Macro Bank Inc 6-K, filed May 23, 2022
Macro Bank Inc. (BMA)
About this 6-K
Macro Bank Inc filed this 6-K on May 23, 2022.
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 23, 2022
Commission File Number: 001-32827
MACRO BANK INC.
(Translation of registrant’s name intoEnglish)
Avenida Eduardo Madero 1182
Ciudad Autónoma de Buenos Aires C1106 ACY
Tel: 54 11 5222 6500
(Address of registrant’s principal executiveoffices)
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 | ¨ |
|---|
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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| 1Q22<br> Earnings Release |
|---|
Banco Macro Announces Results for the FirstQuarter of 2022
Buenos Aires, Argentina, May 23, 2022 – 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, 2022 (“1Q22”). 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 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through March 31, 2022.
Summary
●The Bank’s net incometotaled Ps.6 billion in 1Q22. This result was 51% lower than the result posted in 4Q21 but 77% higher than the result registered in1Q21. In 1Q22, the annualized return on average equity (“ROAE”) and the annualized return on average assets(“ROAA”) were 9% and 2.2%, respectively. Total comprehensive income was Ps.5.4 billion, 56% lower than in 4Q21 but 26%higher than a year ago.
● In 1Q22 Operating Income (after G&Aand personnel expenses) totaled Ps.36.6 billion, 41% or Ps.10.6 billion higher than in 4Q21 and 24% or Ps.7.2 billion higher than thesame period of last year.
● In 1Q22, Banco Macro’sfinancing to the private sector decreased 8% or Ps.33.3 billion quarter over quarter (“QoQ”) totaling Ps.371.8 billionand decreased 8% or Ps.30.5 billion year over year (“YoY”).
● In 1Q22, Banco Macro’s totaldeposits decreased 1% or Ps.5.9 billion QoQ, totaling Ps.677.5billion and representing 79% of the Bank’s total liabilities.Private sector deposits decreased 3% or Ps.19.2 billion QoQ.
● Banco Macro continued showing astrong solvency ratio, with an excess capital of Ps.236.6 billion, 38.5% regulatory capital ratio – Basel III and 33.7% Tier 1Ratio. In addition, the Bank’s liquid assets remained at an adequate level, reaching 93% of its total deposits in 1Q22.
● In 1Q22, the Bank’snon-performing to total financing ratio was 1.64% and the coverage ratio reached 163.2%.
| 1Q22 Earnings Release Conference Call |
|---|
| **** | IR Contacts in Buenos Aires: | ||
|---|---|---|---|
| Tuesday, May 24, 2022 | |||
| **Time: 11:00 a.m. Eastern Time | 12:00 p.m. Buenos Aires Time** | Jorge Scarinci | |
| **** | **** | Chief Financial Officer | |
| To participate, please dial: | **** | **** | |
| Argentina Toll Free: | **** | Nicolás A. Torres | |
| (011) 3984 5677 | **** | Investor Relations | |
| Participants Dial In (Toll Free): | Webcast Replay: click here | **** | |
| +1 (844) 450 3847 | **** | Phone: (54 11) 5222 6682 | |
| Participants International Dial In: | Available from 05/24/2022 through 06/07/2022 | E-mail: investorelations@macro.com.ar | |
| +1 (412) 317 6370 | **** | **** | |
| Conference ID: Banco Macro | **** | Visit our website at: | |
| Webcast: click here | **** | www.macro.com.ar/relaciones-inversores |
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| 1Q22 Earnings Release |
|---|
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.
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| 1Q22 Earnings Release |
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This Earnings Release has been prepared inaccordance with the accounting framework established by the Central Bank of Argentina (“BCRA”), based on International FinancialReporting Standards (“I.F.R.S.”) and the resolutions adopted by the International Accouting Standards Board (“I.A.S.B”)and by the Federación Argentina de Consejos Profesionales de Ciencias Económicas (“F.A.C.P.E.”). As of January2020 the Bank started reporting with the application of (i) Expected losses of IFRS 9 “Financial Instruments” and (ii) IAS29 “Financial Reporting in Hyperinflationary Economies”. Data and figures shown in this Earnings Release may differ from theones shown in the 20-F annual report. As of fiscal year 2021, the monetary result accrued by items of a monetary nature measured at fairvalue with changes in Other Comprehensive Income (OCI), is recorded in the Result form the Net Monetary Position integrating the Net Resultof the period in accordance with Communication “A” 7211 of the Central Bank of Argentina. Previous quarters of 2021 have beenrestated in accordance with said Communication in order to make a comparison possible.
Results
Earnings per outstanding share were Ps.9.4 in 1Q22, 51% lower than in 4Q21 and 77% higher than the result posted a year ago.
| EARNINGS PER<br> SHARE | MACRO Consolidated | Change | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $<br> (Measuring Unit Current at EOP) | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | QoQ | YoY | |||
| Net income -Parent Company- (M<br> $) | 3,393 | 6,455 | 9,408 | 12,226 | 6,008 | -51 | % | 77 | % | |
| Average # of shares outstanding (M) | 639 | 639 | 639 | 639 | 639 | 0 | % | 0 | % | |
| Average #of treasury stocks (shares<br> repurchased) | 0 | 0 | 0 | - | - | - | -100 | % | ||
| Book value per avg. Outstanding share ($) | 413 | 399 | 414 | 433 | 442 | 2 | % | 7 | % | |
| Shares Outstanding (M) | 639 | 639 | 639 | 639 | 639 | 0 | % | 0 | % | |
| Earnings per avg. outstanding share<br> ($) | 5.31 | 10.10 | 14.72 | 19.13 | 9.40 | -51 | % | 77 | % | |
| EOP FX (Pesos per USD) | 91.9850 | 95.7267 | 98.7350 | 102.7500 | 110.9783 | 8 | % | 21 | % | |
| Book value per avg. issued ADS<br> (USD) | 44.90 | 41.68 | 41.93 | 42.14 | 39.83 | -5 | % | -11 | % | |
| Earnings per avg. outstanding<br> ADS (USD) | 0.58 | 1.06 | 1.49 | 1.86 | 0.85 | -55 | % | 47 | % |
Banco Macro’s 1Q22 net income of Ps.6 billion was 51% or Ps.6.2 billion lower than the previous quarter but 77% or Ps.2.6 million higher YoY. This result represented an annualized ROAE and ROAA of 9% and 2.2% respectively.
Net operating income (before G&A and personnel expenses) was Ps.64.2 billion in 1Q22, 11% or Ps.6.5 billion higher compared to 4Q21 due to higher income from financial instruments at fair value through P&L, higher fx gains and lower loan loss provisions. On a yearly basis Net operating income increased 11% or Ps.6.4 billion.
In 1Q22 Provision for loan losses totaled Ps.745 million, decreasing Ps.1.5 billion compared to the previous quarter. It should be noted that in the previous quarter of last year loan loss provisions were explained by additional provisions made by the Bank based on estimations of the adverse macroeconomic impact of a no deal between the Argentine Government and the I.M.F. On a yearly basis, Provision for loan losses increased Ps.741 million.
Operating income (after G&A and personnel expenses) was Ps.36.5 billion in 1Q22, 41% or Ps.10.6 billion higher than in 4Q21 and 24% or Ps.7.2 billion higher than a year ago.
It is important to emphasize that this result was obtained with a leverage of only 4x assets to equity ratio.
4
| 1Q22 Earnings Release | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| INCOME STATEMENT | MACRO<br> Consolidated | Change | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In<br> MILLION $ (Measuring Unit Current at EOP) | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | QoQ | YoY | |||||||||
| Net Interest Income | 36,960 | 35,623 | 38,053 | 41,413 | 41,911 | 1 | % | 13 | % | |||||||
| Net fee income | 9,195 | 9,456 | 10,010 | 10,168 | 10,216 | 0 | % | 11 | % | |||||||
| Net Interest Income + Net<br> Fee Income | 46,155 | 45,079 | 48,063 | 51,581 | 52,127 | 1 | % | 13 | % | |||||||
| Net Income from financial instruments<br> at fair value through P&L | 7,075 | 7,383 | 4,422 | 4,112 | 6,448 | 57 | % | -9 | % | |||||||
| Income from assets at amortized<br> cost | 92 | 86 | 0 | 105 | 0 | -100 | % | -100 | % | |||||||
| Differences in quoted prices<br> of gold and foreign currency | 1,887 | 894 | 757 | 1,857 | 3,085 | 66 | % | 63 | % | |||||||
| Other operating income | 2,558 | 1,970 | 2,256 | 2,303 | 3,262 | 42 | % | 28 | % | |||||||
| Provision for loan losses | 4 | 297 | 271 | 2,278 | 745 | -67 | % | 18525 | % | |||||||
| Net Operating Income | 57,763 | 55,116 | 55,227 | 57,679 | 64,177 | 11 | % | 11 | % | |||||||
| Employee benefits | 11,257 | 11,737 | 11,543 | 11,289 | 9,811 | -13 | % | -13 | % | |||||||
| Administrative expenses | 5,296 | 5,434 | 5,747 | 6,844 | 5,514 | -19 | % | 4 | % | |||||||
| Depreciation and impairment of<br> assets | 1,998 | 2,005 | 2,120 | 2,148 | 2,192 | 2 | % | 10 | % | |||||||
| Other operating expenses | 9,859 | 8,761 | 9,647 | 11,424 | 10,123 | -11 | % | 3 | % | |||||||
| Operating Income | 29,353 | 27,179 | 26,170 | 25,974 | 36,537 | 41 | % | 24 | % | |||||||
| Result from associates &<br> joint ventures | 36 | 27 | -2 | 41 | -36 | - | - | |||||||||
| Result from net monetary postion | -22,402 | -18,952 | -16,395 | -17,617 | -28,917 | 64 | % | 29 | % | |||||||
| Result before taxes from<br> continuing operations | 6,987 | 8,254 | 9,773 | 8,398 | 7,584 | -10 | % | 9 | % | |||||||
| Income tax | 3,594 | 1,799 | 365 | -3,828 | 1,576 | -141 | % | -56 | % | |||||||
| Net income from continuing<br> operations | 3,393 | 6,455 | 9,408 | 12,226 | 6,008 | -51 | % | 77 | % | |||||||
| - | - | |||||||||||||||
| Net Income of the period | 3,393 | 6,455 | 9,408 | 12,226 | 6,008 | -51 | % | 77 | % | |||||||
| Net income of the period attributable<br> to parent company | 3,393 | 6,454 | 9,408 | 12,226 | 6,020 | -51 | % | 77 | % | |||||||
| Net income of the period attributable<br> to minority interest | - | 1.00 | - | - | -12 | - | - | |||||||||
| Other Comprehensive Income | 912 | 299 | 71 | 80 | -597 | - | - | |||||||||
| Foreign currency translation<br> differences in financial statements conversion | -150 | -279 | -236 | -224 | -258 | - | - | |||||||||
| Profits or losses from financial<br> assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a) | 1,062 | 578 | 307 | 304 | -339 | -212 | % | -132 | % | |||||||
| TOTAL COMPREHENSIVE INCOME<br> FOR THE PERIOD | 4,305 | 6,754 | 9,479 | 12,306 | 5,411 | -56 | % | 26 | % | |||||||
| Total Comprehensive Income attributable<br> to parent Company | 4,305 | 6,753 | 9,479 | 12,306 | 5,423 | -56 | % | 26 | % | |||||||
| Total Comprehensive Income attributable<br> to non-controlling interests | - | 1 | - | - | -12 | - | - |
The Bank’s 1Q22 net interest income totaled Ps.41.9 billion, 1% or Ps.498 million higher than in 4Q21 and 13% or Ps.5 billion higher YoY.
