Macro Bank Inc 6-K, filed May 27, 2021
Macro Bank Inc. (BMA)
About this 6-K
Macro Bank Inc filed this 6-K on May 27, 2021.
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 27, 2021
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 |
|---|
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 |
|---|
| 1Q21 Earnings Release |
| --- |
Banco Macro Announces Resultsfor the First Quarter of 2021
Buenos Aires, Argentina, May 27, 2021 – 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, 2021 (“1Q21”). 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 2020 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through March 31, 2021.
Summary
• The Bank’s net income totaledPs.2.2 billion in 1Q21. This result was 39% lower than the result posted in 4Q20 and 77% lower than in 4Q19. In 1Q21, the annualizedreturn on average equity (“ROAE”) and the annualized return on average assets (“ROAA”) were 5.4% and 1.1%, respectively.
• Operating income (after G&A andpersonnel expenses) was Ps.18.9 billion in 1Q21, 16% or Ps.2.6 billion higher than in 4Q20 and 19% or Ps.4.5 billion lower than a yearago.
• In 1Q21, Banco Macro’s financingto the private sector decreased 9% or Ps.25.8 billion quarter over quarter (“QoQ”) totaling Ps.259.4 billion and 17% or Ps.54.1.billion year over year (“YoY”).
• In 1Q21, Banco Macro’s totaldeposits decreased 17% or Ps.94.8 billion QoQ, totaling Ps.457.3 billion and representing 77% of the Bank’s total liabilities.Private sector deposits decrased 14% or Ps.66.9 billion QoQ.
• Banco Macro continued showing a strongsolvency ratio, with an excess capital of Ps.157.4 billion, 37.7% regulatory capital ratio – Basel III and 30.3% Tier 1 Ratio.In addition, the Bank’s liquid assets remained at an adequate level, reaching 94% of its total deposits in 1Q21.
• In 1Q21, the efficiency ratio reached35.7%, improving from the 38.8% posted in 4Q20 and higher than the 31.1% posted a year ago.
• In 1Q21, the Bank’s non-performingto total financing ratio was 0.92% and the coverage ratio reached 387.82%.
| 1Q21 Earnings Release Conference Call | |||
|---|---|---|---|
| IR Contacts in Buenos Aires: | |||
| Friday, May 28, 2021 | |||
| 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 05/28/2021 through 06/11/2021 | E-mail: investorelations@macro.com.ar | |
| +1 (412) 317 6370 | |||
| Conference ID: Banco Macro | Visit our website at: | ||
| Webcast: click<br>here | www.macro.com.ar/relaciones-inversores |
2
| 1Q21 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.
3
| 1Q21 Earnings Release |
| --- |
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 fromthe ones shown in the 20-F annual report. As of fiscal year 2021, the monetary result accrued by items of a monetary nature measuredat fair value with changes in Other Comprehensive Income (OCI), is recorded in the Result form the Net Monetary Position integratingthe Net Result of the period in accordance with Communication “A” 7211 of the Central Bank of Argentina. Previous quartersof 2020 have been restated in accordance with said Communication in order to make a comparison possible.
Results
Earnings per outstanding share were Ps.3.41 in 1Q21, 39% lower than in 4Q20 and 77% lower than the result posted a year ago.
