | % | 163.2 | % | 159.7 | % | 153.1 | % | 151.7 | % | |||||
| Cost of Risk | 0.7 | % | 0.8 | % | 0.8 | % | 0.9 | % | 1.1 | % |
25
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: February 23, 2023
| MACRO BANK INC. | |
|---|---|
| By: | /s/ Jorge<br> Francisco Scarinci |
| Name: Jorge Francisco Scarinci | |
| Title: Chief Financial Officer |