In 1Q22 interest income totaled Ps.68.8 billion, 4% or Ps.2.8 billion higher than in 4Q21 and 2% or Ps. 1.1 billion lower than in 1Q21.
Income from interest on loans and other financing totaled Ps.33.8 billion, 1% or Ps.494 million lower compared to the previous quarter, due to a 4% decrease in the average volume of private sector loans which was partially compensated by a 202 b.p increase in the average lending rates. On a yearly basis Income from interest on loans decreased 2% or Ps.798 million.
In 1Q22 income from government and private securities increased 16% or Ps.4.8 billion QoQ and increased 8% or Ps.2.5 billion compared with the same period of last year. This result is explained 95% by income from government and private securities through other comprehensive income (Leliqs and Other government securities) and the remaining 5% is explained by income from sovereign bonds in pesos at amortized cost.
5
| 1Q22 Earnings Release |
|---|
In 1Q22, income from Repos totaled Ps.432 million, 78% or Ps.1.5 billion higher than the previous quarter and 87% or Ps.2.8 billion lower than a year ago.
In 1Q22 FX income totaled Ps.3.1 billion, 66% or Ps.1.2 billion higher than the previous quarter and 63% or Ps.1.2 billion higher than a year ago, due to the Bank’s long dollar position, an 8% depreciation in the quarter of the Argentine peso against the US dollar and higher Fx.
| FX INCOME | MACRO<br> Consolidated | Variation | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In<br> MILLION $ (Measuring Unit Current at EOP) | 3Q20 | 2Q21 | 3Q21 | QoQ | YoY | |||||||
| (1) Differences<br> in quoted prices of gold and foreign currency | 3,103 | 1,857 | 3,085 | 66 | % | -1 | % | |||||
| Translation<br> of FX assets and liabilities to Pesos | 2,791 | 1,670 | 2,835 | 70 | % | 2 | % | |||||
| Income from<br> foreign currency exchange | 311 | 187 | 250 | 34 | % | -20 | % | |||||
| (2) Net Income from<br> financial assets and liabilities at fair value through P&L | - | - | - | - | - | |||||||
| Income from<br> investment in derivative financing instruments | - | - | - | - | - | |||||||
| (1) +(2) Total<br> Result from Differences in quoted prices of gold and foreign currency | 3,103 | 1,857 | 3,085 | 66 | % | -1 | % | |||||
| INTEREST INCOME | Change | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||
| In<br> MILLION (Measuring Unit Current at EOP) | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | QoQ | YoY | |||||
| Interest on Cash and due from<br> Banks | 4 | 4 | 4 | 3 | 3 | 0 | % | -25 | % | |||
| Interest from government securities | 31,904 | 27,542 | 29,077 | 29,691 | 34,553 | 16 | % | 8 | % | |||
| Interest from private securities | 160 | 91 | 56 | 45 | 25 | -44 | % | -84 | % | |||
| Interest on loans and other financing | ||||||||||||
| To the financial<br> sector | 261 | 185 | 178 | 161 | 92 | -43 | % | -65 | % | |||
| To the public<br> non financial sector | 716 | 570 | 460 | 361 | 276 | -24 | % | -61 | % | |||
| Interest<br> on overdrafts | 2,632 | 2,035 | 2,319 | 2,384 | 2,534 | 6 | % | -4 | % | |||
| Interest<br> on documents | 2,147 | 2,292 | 2,962 | 3,479 | 3,051 | -12 | % | 42 | % | |||
| Interest<br> on mortgages loans | 4,737 | 4,747 | 3,836 | 4,419 | 4,675 | 6 | % | -1 | % | |||
| Interest<br> on pledged loans | 172 | 203 | 327 | 532 | 518 | -3 | % | 201 | % | |||
| Interest<br> on personal loans | 14,341 | 13,836 | 13,574 | 14,123 | 13,803 | -2 | % | -4 | % | |||
| Interest<br> on credit cards loans | 4,211 | 4,026 | 4,111 | 4,749 | 5,081 | 7 | % | 21 | % | |||
| Interest<br> on financial leases | 34 | 22 | -1 | 43 | 46 | 7 | % | 35 | % | |||
| Interest<br> on other loans | 5,382 | 4,408 | 4,117 | 4,078 | 3,759 | -8 | % | -30 | % | |||
| Interest on Repos | ||||||||||||
| From the<br> BCRA | 3,223 | 1,878 | 2,796 | 1,950 | 397 | -80 | % | -88 | % | |||
| Other financial<br> institutions | 22 | 22 | 7 | 10 | 35 | 250 | % | 59 | % | |||
| Total Interest income | 69,946 | 61,861 | 63,823 | 66,028 | 68,848 | 4 | % | -2 | % | |||
| Income from Interest on<br> loans | 34,633 | 32,324 | 31,883 | 34,329 | 33,835 | -1 | % | -2 | % |
All values are in US Dollars.
The Bank’s 1Q22 interest expense totaled Ps.26.9 billion, increasing 9% or Ps.2.3 billion compared to the previous quarter and 18% or Ps.6 billion lower compared to 1Q21.
In 1Q22, interest on deposits represented 96% of the Bank’s total interest expense, increasing 10% or Ps.2.3 billion QoQ, due to a 217 b.p. increase in the average rate paid on deposits while the average volume of deposits from the private sector increased 1%. On a yearly basis, interest on deposits decreased 18% or Ps.5.5 billion.
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| 1Q22 Earnings Release | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| INTEREST EXPENSE | MACRO Consolidated | Change | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In MILLION $ (Measuring Unit Current at EOP) | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | QoQ | YoY | |||||||||
| Deposits | ||||||||||||||||
| Interest on checking accounts | 1,127 | 110 | 125 | 165 | 431 | 161 | % | -62 | % | |||||||
| Interest on saving accounts | 358 | 392 | 332 | 353 | 393 | 11 | % | 10 | % | |||||||
| Interest on time deposits | 29,763 | 24,414 | 24,101 | 23,002 | 24,951 | 8 | % | -16 | % | |||||||
| Interest on other financing from BCRA<br> and financial inst. | 68 | 61 | 30 | 24 | 45 | 88 | % | -34 | % | |||||||
| Repos | ||||||||||||||||
| Other financial institutions | 85 | 94 | 94 | 70 | 217 | 210 | % | 155 | % | |||||||
| Interest on corporate bonds | 546 | 185 | 141 | 128 | 112 | -13 | % | -79 | % | |||||||
| Interest on subordinated bonds | 1,031 | 977 | 938 | 821 | 726 | -12 | % | -30 | % | |||||||
| Interest on other financial liabilities | 8 | 5 | 9 | 52 | 62 | 19 | % | 675 | % | |||||||
| Total financial expense | 32,986 | 26,238 | 25,770 | 24,615 | 26,937 | 9 | % | -18 | % | |||||||
| Expenses from interest on deposits | 31,248 | 24,916 | 24,558 | 23,520 | 25,775 | 10 | % | -18 | % |
In 1Q22, the Bank’s net interest margin (including FX) was 22.8%, higher than the 21.2% posted in 4Q21 and the 17.4% posted in 1Q21.
In 1Q22 Net Interest Margin (excluding FX) was 21.2%, higher than the 20.3% posted in 4Q21 and the 16.5% posted in 1Q21.
In 1Q22 Net Interest Margin (Pesos) was 23.6%, higher than the 22.9% posted in 4Q21 and the 19.1% posted in 1Q21; meanwhile Net Interest Margin (USD) was 4.1%, lower than the 4.1% posted in 4Q21 and the 2.2% registered in 1Q21.