| EARNINGS PER SHARE | Change | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION (Measuring Unit Current at EOP) | 2Q20 | 3Q20 | 4Q20 | 1Q21 | QoQ | YoY | |||||||||
| Net income -Parent Company- (M ) | 9,604 | 8,246 | 6,078 | 3,587 | 2,187 | -39 | % | -77 | % | ||||||
| Average # of shares outstanding (M) | 639 | 639 | 639 | 639 | 639 | 0 | % | 0 | % | ||||||
| Average #of treasury stocks (shares repurchased) (M) | 0 | 0 | 0 | - | - | - | -100 | % | |||||||
| Book value per avg. Outstanding share () | 266 | 253 | 264 | 262 | 266 | 2 | % | 0 | % | ||||||
| Shares Outstanding (M) | 639 | 639 | 639 | 639 | 639 | 0 | % | 0 | % | ||||||
| Earnings per avg. outstanding share () | 15.02 | 12.90 | 9.51 | 5.61 | 3.41 | -39 | % | -77 | % | ||||||
| EOP FX (Pesos per ) | 64.4697 | 70.4550 | 76.1750 | 84.1450 | 91.9850 | 9 | % | 43 | % | ||||||
| Book value per avg. issued ADS () | 41.26 | 35.91 | 34.66 | 31.14 | 28.92 | -7 | % | -30 | % | ||||||
| Earnings per avg. outstanding ADS () | 2.33 | 1.83 | 1.25 | 0.67 | 0.37 | -44 | % | -84 | % |
All values are in US Dollars.
Banco Macro’s 1Q21 net income of Ps.2.2 billion was 39% or Ps.1.4 billion lower than the previous quarter and 77% or Ps.7.4 billion lower YoY. This result represented an annualized ROAE and ROAA of 5.4% and 1.1% respectively.
Net operating income (before G&A and personnel expenses) was Ps.37.2 billion in 1Q21, increasing 5% or Ps.1.8 billion compared to 4Q20. In the quarter the improvement in Net Operating income was due to lower loan loss provisions and higher income from financial instruments at fair value through profit or loss. On a yearly basis Net operating income decreased 10% or Ps.4.1 billion compared due to lower net interest income and lower net fee income.
In 1Q21 Provision for loan losses totaled Ps.2 million, Ps.2.4 billion lower than in 4Q20, given that in previous quarters loan loss provisions were explained by additional provisions made by the Bank based on estimations of the macroeconomic impact of the current Covid-19 pandemic. In this quarter no additional provisions were deemed necessary.
Operating income (after G&A and personnel expenses) was Ps.18.9 billion in 1Q21, 16% or Ps.2.6 billion higher than in 4Q20 and 19% or Ps.4.5 billion lower than a year ago.
It is important to emphasize that this result was obtained with a leverage of only 4.5x assets to equity ratio.
4
| 1Q21 Earnings Release |
| --- | | INCOME STATEMENT | MACRO Consolidated | | | | | | | | | | Change | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | In MILLION $ (Measuring Unit Current at EOP) | 1Q20 | | 2Q20 | | 3Q20 | | 4Q20 | | 1Q21 | | QoQ | | | YoY | | | | Net Interest Income | | 30,386 | | 27,130 | | 26,607 | | 24,590 | | 23,829 | | -3 | % | | -22 | % | | Net fee income | | 6,321 | | 6,293 | | 6,628 | | 6,394 | | 5,928 | | -7 | % | | -6 | % | | Net Interest Income + Net Fee Income | | 36,707 | | 33,423 | | 33,235 | | 30,984 | | 29,757 | | -4 | % | | -19 | % | | Net Income from financial instruments<br> at fair value through P&L | | 2,348 | | 3,072 | | 3,395 | | 3,708 | | 4,562 | | 23 | % | | 94 | % | | Income from assets at amortized cost | | 1,216 | | 25 | | 77 | | 142 | | 60 | | -58 | % | | -95 | % | | Differences in quoted prices of gold<br> and foreign currency | | 760 | | 1,063 | | 1,518 | | 1,437 | | 1,216 | | -15 | % | | 60 | % | | Other operating income | | 1,568 | | 1,439 | | 1,486 | | 1,572 | | 1,649 | | 5 | % | | 5 | % | | Provision for loan losses | | 1,229 | | 3,171 | | 2,200 | | 2,439 | | 2 | | -100 | % | | -100 | % | | Net