| ASSETS &<br> LIABILITIES <br><br> PERFORMANCE (AR$) | MACRO<br> Consolidated | |||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In<br> MILLION $ | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | |||||||||||||||||||||||||||||||||||
| (Measuring Unit Current at EOP)<br><br>Yields & rates in annualized<br> nominal % | AVERAGE<br><br>BALANCE | REAL INT<br><br>RATE | NOMINAL<br><br>INT RATE | AVERAGE<br><br>BALANCE | REAL INT<br><br>RATE | NOMINAL<br><br>INT RATE | AVERAGE<br><br>BALANCE | REAL INT<br><br>RATE | NOMINAL<br><br>INT RATE | AVERAGE<br><br>BALANCE | REAL INT<br><br>RATE | NOMINAL<br><br>INT RATE | AVERAGE<br><br>BALANCE | REAL INT<br><br>RATE | NOMINAL<br><br>INT RATE | |||||||||||||||||||||||||
| Interest-earning assets | ||||||||||||||||||||||||||||||||||||||||
| Loans & Other Financing | ||||||||||||||||||||||||||||||||||||||||
| Public Sector | 5,769 | -1.5 | % | 50.3 | % | 4,724 | 3.1 | % | 48.4 | % | 3,994 | 6.5 | % | 45.7 | % | 3,379 | 1.3 | % | 42.4 | % | 2,490 | -12.2 | % | 45.0 | % | |||||||||||||||
| Financial<br> Sector | 3,084 | -12.0 | % | 34.2 | % | 2,260 | -7.7 | % | 32.8 | % | 1,976 | -0.8 | % | 35.7 | % | 1,952 | -5.6 | % | 32.7 | % | 1,112 | -19.1 | % | 33.6 | % | |||||||||||||||
| Private Sector | 373,253 | -11.8 | % | 34.6 | % | 340,865 | -6.3 | % | 34.9 | % | 344,581 | -2.2 | % | 33.8 | % | 368,496 | -4.4 | % | 34.3 | % | 356,259 | -17.5 | % | 36.2 | % | |||||||||||||||
| Other debt securities | ||||||||||||||||||||||||||||||||||||||||
| Central<br> Bank Securities (Leliqs) | 211,571 | -9.9 | % | 37.5 | % | 176,201 | -4.5 | % | 37.5 | % | 165,071 | 0.5 | % | 37.5 | % | 157,794 | -2.1 | % | 37.6 | % | 191,189 | -15.1 | % | 40.3 | % | |||||||||||||||
| Government &<br> Private Securities | 140,151 | -10.8 | % | 36.1 | % | 128,332 | -6.3 | % | 34.8 | % | 159,462 | -2.4 | % | 33.6 | % | 142,715 | 0.3 | % | 40.9 | % | 145,142 | -13.2 | % | 43.3 | % | |||||||||||||||
| Repos | 36,358 | -10.7 | % | 36.2 | % | 21,074 | -5.4 | % | 36.2 | % | 30,611 | -0.4 | % | 36.3 | % | 21,493 | -3.1 | % | 36.2 | % | 5,081 | -18.6 | % | 34.5 | % | |||||||||||||||
| Total interest-earning assets | 770,186 | -10.9 | % | 35.9 | % | 673,456 | -5.7 | % | 35.7 | % | 705,695 | -1.5 | % | 34.8 | % | 695,829 | -2.9 | % | 36.5 | % | 701,273 | -16.0 | % | 38.8 | % | |||||||||||||||
| Fin. Assets through P&L and<br> equity inv. | 66,881 | -6.3 | % | 42.9 | % | 70,751 | -1.4 | % | 41.9 | % | 46,588 | 0.6 | % | 37.7 | % | 36,030 | 3.4 | % | 45.3 | % | 37,598 | 0.6 | % | 37.7 | % | |||||||||||||||
| Other Non interest-earning<br> assets | 91,844 | 80,116 | 84,123 | 83,280 | 85,213 | |||||||||||||||||||||||||||||||||||
| Total Non interest-earning<br> assets | 158,725 | 150,867 | 130,711 | 119,310 | 122,811 | |||||||||||||||||||||||||||||||||||
| Total Average Assets | 928,911 | 824,323 | 836,406 | 815,139 | 824,084 | |||||||||||||||||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||
| Deposits | ||||||||||||||||||||||||||||||||||||||||
| Public Sector | 57,243 | -14.9 | % | 29.8 | % | 34,634 | -11.1 | % | 28.0 | % | 27,547 | -6.4 | % | 28.1 | % | 23,084 | -9.1 | % | 27.7 | % | 24,933 | -21.4 | % | 29.8 | % | |||||||||||||||
| Private Sector | 432,103 | -17.9 | % | 25.3 | % | 365,298 | -13.4 | % | 24.7 | % | 373,763 | -9.4 | % | 24.0 | % | 367,415 | -12.0 | % | 23.6 | % | 376,645 | -23.8 | % | 25.8 | % | |||||||||||||||
| BCRA and other financial institutions | 1,045 | -16.9 | % | 26.8 | % | 945 | -12.2 | % | 26.3 | % | 486 | -7.3 | % | 26.9 | % | 360 | 26.8 | % | 78.2 | % | 563 | 6.3 | % | 75.6 | % | |||||||||||||||
| Corporate bonds | 7,875 | -16.0 | % | 28.1 | % | 3,874 | -17.2 | % | 19.2 | % | 3,077 | -13.6 | % | 18.2 | % | 3,639 | -18.9 | % | 14.0 | % | 3,212 | -30.9 | % | 14.1 | % | |||||||||||||||
| Repos | 1,104 | -14.0 | % | 31.2 | % | 1,252 | -9.6 | % | 30.1 | % | 1,518 | -8.9 | % | 24.6 | % | 958 | -8.2 | % | 29.0 | % | 2,801 | -20.4 | % | 31.4 | % | |||||||||||||||
| Total int.-bearing liabilities | 499,370 | -17.5 | % | 25.9 | % | 406,003 | -13.2 | % | 24.9 | % | 406,391 | -9.2 | % | 24.2 | % | 395,456 | -11.8 | % | 23.9 | % | 408,154 | -23.7 | % | 26.0 | % | |||||||||||||||
| Total non int.-bearing liabilities | 263,324 | 256,679 | 259,357 | 268,304 | 254,095 | |||||||||||||||||||||||||||||||||||
| Total Average Liabilities | 762,694 | 662,682 | 665,748 | 663,760 | 662,249 | |||||||||||||||||||||||||||||||||||
| Assets Performance | 68,091 | 59,951 | 61,858 | 63,994 | 67,087 | |||||||||||||||||||||||||||||||||||
| Liabilities Performance | 31,894 | 25,225 | 24,803 | 23,776 | 26,200 | |||||||||||||||||||||||||||||||||||
| Net Interest Income | 36,197 | 34,726 | 37,055 | 40,218 | 40,887 | |||||||||||||||||||||||||||||||||||
| Total interest-earning assets | 770,186 | 673,456 | 705,695 | 695,829 | 701,273 | |||||||||||||||||||||||||||||||||||
| Net Interest Margin (NIM) | 19.1 | % | 20.7 | % | 21.1 | % | 22.9 | % | 23.6 | % |
7
| 1Q22 Earnings Release | ||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS &<br> LIABILITIES <br><br> PERFORMANCE USD | MACRO<br> Consolidated | |||||||||||||||||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In<br> MILLION $ | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | |||||||||||||||||||||||||||||||||||
| (Measuring Unit Current at EOP)<br><br>Yields & rates in annualized<br> nominal % | AVERAGE<br><br>BALANCE | REAL INT<br><br>RATE | NOMINAL<br><br>INT RATE | AVERAGE<br><br>BALANCE | REAL INT<br><br>RATE | NOMINAL<br><br>INT RATE | AVERAGE<br><br>BALANCE | REAL INT<br><br>RATE | NOMINAL<br><br>INT RATE | AVERAGE<br><br>BALANCE | REAL INT<br><br>RATE | NOMINAL<br><br>INT RATE | AVERAGE<br><br>BALANCE | REAL INT<br><br>RATE | NOMINAL<br><br>INT RATE | |||||||||||||||||||||||||
| Interest-earning assets | ||||||||||||||||||||||||||||||||||||||||
| Cash and Deposits in Banks | 91,289 | -9.7 | % | 0.0 | % | 68,241 | -19.2 | % | 0.0 | % | 64,480 | -17.8 | % | 0.0 | % | 57,861 | -17.3 | % | 0.0 | % | 48,622 | -19.8 | % | 0.0 | % | |||||||||||||||
| Loans & Other Financing | ||||||||||||||||||||||||||||||||||||||||
| Financial Sector | 36 | 0.5 | % | 11.3 | % | 10 | 0.0 | % | 0.0 | % | 0 | 0.0 | % | 0.0 | % | 0 | 0.0 | % | 0.0 | % | 0 | 0.0 | % | 0.0 | % | |||||||||||||||
| Private Sector | 37,482 | 8.1 | % | 19.7 | % | 33,194 | -0.8 | % | 22.7 | % | 26,623 | 5.7 | % | 28.6 | % | 22,256 | 11.3 | % | 34.6 | % | 17,148 | 12.1 | % | 39.8 | % | |||||||||||||||
| Other debt securities | ||||||||||||||||||||||||||||||||||||||||
| Government & Private<br> Securities | 8,775 | -8.5 | % | 1.3 | % | 5,119 | -17.5 | % | 2.1 | % | 10,038 | -16.4 | % | 1.7 | % | 34,362 | -16.5 | % | 1.0 | % | 34,721 | -19.1 | % | 0.9 | % | |||||||||||||||
| Total interest-earning assets | 137,582 | -4.7 | % | 5.5 | % | 106,564 | -13.4 | % | 7.2 | % | 101,141 | -11.5 | % | 7.7 | % | 114,479 | -11.6 | % | 7.0 | % | 100,491 | -14.1 | % | 7.1 | % | |||||||||||||||
| Non interest-earning assets | 173,749 | 173,966 | 180,268 | 175,625 | 171,048 | |||||||||||||||||||||||||||||||||||
| Total Average Assets | 311,331 | 280,530 | 281,409 | 290,104 | 271,539 | |||||||||||||||||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||
| Deposits | ||||||||||||||||||||||||||||||||||||||||
| Public Sector | 2,255 | -9.3 | % | 0.4 | % | 3,522 | -19.1 | % | 0.1 | % | 3,422 | -17.7 | % | 0.1 | % | 5,020 | -17.3 | % | 0.1 | % | 5,631 | -19.7 | % | 0.1 | % | |||||||||||||||
| Private Sector | 87,478 | -9.5 | % | 0.2 | % | 81,798 | -19.0 | % | 0.2 | % | 78,996 | -17.7 | % | 0.1 | % | 70,505 | -17.3 | % | 0.1 | % | 63,902 | -19.7 | % | 0.1 | % | |||||||||||||||
| BCRA and other financial institutions | 598 | -5.4 | % | 4.7 | % | 828 | -17.7 | % | 1.9 | % | 647 | -14.8 | % | 3.7 | % | 474 | -13.9 | % | 4.2 | % | 292 | -17.5 | % | 2.8 | % | |||||||||||||||
| Subordinated bonds | 58,787 | -3.3 | % | 7.1 | % | 55,464 | -13.4 | % | 7.1 | % | 52,744 | -12.0 | % | 7.1 | % | 49,397 | -11.9 | % | 6.6 | % | 46,400 | -14.7 | % | 6.3 | % | |||||||||||||||
| Total int.-bearing liabilities | 149,118 | -7.0 | % | 3.0 | % | 141,612 | -16.8 | % | 2.9 | % | 135,809 | -15.5 | % | 2.8 | % | 125,396 | -15.1 | % | 2.7 | % | 116,225 | -17.7 | % | 2.6 | % | |||||||||||||||
| Total non int.-bearing liabilities | 71,867 | 49,362 | 60,414 | 51,350 | 45,787 | |||||||||||||||||||||||||||||||||||
| Total Average liabilities | 220,985 | 190,974 | 196,223 | 176,746 | 162,012 | |||||||||||||||||||||||||||||||||||
| Assets Performance | 1,855 | 1,910 | 1,965 | 2,034 | 1,761 | |||||||||||||||||||||||||||||||||||
| Liabilities Performance | 1,092 | 1,013 | 967 | 839 | 737 | |||||||||||||||||||||||||||||||||||
| Net Interest Income | 763 | 897 | 998 | 1,195 | 1,024 | |||||||||||||||||||||||||||||||||||
| Total interest-earning assets | 137,582 | 106,564 | 101,141 | 114,479 | 100,491 | |||||||||||||||||||||||||||||||||||
| Net Interest Margin (NIM) | 2.2 | % | 3.4 | % | 4.0 | % | 4.1 | % | 4.1 | % |
In 1Q22 Banco Macro’s net fee income totaled Ps.10.2 billion, Ps.48 million higher than in 4Q21 and 11% or Ps.1 billion higher than the same period of last year.
In the quarter, fee income totaled Ps.11.3 billion, Ps.38 million lower than in 4Q21. ATM transaction fees and credit related fees stand out with a 6% and 18% decrease respectively, which was partially offset by a 3% increase in fees charged on deposit accounts. On a yearly basis, fee income increased 11% or Ps.1.1 billion.
In the quarter, total fee expense decreased 8% or Ps.87 million. On a yearly basis, fee expenses increased 14% or Ps.126 million.
| NET FEE INCOME | MACRO Consolidated | Change | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at EOP) | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | QoQ | YoY | |||||||||
| Fees charged on deposit accounts | 3,807 | 4,170 | 4,325 | 4,189 | 4,312 | 3 | % | 13 | % | |||||||
| Credit card fees | 1,869 | 1,766 | 1,966 | 2,045 | 2,073 | 1 | % | 11 | % | |||||||
| Corporate services fees | 1,071 | 1,100 | 1,267 | 1,352 | 1,425 | 5 | % | 33 | % | |||||||
| ATM transactions fees | 1,015 | 936 | 1,022 | 1,039 | 975 | -6 | % | -4 | % | |||||||
| Insurance fees | 669 | 655 | 641 | 687 | 653 | -5 | % | -2 | % | |||||||
| Debit card fees | 663 | 658 | 711 | 766 | 752 | -2 | % | 13 | % | |||||||
| Financial agent fees (Provinces) | 546 | 610 | 608 | 631 | 582 | -8 | % | 7 | % | |||||||
| Credit related fees | 229 | 265 | 235 | 288 | 237 | -18 | % | 3 | % | |||||||
| Mutual funds & securities fees | 200 | 181 | 249 | 250 | 214 | -14 | % | 7 | % | |||||||
| AFIP & Collection services | 42 | 45 | 49 | 49 | 36 | -27 | % | -14 | % | |||||||
| ANSES fees | 15 | 17 | 14 | 15 | 14 | -7 | % | -7 | % | |||||||
| Total fee income | 10,126 | 10,403 | 11,087 | 11,311 | 11,273 | 0 | % | 11 | % | |||||||
| Total fee expense | 931 | 946 | 1,077 | 1,144 | 1,057 | -8 | % | 14 | % | |||||||
| Net fee income | 9,195 | 9,457 | 10,010 | 10,167 | 10,216 | 0 | % | 11 | % |
In 1Q22 Net Income from financial assets and liabilities at fair value through profit or loss totaled a Ps.6.4 billion gain, 57% or Ps.2.3 billion higher than the previous quarter. This increase is mostly related to higher income from investments in equity instruments. On a yearly basis Net income from financial assets and liabilities at fair value through profit or loss decreased 9% or Ps.627 million.
8
| 1Q22 Earnings Release | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NET INCOME FROM<br> FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS | MACRO<br> Consolidated | Change | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In<br> MILLION $ (Measuring Unit Current at EOP) | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | QoQ | YoY | |||||||||
| Profit or loss from<br> government securities | 6,255 | 6,765 | 3,425 | 3,187 | 1,402 | -56 | % | -78 | % | |||||||
| Profit or loss from private securities | 252 | 620 | 624 | -52 | 154 | -396 | % | -39 | % | |||||||
| Profit or loss from investment<br> in derivative financing instruments | 0 | 0 | 0 | 0 | 0 | - | - | |||||||||
| Profit or loss from other financial<br> assets | -4 | -5 | -1 | -2 | 65 | - | - | |||||||||
| Profit or loss from investment<br> in equity instruments | 618 | -27 | -64 | 680 | 3,821 | - | - | |||||||||
| Profit or loss from the sale<br> of financial assets at fair value | -46 | 37 | 530 | 309 | 1,006 | 226 | % | - | ||||||||
| Income from financial assets<br> at fair value through profit or loss | 7,075 | 7,390 | 4,514 | 4,122 | 6,448 | 4 | % | 55 | % | |||||||
| Profit or loss from derivative<br> financing instruments | 0 | -7 | -92 | -10 | 0 | - | - | |||||||||
| Income from financial liabilities<br> at fair value through profit or loss | 0 | -7 | -92 | -10 | 0 | - | - | |||||||||
| NET INCOME FROM FINANCIAL<br> ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS | 7,075 | 7,383 | 4,422 | 4,112 | 6,448 | 57 | % | -9 | % |
In the quarter Other Operating Income totaled Ps.3.3 billion, 42% or Ps.959 million higher than in 1Q21. On a yearly basis Other Operating Income increased 28% or Ps.704 million.
| OTHER OPERATING INCOME | MACRO<br> Consolidated | Change | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at EOP) | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | QoQ | YoY | |||||||||
| Credit and debit cards | 80 | 92 | 113 | 164 | 182 | 11 | % | 128 | % | |||||||
| Lease of safe deposit boxes | 320 | 343 | 350 | 345 | 344 | 0 | % | 8 | % | |||||||
| Other service related fees | 652 | 697 | 990 | 840 | 818 | -3 | % | 25 | % | |||||||
| Other adjustments and interest<br> from other receivables | 418 | 580 | 354 | 347 | 376 | 8 | % | -10 | % | |||||||
| Initial recognition of loans | 5 | -5 | 0 | 0 | 427 | - | - | |||||||||
| Sale of property, plant and equipment | 3 | 0 | 0 | 3 | 0 | - | - | |||||||||
| Others | 1,080 | 263 | 449 | 559 | 1,102 | 97 | % | 2 | % | |||||||
| Other Operating Income | 2,558 | 1,970 | 2,256 | 2,303 | 3,262 | 42 | % | 28 | % |
In 1Q22 Banco Macro was able to reduce expenses in real terms given that administrative expenses plus employee benefits totaled Ps.15.3 billion, decreasing 15% or Ps.2.8 billion compared to the previous quarter, personnel expenses decreased 13% while administrative expenses decreased 19%. On a yearly basis administrative expenses plus employee benefits decreased 7% or Ps.1.2 billion.
Employee benefits decreased 13% or Ps.1.5 billion QoQ with lower remunerations and social security contributions. On a yearly basis Employee benefits decreased 13% or Ps.1.4 billion.
In 1Q22 administrative expenses decreased 19% or Ps.1.3 billion, due to lower Director fees and lower other administrative expenses.
In 1Q22, the efficiency ratio reached 29.6%, improving from the 37.4 % posted in 4Q21 and the 35.7% posted a year ago. In 1Q22 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) decreased 14%, 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 9% compared to 4Q21.
9
| 1Q22 Earnings Release | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PERSONNEL&<br> ADMINISTRATIVE EXPENSES | MACRO<br> Consolidated | Change | |||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In<br> MILLION $ (Measuring Unit Current at EOP) | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | QoQ | YoY | ||||||||||||||
| Employee benefits | 11,257 | 11,737 | 11,543 | 11,289 | 9,811 | -13 | % | -13 | % | ||||||||||||
| Remunerations | 8,115 | 8,499 | 8,084 | 7,825 | 6,670 | -15 | % | -18 | % | ||||||||||||
| Social<br> Security Contributions | 1,827 | 1,948 | 1,866 | 1,864 | 1,538 | -17 | % | -16 | % | ||||||||||||
| Compensation<br> and bonuses | 1,072 | 1,032 | 1,270 | 1,163 | 1,225 | 5 | % | 14 | % | ||||||||||||
| Employee<br> services | 243 | 258 | 323 | 437 | 378 | -14 | % | 56 | % | ||||||||||||
| Administrative Expenses | 5,296 | 5,434 | 5,747 | 6,844 | 5,514 | -19 | % | 4 | % | ||||||||||||
| Taxes | 840 | 837 | 863 | 860 | 863 | 0 | % | 3 | % | ||||||||||||
| Maintenance,<br> conservation fees | 903 | 925 | 990 | 1,033 | 890 | -14 | % | -1 | % | ||||||||||||
| Directors&<br> statutory auditors fees | 163 | 142 | 155 | 447 | 276 | -38 | % | 69 | % | ||||||||||||
| Security<br> services | 584 | 582 | 599 | 601 | 572 | -5 | % | -2 | % | ||||||||||||
| Electricity&<br> Communications | 618 | 603 | 578 | 560 | 545 | -3 | % | -12 | % | ||||||||||||
| Other<br> professional fees | 394 | 540 | 468 | 575 | 509 | -11 | % | 29 | % | ||||||||||||
| Rental<br> agreements | 48 | 27 | 27 | 34 | 28 | -18 | % | -42 | % | ||||||||||||
| Advertising&<br> publicity | 90 | 238 | 281 | 405 | 254 | -37 | % | 182 | % | ||||||||||||
| Personnel<br> allowances | 45 | 57 | 63 | 115 | 67 | -42 | % | 49 | % | ||||||||||||
| Stationary&<br> Office Supplies | 31 | 35 | 38 | 42 | 38 | -10 | % | 23 | % | ||||||||||||
| Insurance | 71 | 77 | 94 | 74 | 66 | -11 | % | -7 | % | ||||||||||||
| Hired<br> administrative services | 25 | 33 | 39 | 48 | 38 | - | 52 | % | |||||||||||||
| Other | 1,484 | 1,338 | 1,552 | 2,050 | 1,368 | -33 | % | -8 | % | ||||||||||||
| Total Administrative Expenses | 16,553 | 17,171 | 17,290 | 18,133 | 15,325 | -15 | % | -7 | % | ||||||||||||
| Total Employees | 8,459 | 8,318 | 8,167 | 8,005 | 7,982 | ||||||||||||||||
| Branches | 463 | 464 | 464 | 466 | 466 | ||||||||||||||||
| Efficiency ratio | 35.7 | % | 38.4 | % | 38.8 | % | 37.4 | % | 29.6 | % | |||||||||||
| Accumulated efficiency ratio | 35.7 | % | 37.0 | % | 37.6 | % | 37.5 | % | 29.6 | % |
In 1Q22, Other Operating Expenses totaled Ps.10.1 billion, decreasing 11% or Ps.1.3 billion QoQ, due to lower initial loan recognition expenses (Ps.930 million) and lower other operating expenses (12% or Ps.510 million). On a yearly basis Other Operating Expenses increased 3% or Ps.264 million.
| OTHER OPERATING<br> EXPENSES | MACRO<br> Consolidated | Change | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In<br> MILLION $ (Measuring Unit Current at EOP) | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | QoQ | YoY | |||||||||
| Turnover Tax | 5,423 | 5,053 | 5,135 | 5,360 | 5,551 | 4 | % | 2 | % | |||||||
| Other provision charges | 618 | 252 | 428 | 586 | 428 | -27 | % | -31 | % | |||||||
| Deposit Guarantee Fund Contributions | 349 | 291 | 287 | 282 | 275 | -2 | % | -21 | % | |||||||
| Donations | 1 | 2 | 9 | 23 | 125 | 443 | % | 12400 | % | |||||||
| Insurance claims | 17 | 20 | 25 | 43 | 54 | 26 | % | 218 | % | |||||||
| Initial loan recognition | 0 | 84 | 150 | 930 | 0 | 100 | % | - | ||||||||
| Others | 3,451 | 3,059 | 3,613 | 4,200 | 3,690 | -12 | % | 7 | % | |||||||
| Other Operating Expenses | 9,859 | 8,761 | 9,647 | 11,424 | 10,123 | -11 | % | 3 | % |
In 1Q22 the result from the net monetary positiontotaled a Ps.28.9 billion loss, 64% or Ps.11.3 billion higher than the loss posted in 4Q21. Higher inflation was observed during the quarter (586 b.p. above 4Q21 level, up from 10.21% to 16.07%).
| OPERATING RESULT | MACRO<br> consolidated | Change | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION<br> $ (Measuring Unit Current at EOP) | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | QoQ | YoY | |||||||||
| Operating Result<br> (exc. Loss from net monetary position) | 29,353 | 27,179 | 26,170 | 25,974 | 36,537 | 41 | % | 24 | % | |||||||
| Result from net monetary<br> position (i.e. inflation adjustment) | -22,402 | -18,952 | -16,395 | -17,617 | -28,917 | 64 | % | 29 | % | |||||||
| Operating Result (Inc. Loss<br> from net monetary position) | 6,951 | 8,227 | 9,775 | 8,357 | 7,620 | -9 | % | 10 | % |
In 1Q22 Banco Macro's effective income tax rate was 21%. For more information please see note 20 to our Financial Statements.
10
| 1Q22 Earnings Release |
|---|
Financial Assets
Private sector financing
The volume of “core” financing to the private sector (including loans, financial trust and leasing portfolio) totaled Ps.371.8 billion, decreasing 8% or Ps.33.3 billion QoQ and decreasing 8% or Ps.30.5 billion YoY.
Within Commercial loans Documents and Others stand out with a 20% or Ps.9 billion decrease and 29% or Ps.11.7 billion decrease respectively.
Meanwhile within Consumer lending Personal loans decreased 3% or Ps.3.8 billion while Credit Card loans decreased 2% or Ps.2 billion.
Within private sector financing, peso financing decreased 8% or Ps.32.2 billion, while US dollar financing decreased 13% or USD 23 million.
As of 1Q22, Banco Macro´s market share over private sector loans was 7%.
| FINANCING<br> TO THE PRIVATE SECTOR | Change | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION<br> (Measuring Unit Current at EOP) | 2Q21 | 3Q21 | 4Q21 | 1Q22 | QoQ | YoY | ||||||||||||||
| Overdrafts | 22,511 | 21,813 | 24,946 | 27,004 | 26,217 | -3 | % | 16 | % | |||||||||||
| Discounted documents | 41,581 | 38,020 | 47,770 | 46,034 | 37,040 | -20 | % | -11 | % | |||||||||||
| Mortgage loans | 21,886 | 20,472 | 22,587 | 25,553 | 21,906 | -14 | % | 0 | % | |||||||||||
| Pledged loans | 5,147 | 5,320 | 7,756 | 8,504 | 7,457 | -12 | % | 45 | % | |||||||||||
| Personal loans | 116,063 | 109,541 | 108,380 | 108,659 | 104,878 | -3 | % | -10 | % | |||||||||||
| Credit Card loans | 101,577 | 97,956 | 100,930 | 110,223 | 108,258 | -2 | % | 7 | % | |||||||||||
| Others | 55,881 | 42,682 | 40,569 | 40,855 | 29,133 | -29 | % | -48 | % | |||||||||||
| Interest | 34,010 | 35,050 | 34,894 | 35,809 | 34,788 | -3 | % | 2 | % | |||||||||||
| Total loan portfolio | 398,656 | 370,854 | 387,832 | 402,641 | 369,677 | -8 | % | -7 | % | |||||||||||
| Total loans in Pesos | 362,400 | 345,057 | 363,526 | 385,501 | 353,605 | -8 | % | -2 | % | |||||||||||
| Total loans in | 36,256 | 25,797 | 24,306 | 17,140 | 16,072 | -6 | % | -56 | % | |||||||||||
| Financial trusts | 456 | 587 | 445 | 616 | 667 | 8 | % | 46 | % | |||||||||||
| Leasing | 193 | 224 | 234 | 555 | 538 | -3 | % | 179 | % | |||||||||||
| Others | 2,998 | 2,655 | 2,785 | 1,278 | 874 | -32 | % | -71 | % | |||||||||||
| Total other financing | 3,647 | 3,466 | 3,464 | 2,449 | 2,079 | -15 | % | -43 | % | |||||||||||
| Total other financing in<br> Pesos | 1,964 | 1,889 | 2,035 | 1,754 | 1,482 | -16 | % | -25 | % | |||||||||||
| Total other financing in | 1,683 | 1,577 | 1,429 | 695 | 597 | -14 | % | -65 | % | |||||||||||
| Total financing to the private<br> sector | 402,303 | 374,320 | 391,296 | 405,090 | 371,756 | -8 | % | -8 | % | |||||||||||
| EOP FX (Pesos per ) | 91.9850 | 95.7267 | 98.7350 | 102.7500 | 110.9783 | 8 | % | 21 | % | |||||||||||
| financing / Financing<br> to the private sector | 9 | % | 7 | % | 7 | % | 4 | % | 4 | % |
All values are in US Dollars.
11
| 1Q22 Earnings Release |
|---|
Public Sector Assets
In 1Q22, the Bank’s public sector assets (excluding LELIQs) to total assets ratio was 22.1%, higher than the 18.1% registered in the previous quarter, and the 16.9% posted in 1Q21.
In 1Q22, a 37% or Ps.57.6 billion increase in Leliqs and a 21% or Ps.43.8 billion incrase in Other Government Securities stand out.
| PUBLIC SECTOR ASSETS | MACRO<br> Consolidated | Change | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In<br> MILLION $ (Measuring Unit Current at EOP) | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | QoQ | YoY | ||||||||||||||
| Leliqs | 189,015 | 171,250 | 166,787 | 154,339 | 211,908 | 37 | % | 12 | % | ||||||||||||
| Other | 195,862 | 233,363 | 198,889 | 206,645 | 250,455 | 21 | % | 28 | % | ||||||||||||
| Government securities | 384,877 | 404,613 | 365,676 | 360,984 | 462,363 | 28 | % | 20 | % | ||||||||||||
| Provincial loans | 4,867 | 4,838 | 3,168 | 2,477 | 1,820 | -27 | % | -63 | % | ||||||||||||
| Loans | 4,867 | 4,838 | 3,168 | 2,477 | 1,820 | -27 | % | -63 | % | ||||||||||||
| Purchase of government bonds | 257 | 240 | 224 | 209 | 0 | -100 | % | -100 | % | ||||||||||||
| Other receivables | 257 | 240 | 224 | 209 | 0 | -100 | % | -100 | % | ||||||||||||
| TOTAL PUBLIC SECTOR ASSETS | 390,001 | 409,691 | 369,068 | 363,670 | 464,183 | 28 | % | 19 | % | ||||||||||||
| TOTAL PUBLIC SECTOR ASSETS<br> (net of LEBAC/NOBAC/LELIQ) | 200,986 | 238,441 | 202,281 | 209,331 | 252,275 | 21 | % | 26 | % | ||||||||||||
| TOTAL PUBLIC SECTOR ASSETS<br> (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS | 16.9 | % | 21.0 | % | 17.6 | % | 18.1 | % | 22.1 | % |
Funding
Deposits
Banco Macro’s deposit base totaled Ps.677.5 billion in 1Q22, decreasing 1% or Ps.5.9 billion QoQ and a 4% or Ps.71.7 billion decrease YoY and representing 79% of the Bank’s total liabilities.
On a quarterly basis, private sector deposits decreased 3% or Ps.19.2 billion while public sector deposits increased 20% or Ps.13.4 billion.
The decrease in private sector deposits was led by demand deposits, which decreased 10% or Ps.33.6 billion, while time deposits increased 6% or Ps.15.9 billion QoQ.
Within private sector deposits, peso deposits increased 1% or Ps.4.3 billion, while US dollar deposits decreased 16% or USD 173 million.
As of 1Q22, Banco Macro´s market share over private sector deposits was 5.6%.
12
| 1Q22 Earnings Release | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DEPOSITS | Change | |||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In MILLION<br> (Measuring Unit Current at EOP) | 2Q21 | 3Q21 | 4Q21 | 1Q22 | QoQ | YoY | ||||||||||||||
| Public sector | 85,869 | 72,141 | 68,987 | 65,466 | 78,854 | 20 | % | -8 | % | |||||||||||
| Financial sector | 1,076 | 1,006 | 1,061 | 1,116 | 1,034 | -7 | % | -4 | % | |||||||||||
| Private sector | 622,337 | 615,077 | 623,479 | 616,895 | 597,657 | -3 | % | -4 | % | |||||||||||
| Checking accounts | 107,853 | 108,986 | 125,994 | 117,078 | 109,227 | -7 | % | 1 | % | |||||||||||
| Savings accounts | 190,670 | 201,545 | 187,651 | 213,510 | 187,732 | -12 | % | -2 | % | |||||||||||
| Time deposits | 309,505 | 287,540 | 293,951 | 270,962 | 286,855 | 6 | % | -7 | % | |||||||||||
| Other | 14,309 | 17,006 | 15,883 | 15,345 | 13,843 | -10 | % | -3 | % | |||||||||||
| Total | 709,282 | 688,224 | 693,527 | 683,477 | 677,545 | -1 | % | -4 | % | |||||||||||
| Pesos | 580,730 | 565,248 | 564,887 | 571,350 | 575,643 | 1 | % | -1 | % | |||||||||||
| Foreign Currency (Pesos) | 128,552 | 122,976 | 128,640 | 112,127 | 101,902 | -9 | % | -21 | % | |||||||||||
| EOP FX (Pesos per ) | 91.9850 | 95.7267 | 98.7350 | 102.7500 | 110.9783 | 8 | % | 21 | % | |||||||||||
| Foreign Currency () | 1,398 | 1,285 | 1,303 | 1,091 | 918 | -16 | % | -34 | % | |||||||||||
| Deposits / Total Deposits | 18 | % | 18 | % | 19 | % | 16 | % | 15 | % |
All values are in US Dollars.
Banco Macro’s transactional deposits represent approximately 49% of its total deposit base as of 1Q22. These accounts are low cost and are not sensitive to interest rate increases.
Other sources of funds
In 1Q22, the total amount of other sources of funds increased 1% or Ps.3.9 billion compared to 4Q21. On a yearly basis other sources of funds increased Ps.933 million. In 1Q22 Shareholder’s Equity increased 2% or Ps.5.4 billion as a consequence of the Ps.5.4 billion total comprehensive income of the quarter; also in the quarter subordinated corporate bonds decreased 6% or Ps.2.7 billion.
| OTHER SOURCES OF FUNDS | MACRO<br> Consolidated | Change | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION<br> $ (Measuring Unit Current at EOP) | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | QoQ | YoY | |||||||||
| Central Bank of Argentina | 31 | 34 | 28 | 25 | 22 | -12 | % | -29 | % | |||||||
| Banks and international institutions | 807 | 792 | 653 | 319 | 161 | -50 | % | -80 | % | |||||||
| Financing received from Argentine<br> financial institutions | 944 | 165 | 80 | 164 | 1,826 | 1013 | % | 93 | % | |||||||
| Subordinated corporate bonds | 59,172 | 54,650 | 52,498 | 48,719 | 46,028 | -6 | % | -22 | % | |||||||
| Corporate bonds | 7,839 | 3,399 | 3,247 | 3,471 | 3,096 | -11 | % | -61 | % | |||||||
| Shareholders' equity | 263,735 | 255,119 | 264,600 | 276,906 | 282,328 | 2 | % | 7 | % | |||||||
| Total other source of funds | 332,528 | 314,159 | 321,106 | 329,604 | 333,461 | 1 | % | 0 | % |
13
| 1Q22 Earnings Release |
|---|
Liquid Assets
In 1Q22, the Bank’s liquid assets amounted to Ps.630.7 billion, showing a 2% or Ps.15.3 billion increase QoQ, and a 5% or Ps.32.5 billion decrease on a yearly basis.
In 1Q22, Leliqs and Other government securities increased 30% and 21% respectively and were partially offset by a 12% decrease in Cash and a 133% decrease in Net Repos.
In 1Q22 Banco Macro’s liquid assets to total deposits ratio reached 93%.
| LIQUID ASSETS | MACRO Consolidated | Change | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at<br> EOP) | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | QoQ | YoY | |||||||
| Cash | 238,112 | 200,557 | 212,358 | 200,026 | 175,531 | -12 | % | -26 | % | |||||
| Guarantees for compensating chambers | 18,539 | 17,010 | 18,727 | 18,020 | 16,000 | -11 | % | -14 | % | |||||
| Call | 1,706 | 0 | 0 | 0 | 0 | - | -100 | % | ||||||
| Leliq own portfolio | 189,015 | 171,250 | 166,787 | 154,339 | 200,611 | 30 | % | 6 | % | |||||
| Net Repos | 19,993 | 17,861 | 26,379 | 36,453 | -11,854 | -133 | % | -159 | % | |||||
| Other government & private securities | 195,862 | 233,363 | 198,889 | 206,645 | 250,455 | 21 | % | 28 | % | |||||
| Total | 663,227 | 640,041 | 623,140 | 615,483 | 630,743 | 2 | % | -5 | % | |||||
| Liquid assets to total deposits | 94 | % | 93 | % | 90 | % | 90 | % | 93 | % |
Solvency
Banco Macro continued showing high solvency levels in 1Q22 with an integrated capital (RPC) of Ps.300.2 billion over a total capital requirement of Ps.63.6 billion. Banco Macro’s excess capital in 1Q22 was 372% or Ps.236.6 billion.
The regulatory capital ratio (as a percentage of risk-weighted assets- RWA) was 38.5% in 1Q22; TIER1 Ratio stood at 33.7%.
The Bank’s aim is to make the best use of this excess capital.
| MINIMUM CAPITAL REQUIREMENT | MACRO<br> Consolidated | Change | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | QoQ | YoY | |||||||
| Credit risk requirement | 29,047 | 29,413 | 34,030 | 36,726 | 40,488 | 10 | % | 39 | % | |||||
| Market risk requirement | 1,538 | 1,559 | 1,631 | 3,585 | 3,886 | 8 | % | 153 | % | |||||
| Operational risk requirement | 12,934 | 14,252 | 15,691 | 17,438 | 19,206 | 10 | % | 48 | % | |||||
| Total capital requirements | 43,519 | 45,224 | 51,352 | 57,749 | 63,581 | 10 | % | 46 | % | |||||
| Ordinary Capital Level 1 (COn1) | 171,410 | 182,409 | 203,858 | 233,700 | 279,447 | 20 | % | 63 | % | |||||
| Deductible concepts Level 1 (COn1) | -9,889 | -11,194 | -12,411 | -14,585 | -16,866 | 16 | % | 71 | % | |||||
| Capital Level 2 (COn2) | 39,442 | 40,987 | 42,565 | 36,401 | 37,615 | 3 | % | -5 | % | |||||
| Integrated capital - RPC (i) | 200,964 | 212,202 | 234,012 | 255,516 | 300,196 | 17 | % | 49 | % | |||||
| Excess capital | 157,445 | 166,978 | 182,660 | 197,767 | 236,615 | 20 | % | 50 | % | |||||
| Risk-weighted assets - RWA (ii) | 533,407 | 554,596 | 629,505 | 708,490 | 780,016 | 10 | % | 46 | % | |||||
| Regulatory Capital ratio [(i)/(ii)] | 37.7 | % | 38.3 | % | 37.2 | % | 36.1 | % | 38.5 | % | ||||
| Ratio TIER 1 [Capital Level 1/RWA] | 30.3 | % | 30.9 | % | 30.4 | % | 30.9 | % | 33.7 | % |
RWA- (ii): Risk Weighted Assets, considering total capital requirements.
14
| 1Q22 Earnings Release |
|---|
Asset Quality
In 1Q22, Banco Macro’s non-performing to total financing ratio (under Central Bank rules) reached a level of 1.64%, deteriorating from the 1.3% registered in 4Q21, and above the 0.92% posted in 1Q21.
Consumer portfolio non-performing loans decreased 5b.p. (down to 1.35% from 1.40%) while Commercial portfolio non-performing loans increased 177b.p. in 1Q22 (up to 2.77% from 0.99%) mainly due to a specific commercial SME client which showed signs of credit deterioration.
The coverage ratio (measured as total allowances under Expected Credit Losses over Non Performing loans under Central Bank rules) reached to 163.17% in 1Q22. Write-offs over total loans totaled 0.15%.
The Bank is committed to continue working in this area to maintain excellent asset quality standards.
| ASSET QUALITY | MACRO<br> Consolidated | Change | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION<br> $ (Measuring Unit Current at EOP) | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | QoQ | YoY | |||||||
| Commercial portfolio | 117,745 | 102,234 | 105,748 | 101,154 | 81,125 | -20 | % | -31 | % | |||||
| Non-performing | 1,174 | 1,139 | 599 | 1,006 | 2,244 | 123 | % | 91 | % | |||||
| Consumer portfolio | 312,849 | 296,985 | 306,410 | 324,020 | 304,435 | -6 | % | -3 | % | |||||
| Non-performing | 2,784 | 5,575 | 6,273 | 4,523 | 4,099 | -9 | % | 47 | % | |||||
| Total portfolio | 430,594 | 399,219 | 412,158 | 425,174 | 385,560 | -9 | % | -10 | % | |||||
| Non-performing | 3,958 | 6,714 | 6,872 | 5,529 | 6,342 | 15 | % | 60 | % | |||||
| Commercial non-perfoming ratio | 1.00 | % | 1.11 | % | 0.57 | % | 0.99 | % | 2.77 | % | ||||
| Consumer non-perfoming ratio | 0.89 | % | 1.88 | % | 2.05 | % | 1.40 | % | 1.35 | % | ||||
| Total non-performing/ Total portfolio | 0.92 | % | 1.68 | % | 1.67 | % | 1.30 | % | 1.64 | % | ||||
| Total allowances | 15,350 | 14,295 | 12,088 | 11,590 | 10,349 | -11 | % | -33 | % | |||||
| Coverage ratio w/allowances | 387.82 | % | 212.91 | % | 175.90 | % | 209.61 | % | 163.17 | % | ||||
| Write Offs | 198 | 154 | 1,435 | 665 | 566 | -15 | % | 186 | % | |||||
| Write Offs/ Total portfolio | 0.05 | % | 0.04 | % | 0.35 | % | 0.16 | % | 0.15 | % |
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 2020 20-F)
15
| 1Q22 Earnings Release |
|---|
CER Exposure and Foreign Currency Position
| CER EXPOSURE | MACRO<br> Consolidated | Change | |||||||
|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current<br> at EOP) | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | QoQ | YoY | ||
| CER adjustable ASSETS | |||||||||
| Government Securities | 110,572 | 138,281 | 95,800 | 113,679 | 166,869 | 47 | % | 51 | % |
| Loans (*) | 32,053 | 31,881 | 31,109 | 30,377 | 28,436 | -6 | % | -11 | % |
| Private sector loans | 11,169 | 9,989 | 8,964 | 8,118 | 6,874 | -15 | % | -38 | % |
| Mortgage loans (UVA adjusted) | 20,872 | 21,880 | 22,129 | 22,245 | 21,540 | -3 | % | 3 | % |
| Other loans | 12 | 12 | 16 | 14 | 22 | 57 | % | 83 | % |
| Total CER adjustable assets | 142,625 | 170,162 | 126,909 | 144,056 | 195,305 | 36 | % | 37 | % |
| CER adjustable LIABILITIES | |||||||||
| Deposits<br> (*) | 5,612 | 11,289 | 10,811 | 8,981 | 10,300 | 15 | % | 84 | % |
| UVA Unemployment fund | 1,420 | 1,647 | 1,811 | 1,861 | 1,921 | 3 | % | 35 | % |
| Total CER adjustable liabilities | 7,032 | 12,936 | 12,622 | 10,842 | 12,221 | 13 | % | 74 | % |
| NET CER EXPOSURE | 135,593 | 157,226 | 114,287 | 133,214 | 183,084 | 37 | % | 35 | % |
(*) Includes Loans &Time Deposits CER adjustable (UVAs)
| FOREIGN CURRENCY POSITION | MACRO<br> Consolidated | Change | |||||||
|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current<br> at EOP) | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | QoQ | YoY | ||
| Cash and deposits in Banks | 181,847 | 157,311 | 156,464 | 141,639 | 130,774 | -8 | % | -28 | % |
| Cash | 12,285 | 11,575 | 14,911 | 10,309 | 17,676 | 71 | % | 44 | % |
| Central Bank of Argentina | 85,776 | 83,279 | 80,909 | 85,990 | 66,161 | -23 | % | -23 | % |
| Other financial institutions local<br> and abroad | 83,777 | 62,449 | 60,636 | 45,332 | 46,874 | 3 | % | -44 | % |
| Others | 9 | 8 | 8 | 8 | 63 | 688 | % | 600 | % |
| Net Income from financial instruments at fair value through<br> P&L | 59 | 1,074 | 1,185 | 1,432 | 2,153 | 50 | % | 3549 | % |
| Other financial assets | 8,766 | 7,635 | 7,355 | 6,952 | 8,604 | 24 | % | -2 | % |
| Loans and other financing | 37,928 | 27,331 | 25,693 | 17,799 | 16,633 | -7 | % | -56 | % |
| Other financial institutions | 37 | 0 | 0 | 0 | 0 | 0 | % | -100 | % |
| Non financial private sector& foreign<br> residents | 37,892 | 27,331 | 25,693 | 17,799 | 16,633 | -7 | % | -56 | % |
| Other debt securities | 6,105 | 7,839 | 15,011 | 39,314 | 33,653 | -14 | % | 451 | % |
| Guarantees received | 2,802 | 2,703 | 2,668 | 2,666 | 2,493 | -6 | % | -11 | % |
| Investment in equity instruments | 19 | 20 | 18 | 82 | 66 | -20 | % | 247 | % |
| Total Assets | 237,526 | 203,913 | 208,394 | 209,884 | 194,376 | -7 | % | -18 | % |
| Deposits | 128,552 | 122,976 | 128,640 | 112,127 | 101,902 | -9 | % | -21 | % |
| Non financial public sector | 6,343 | 7,468 | 7,297 | 8,910 | 7,689 | -14 | % | 21 | % |
| Financial sector | 983 | 922 | 935 | 883 | 877 | -1 | % | -11 | % |
| Non financial private sector& foreign<br> residents | 121,226 | 114,586 | 120,408 | 102,334 | 93,336 | -9 | % | -23 | % |
| Financial liabiities at fair value through P&L | 0 | 0 | 0 | 147 | 461 | 214 | % | - | |
| Other liabilities from financial intermediation | 28,626 | 9,838 | 10,834 | 7,553 | 7,089 | -6 | % | -75 | % |
| Financing from the Central Bank and other fin. Inst | 937 | 853 | 656 | 321 | 161 | -50 | % | -83 | % |
| Subordinated corporate bonds | 59,172 | 54,650 | 52,498 | 48,719 | 46,028 | -6 | % | -22 | % |
| Other non financial liabilities | 40 | 30 | 30 | 47 | 27 | -43 | % | -33 | % |
| Total Liabilities | 217,327 | 188,347 | 192,658 | 168,914 | 155,668 | -8 | % | -28 | % |
| NET FX POSITION (Pesos) | 20,199 | 15,566 | 15,736 | 40,970 | 38,708 | -6 | % | 92 | % |
| EOP FX (Pesos per USD) | 91.9850 | 95.7267 | 98.7350 | 102.7500 | 110.9783 | 8 | % | 21 | % |
| NET FX POSITION (USD) | 220 | 163 | 159 | 399 | 349 | -13 | % | 59 | % |
16
| 1Q22 Earnings Release |
|---|
Relevant and Recent Events
| · | On<br> April 29th 2022 TheShareholders’ Meetingresolved to distribute as dividend to the shareholders<br> in cash and/or in kind, in the latter case valued at market price, the amount of AR$ 14,187,872,701.21,<br> which represents AR$ 22.18 per share, subject to prior authorization from the Banco Central<br> de la República Argentina (“BCRA”), and delegated to the Board the powers<br> to determine the date of the effective availability thereof to the shareholders, currency,<br> terms and other payment terms and conditions of such dividend. |
|---|
The above stated amount is subject to a 7% withholding under section 97 of the Income Tax Law as revised in 2019. Pursuant to the provisions of Communique “A” 6939 issued by the BCRA on March 19th 2020, as amended, to the date hereof there are dividends in the amount of AR$ 26,580,415,370.12 still pending distribution, representing an aggregate of AR$ 41.57 per share, the distribution of which was approved by the Shareholders’ Meetings held on April 20th and October 21st 2020 and on April 30th 2021 as well.
Please note that on December 16th 2021, the BCRA, through its Communique “A” 7421, established that as of January 1st 2022 and up to December 31st 2022, financial entities shall be able to distribute profits of up to 20% of the amount they would have been allowed to distribute under the rules on “Distribution of Income” issued by such entity. We inform that such Communique further provides that financial entities authorized by the BCRA to distribute profits, must do it in 12 monthly equal and consecutive installments.
Therefore, in compliance with the above stated Communique “A” 7421, Banco Macro S.A. shall request the BCRA authorization for the partial distribution of dividends as approved by the Shareholders’ Meetings mentioned above, for an aggregate amount of AR$ 19,751,444,343.74, representing AR$ $30.89 per share and 20% of the total distributable income.
On May 12th the Superintendenciade Entidades Financieras y Cambiarias of the Central Bank of the Republic of Argentina informed us that it has decided to authorizeBanco 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 distributionshall be carried out in 12 monthly equal and consecutive instalments.
| · | Interest Payment Class A Subordinated Notes. In May 2022, the Bank paid semiannual interest on<br> Class A subordinated notes in the amount of USD 13,286,000. |
|---|---|
| · | Interest and Principal Payment Class B Peso denominated Notes. In May 2022, the Bank paid semiannual<br> interest on Class B Peso denominated notes in the amount of Ps.252,804,212 and principal<br> in the amount of Ps.2,889,191,000. |
| --- | --- |
| · | Class E Dollar Denominated Notes Issuance. On May 2^nd^ the Bank issued Series E dollar<br> denominated, non-subordinated, on-convertible notes in the amount of USD 17,000,000 with<br> an interest rate of 1.45%, quarterly interest payment and final maturity May 2024. |
| --- | --- |
| · | PRISMA Medios de Pago S.A. In April 2022 and within the scope of the Divestment Plan undertaken<br> by Prisma Medios de Pago S.A. (“Prisma”) and its shareholders at that time with<br> the Argentine Antitrust Commission (Comisión Nacional de Defensa de la Competencia or<br> CNDC), that the Bank completed the transfer of all remaining shares the Bank held in Prisma<br> in favor of AI ZENITH (Netherlands) B.V. (a company related to Advent International Global<br> Private Equity), representing 4.4941% of Prima’s capital stock. |
| --- | --- |
The price of such shares is 33,017,761.20 US Dollars and shall be paid as follows: (a) 30% in Argentine Pesos at UVA plus a nominal annual rate of 15% and (ii) 70% in US Dollars at a nominal annual rate of 10% for a 6-year period. In addition to what was previously informed on January 22nd 2019, that within the scope of the above mentioned transaction, the parties have agreed that part of the balance of the price fixed for the sale of 51% of the capital stock and votes of Prisma shall be paid in two installments, extending the payment term to the years 2026 and 2027.
17
| 1Q22 Earnings Release |
|---|
Regulatory Changes
| · | Monetary<br> policy rate, time deposits, extension of Productive Investment Credit Lines for SMEs. In<br> March 2022 through Communication “A” 7474, the Central Bank of Argentina increased<br> the nominal annual rate of 28-day LELIQs by 200 basis points from 42.5% to 44.5%. It also<br> increased the minimum interest rates for time deposits. As of March 23, 2022, minimum applicable<br> rates will were established: for time deposits under $10 million: 97.75% (43.5% nominal annual<br> rate), all others: 93.26% (41.5% nominal annual rate). In terms of productive investment<br> credit lines for SMEs, for credits granted as of March 23, 2022, maximum interest rates were<br> increased: from 30% to 35% the nominal annual rate applicable to investment projects and<br> from 41% to 43% the nominal annual rate applicable to financing to working capital y discounted<br> instruments. Lastly, as of April 2022, interest rates for credit card financing (up to $200,000)<br> were increased to 51%. |
|---|---|
| · | Productive<br> Investment Credit Lines for SMEs In March 2022 through Communication “A” 7475<br> The BCRA extended until September 30, 2022, the Productive Investment Credit Lines for SMEs.<br> It includes, as of April 1, 2022, the “2022 Quota”, with the same terms and conditions,<br> as the 2021/2022 quota, and applies for Group “A” institutions and those which<br> are not in such group but work as financial agents for sovereign, provincial or municipal<br> governments. |
| --- | --- |
| · | Interest<br> rates. In May 2022 through Communication “A” 7512 2022, the BCRA modified the<br> applicable percentages for the determination of minimum time deposit rates as follows: time<br> deposits (individuals) that do not exceed the amount of $10 million: 97.96%, deposits not<br> included in the previous item: 93.96% of the monetary policy rate. Additionally, it increases<br> to 47.50% the nominal annual fixed rate applicable to working capital financing and discounted<br> instruments related to Productive Investment Credit Lines for SMEs. Lastly, as of June 2022,<br> interest rates for credit card financing (up to $200,000) increased from 51% to 53%. On the<br> same date, it increased the monetary policy rate from 47.00% to 49.00% |
| --- | --- |
18
| 1Q22 Earnings Release | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| QUARTERLY<br> BALANCE SHEET | MACRO<br> Consolidated | Change | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In MILLION<br> $ (Measuring Unit Current at EOP) | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | QoQ | YoY | |||||||||
| ASSETS | ||||||||||||||||
| Cash and deposits<br> in Banks | 238,112 | 200,557 | 212,358 | 200,026 | 175,531 | -12 | % | -26 | % | |||||||
| Cash | 36,683 | 29,877 | 31,927 | 30,903 | 32,105 | 4 | % | -12 | % | |||||||
| Central Bank of Argentina | 117,627 | 108,217 | 119,758 | 123,778 | 96,476 | -22 | % | -18 | % | |||||||
| Other local& foreign entities | 83,793 | 62,454 | 60,666 | 45,337 | 46,886 | 3 | % | -44 | % | |||||||
| Other | 9 | 9 | 7 | 8 | 64 | 700 | % | 611 | % | |||||||
| Debt securities at fair value through profit& loss | 59,532 | 86,593 | 27,173 | 37,614 | 32,244 | -14 | % | -46 | % | |||||||
| Derivatives | - | 5 | 1 | 2 | - | -100 | % | - | ||||||||
| Repo Transactions | 19,993 | 18,246 | 28,694 | 36,453 | 0 | -100 | % | -100 | % | |||||||
| Other financial assets | 27,092 | 21,529 | 27,412 | 40,787 | 24,945 | -39 | % | -8 | % | |||||||
| Loans& other receivables | 411,080 | 381,006 | 396,454 | 408,985 | 373,888 | -9 | % | -9 | % | |||||||
| Non Financial Public Sector | 5,103 | 5,108 | 3,425 | 2,758 | 2,090 | -24 | % | -59 | % | |||||||
| Financial Sector | 4,130 | 2,165 | 2,178 | 1,753 | 709 | -60 | % | -83 | % | |||||||
| Non Financial private sector and foreign | 401,847 | 373,733 | 390,851 | 404,474 | 371,089 | -8 | % | -8 | % | |||||||
| Other debt securities | 329,770 | 324,502 | 352,845 | 331,936 | 422,907 | 27 | % | 28 | % | |||||||
| Financial assets in guarantee | 21,314 | 20,190 | 24,115 | 20,851 | 32,048 | 54 | % | 50 | % | |||||||
| Income tax assets | 0 | 0 | 0 | 631 | 197 | |||||||||||
| Investments in equity instruments | 3,190 | 2,917 | 2,668 | 2,530 | 476 | -81 | % | -85 | % | |||||||
| Investments in other companies<br> (subsidiaries and joint ventures) | 383 | 537 | 503 | 568 | 652 | 15 | % | 70 | % | |||||||
| Property, plant and equipment | 60,284 | 60,632 | 61,596 | 61,369 | 60,912 | -1 | % | 1 | % | |||||||
| Intangible assets | 9,024 | 9,293 | 9,649 | 9,755 | 9,718 | 0 | % | 8 | % | |||||||
| Deferred income tax assets | 87 | 98 | 43 | 55 | 42 | -24 | % | -52 | % | |||||||
| Other non financial assets | 3,982 | 3,537 | 2,823 | 2,705 | 3,326 | 23 | % | -16 | % | |||||||
| Non-current assets held for sale | 3,953 | 3,948 | 3,828 | 3,762 | 3,748 | 0 | % | -5 | % | |||||||
| TOTAL ASSETS | 1,187,796 | 1,133,590 | 1,150,162 | 1,158,029 | 1,140,634 | -2 | % | -4 | % | |||||||
| LIABILITIES | ||||||||||||||||
| Deposits | 709,282 | 688,224 | 693,527 | 683,477 | 677,545 | -1 | % | -4 | % | |||||||
| Non Financial Public Sector | 85,869 | 72,141 | 68,987 | 65,466 | 78,854 | 20 | % | -8 | % | |||||||
| Financial Sector | 1,076 | 1,006 | 1,061 | 1,116 | 1,034 | -7 | % | -4 | % | |||||||
| Non Financial private sector and foreign | 622,337 | 615,077 | 623,479 | 616,895 | 597,657 | -3 | % | -4 | % | |||||||
| Liabilities at fair value through profit& loss | - | 16.00 | 2,840.00 | 1,889.00 | 461 | - | - | |||||||||
| Derivatives | - | 2 | 3 | 3 | 7 | - | 0 | % | ||||||||
| Repo Transactions | - | 385 | 2,316 | - | 11,854 | - | -86 | % | ||||||||
| Other financial liabilities | 77,360 | 56,429 | 59,622 | 78,852 | 59,738 | -24 | % | -23 | % | |||||||
| Financing received from Central<br> Bank and Other Financial Institutions | 1,783 | 991 | 761 | 508 | 2,008 | 295 | % | 13 | % | |||||||
| Issued Corporate Bonds | 7,839 | 3,399 | 3,247 | 3,471 | 3,096 | -11 | % | -61 | % | |||||||
| Current income tax liabilities | 7,337 | 2,216 | 3,112 | 408 | 554 | 36 | % | -92 | % | |||||||
| Subordinated corporate bonds | 59,172 | 54,650 | 52,498 | 48,719 | 46,028 | -6 | % | -22 | % | |||||||
| Provisions | 2,159 | 1,347 | 1,753 | 1,905 | 2,002 | 5 | % | -7 | % | |||||||
| Deferred income tax liabilities | 12,556 | 12,661 | 9,993 | 6,607 | 7,560 | 14 | % | -40 | % | |||||||
| Other non financial liabilities | 46,570 | 58,148 | 55,887 | 55,240 | 47,421 | -14 | % | 2 | % | |||||||
| TOTAL LIABILITIES | 924,058 | 878,468 | 885,559 | 881,079 | 858,274 | -3 | % | -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 | 97,975 | 97,975 | 97,975 | 97,975 | 97,975 | 0 | % | 0 | % | |||||||
| Reserves | 192,396 | 141,403 | 141,403 | 141,403 | 141,403 | 0 | % | -27 | % | |||||||
| Retained earnings | -45,978 | -10,354 | -10,354 | -10,354 | 21,127 | - | - | |||||||||
| Other accumulated comprehensive<br> income | 2,880 | 3,179 | 3,252 | 3,332 | 2,734 | -18 | % | -5 | % | |||||||
| Net income for the period / fiscal<br> year | 3,393 | 9,847 | 19,255 | 31,481 | 6,020 | -81 | % | 77 | % | |||||||
| Shareholders' Equity<br> attributable to parent company | 263,735 | 255,119 | 264,600 | 276,906 | 282,328 | 2 | % | 7 | % | |||||||
| Shareholders' Equity<br> attributable to non controlling interest | 3 | 3 | 3 | 44 | 32 | -27 | % | 967 | % | |||||||
| TOTAL SHAREHOLDERS' EQUITY | 263,738 | 255,122 | 264,603 | 276,950 | 282,360 | 2 | % | 7 | % |
19
| 1Q22 Earnings Release | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| INCOME STATEMENT | MACRO<br> Consolidated | Change | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In MILLION<br> $ (Measuring Unit Current at EOP) | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | QoQ | YoY | |||||||||
| Interest Income | 69,946 | 61,861 | 63,823 | 66,028 | 68,848 | 4 | % | -2 | % | |||||||
| Interest Expense | 32,986 | 26,238 | 25,770 | 24,615 | 26,937 | 9 | % | -18 | % | |||||||
| Net Interest Income | 36,960 | 35,623 | 38,053 | 41,413 | 41,911 | 1 | % | 13 | % | |||||||
| Fee income | 10,126 | 10,403 | 11,087 | 11,311 | 11,273 | 0 | % | 11 | % | |||||||
| Fee expense | 931 | 946 | 1,077 | 1,144 | 1,057 | -8 | % | 14 | % | |||||||
| Net Fee Income | 9,195 | 9,456 | 10,010 | 10,168 | 10,216 | 0 | % | 11 | % | |||||||
| Subtotal (Net Interest Income<br> + Net Fee Income) | 46,155 | 45,079 | 48,063 | 51,581 | 52,127 | 1 | % | 13 | % | |||||||
| Net Income from financial instruments<br> at Fair Value Through Profit & Loss | 7,075 | 7,383 | 4,422 | 4,112 | 6,448 | 57 | % | -9 | % | |||||||
| Result from assets at amortised<br> cost | 92 | 86 | - | 105 | - | -100 | % | -100 | % | |||||||
| Difference in quoted prices of<br> gold and foreign currency | 1,887 | 894 | 757 | 1,857 | 3,085 | 66 | % | 63 | % | |||||||
| Other operating income | 2,558 | 1,970 | 2,256 | 2,303 | 3,262 | 42 | % | 28 | % | |||||||
| Provision for loan losses | 4 | 297 | 271 | 2,278 | 745 | -67 | % | 18525 | % | |||||||
| Net Operating Income | 57,763 | 55,116 | 55,227 | 57,679 | 64,177 | 11 | % | 11 | % | |||||||
| Personnel expenses | 11,257 | 11,737 | 11,543 | 11,289 | 9,811 | -13 | % | -13 | % | |||||||
| Administrative expenses | 5,296 | 5,434 | 5,747 | 6,844 | 5,514 | -19 | % | 4 | % | |||||||
| Depreciation and impairment of<br> assets | 1,998 | 2,005 | 2,120 | 2,148 | 2,192 | 2 | % | 10 | % | |||||||
| Other operating expenses | 9,859 | 8,761 | 9,647 | 11,424 | 10,123 | -11 | % | 3 | % | |||||||
| Operating Income | 29,353 | 27,179 | 26,170 | 25,974 | 36,537 | 41 | % | 24 | % | |||||||
| Income from associates and joint<br> ventures | 36 | 27 | -2 | 41 | -36 | - | - | |||||||||
| Result from net monetary position | -22,402 | -18,952 | -16,395 | -17,617 | -28,917 | - | - | |||||||||
| Net Income before income<br> tax on cont. operations | 6,987 | 8,254 | 9,773 | 8,398 | 7,584 | -10 | % | 9 | % | |||||||
| Income tax on continuing operations | 3,594 | 1,799 | 365 | -3,828 | 1,576 | -141 | % | -56 | % | |||||||
| Net Income from continuing<br> operations | 3,393 | 6,455 | 9,408 | 12,226 | 6,008 | -51 | % | 77 | % | |||||||
| Net Income for the period | 3,393 | 6,455 | 9,408 | 12,226 | 6,008 | -51 | % | 77 | % | |||||||
| Net Income of the period attributable<br> to parent company | 3,393 | 6,454 | 9,408 | 12,226 | 6,020 | -51 | % | 77 | % | |||||||
| Net income of the period attributable<br> to non-controlling interests | - | 1 | - | - | -12 | - | - | |||||||||
| Other Comprehensive Income | 912 | 299 | 71 | 80 | -597 | -846 | % | -165 | % | |||||||
| Foreign currency translation<br> differences in financial statements conversion | -150 | -279 | -236 | -224 | -258 | - | - | |||||||||
| Profits or losses from financial<br> assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a) | 1,062 | 578 | 307 | 304 | -339 | -212 | % | -132 | % | |||||||
| TOTAL COMPREHENSIVE INCOME<br> FOR THE PERIOD | 4,305 | 6,754 | 9,479 | 12,306 | 5,411 | -56 | % | 26 | % | |||||||
| Total Comprehensive Income attributable<br> to parent Company | 4,305 | 6,753 | 9,479 | 12,306 | 5,423 | -56 | % | 26 | % | |||||||
| Total Comprehensive Income attributable<br> to non-controlling interests | - | 1 | - | - | -12 | - | - |
20
| 1Q22 Earnings Release | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| QUARTERLY ANNUALIZED RATIOS | MACRO Consolidated | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | |||||||||||
| Profitability & performance | |||||||||||||||
| Net interest margin | 17.4 | % | 18.8 | % | 19.1 | % | 21.2 | % | 22.8 | % | |||||
| Net interest margin adjusted (exc. FX) | 16.5 | % | 18.3 | % | 18.7 | % | 20.3 | % | 21.2 | % | |||||
| Net fee income ratio | 11.5 | % | 12.2 | % | 13.7 | % | 12.6 | % | 12.9 | % | |||||
| Efficiency ratio | 35.7 | % | 38.4 | % | 38.8 | % | 37.4 | % | 29.6 | % | |||||
| Net fee income as % of A&G Expenses | 32.2 | % | 31.7 | % | 35.3 | % | 33.7 | % | 43.7 | % | |||||
| Return on average assets | 1.1 | % | 2.3 | % | 3.3 | % | 4.4 | % | 2.2 | % | |||||
| Return on average equity | 5.4 | % | 10.3 | % | 14.6 | % | 18.3 | % | 9.0 | % | |||||
| Liquidity | |||||||||||||||
| Loans as a percentage of total deposits | 58.0 | % | 55.4 | % | 57.2 | % | 59.8 | % | 55.2 | % | |||||
| Liquid assets as a percentage of total deposits | 94.0 | % | 93.0 | % | 90.0 | % | 90.0 | % | 93.0 | % | |||||
| Capital | |||||||||||||||
| Total equity as a percentage of total assets | 22.2 | % | 22.5 | % | 23.0 | % | 23.9 | % | 24.8 | % | |||||
| Regulatory capital as % of APR | 37.7 | % | 38.3 | % | 37.2 | % | 36.1 | % | 38.5 | % | |||||
| Asset Quality | |||||||||||||||
| Allowances over total loans | 3.7 | % | 3.8 | % | 3.0 | % | 2.8 | % | 2.8 | % | |||||
| Non-performing financing as a percentage of total financing | 0.9 | % | 1.7 | % | 1.7 | % | 1.3 | % | 1.6 | % | |||||
| Coverage ratio w/allowances | 387.8 | % | 212.9 | % | 175.9 | % | 209.6 | % | 163.2 | % | |||||
| Cost of Risk | 0.0 | % | 0.3 | % | 0.3 | % | 2.3 | % | 0.8 | % | |||||
| ACCUMULATED ANNUALIZED RATIOS | MACRO Consolidated | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | |||||||||||
| Profitability & performance | |||||||||||||||
| Net interest margin | 17.4 | % | 18.0 | % | 18.4 | % | 19.1 | % | 22.8 | % | |||||
| Net interest margin adjusted (exc. FX) | 16.5 | % | 17.4 | % | 17.8 | % | 18.4 | % | 21.2 | % | |||||
| Net fee income ratio | 11.5 | % | 11.8 | % | 12.4 | % | 12.5 | % | 12.9 | % | |||||
| Efficiency ratio | 35.7 | % | 37.0 | % | 37.6 | % | 37.5 | % | 29.6 | % | |||||
| Net fee income as % of A&G Expenses | 32.2 | % | 32.0 | % | 33.1 | % | 33.2 | % | 43.7 | % | |||||
| Return on average assets | 1.1 | % | 1.7 | % | 2.2 | % | 2.8 | % | 2.2 | % | |||||
| Return on average equity | 5.4 | % | 7.8 | % | 10.1 | % | 12.2 | % | 9.0 | % | |||||
| Liquidity | |||||||||||||||
| Loans as a percentage of total deposits | 58.0 | % | 55.4 | % | 57.2 | % | 59.8 | % | 55.2 | % | |||||
| Liquid assets as a percentage of total deposits | 94.0 | % | 93.0 | % | 90.0 | % | 90.0 | % | 93.0 | % | |||||
| Capital | |||||||||||||||
| Total equity as a percentage of total assets | 22.2 | % | 22.5 | % | 23.0 | % | 23.9 | % | 24.8 | % | |||||
| Regulatory capital as % of APR | 37.7 | % | 38.3 | % | 37.2 | % | 36.1 | % | 38.5 | % | |||||
| Asset Quality | |||||||||||||||
| Allowances over total loans | 3.7 | % | 3.8 | % | 3.0 | % | 2.8 | % | 2.8 | % | |||||
| Non-performing financing as a percentage of total financing | 0.9 | % | 1.7 | % | 1.7 | % | 1.3 | % | 1.6 | % | |||||
| Coverage ratio w/allowances | 387.8 | % | 212.9 | % | 175.9 | % | 209.6 | % | 163.2 | % | |||||
| Cost of Risk | 0.0 | % | 0.2 | % | 0.2 | % | 0.7 | % | 0.8 | % |
21
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: May 23, 2022
| MACRO BANK INC. | |
|---|---|
| By: | /s/ Jorge Francisco Scarinci |
| Name: Jorge Francisco Scarinci | |
| Title: Chief Financial Officer |