Operating Income | | 41,369 | | 35,852 | | 37,510 | | 35,405 | | 37,242 | | 5 | % | | -10 | % | | Employee benefits | | 6,742 | | 7,763 | | 7,795 | | 7,744 | | 7,258 | | -6 | % | | 8 | % | | Administrative expenses | | 3,815 | | 3,931 | | 4,275 | | 4,402 | | 3,415 | | -22 | % | | -10 | % | | Depreciation and impairment of assets | | 1,193 | | 1,246 | | 1,277 | | 1,257 | | 1,288 | | 2 | % | | 8 | % | | Other operating expenses | | 6,167 | | 5,561 | | 5,767 | | 5,636 | | 6,357 | | 13 | % | | 3 | % | | Operating Income | | 23,453 | | 17,351 | | 18,395 | | 16,366 | | 18,924 | | 16 | % | | -19 | % | | Result from associates & joint ventures | | 29 | | 11 | | 19 | | -67 | | 23 | | -134 | % | | -21 | % | | Result from net monetary postion | | -8,252 | | -5,591 | | -8,357 | | -12,016 | | -14,443 | | 20 | % | | 75 | % | | Result before taxes from continuing operations | | 15,230 | | 11,771 | | 10,057 | | 4,283 | | 4,504 | | 5 | % | | -70 | % | | Income tax | | 5,626 | | 3,525 | | 3,979 | | 696 | | 2,317 | | 233 | % | | -59 | % | | Net income from continuing operations | | 9,604 | | 8,246 | | 6,078 | | 3,587 | | 2,187 | | -39 | % | | -77 | % | | | | | | - | | - | | | | | | | | | | | | Net Income of the period | | 9,604 | | 8,246 | | 6,078 | | 3,587 | | 2,187 | | -39 | % | | -77 | % | | Net income of the period attributable<br> to parent company | | 9,604 | | 8,245 | | 6,078 | | 3,587 | | 2,187 | | -39 | % | | -77 | % | | Net income of the period attributable<br> to minority interest | | - | | 1 | | - | | - | | - | | - | | | - | | | Other Comprehensive Income | | -997 | | 1,230 | | 960 | | -134 | | 588 | | - | | | - | | | Foreign currency translation differences in<br> financial statements conversion | | -10 | | 105 | | 65 | | -25 | | -97 | | - | | | - | | | Profits or losses from financial assets measured<br> at fair value through other comprehensive income<br> (FVOCI) (IFRS 9(4.1.2)(a) | | -987 | | 1,125 | | 895 | | -109 | | 685 | | - | | | - | | | TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | | 8,607 | | 9,476 | | 7,038 | | 3,453 | | 2,775 | | -20 | % | | -68 | % | | Total Comprehensive Income attributable<br> to parent Company | | 8,607 | | 9,476 | | 7,038 | | 3,453 | | 2,775 | | -20 | % | | -68 | % | | Total Comprehensive Income attributable<br> to non-controlling interests | | - | | - | | - | | - | | - | | - | | | - | |
The Bank’s 1Q21 net interest income totaled Ps.23.8 billion, 3% or Ps.761 million lower than in 4Q20 and 22% or Ps.6.6 billion lower YoY as a result of different regulations adopted that set caps on lending rates and floors on deposit rates.
In 1Q21 interest income totaled Ps.45.1 billion, 4% or Ps.1.9 billion lower than in 4Q20 and 2% or Ps.1 billion higher than in 1Q20.
Income from interest on loans and other financing totaled Ps.22.3 billion, 1% or Ps.184 million higher compared with the previous quarter. On a yearly basis Income from interest on loans decreased 20% or Ps.5.4 billion.
In 1Q21 income from government and private securities decreased 6% or Ps.1.3 billion QoQ (due to lower income from Government securities) and 31% or Ps.4.9 billion compared with the same period of last year. This result is explained 88% by income from government and private securities through other comprehensive income
(Leliqs and Other government securities) and the remaining 12% is explained by income from sovereign bonds in pesos at amortized cost.
5
| 1Q21 Earnings Release |
| --- |
In 1Q21 income from Repos totaled Ps.2.1 billion, 26% or Ps.741 million lower than the previous quarter and 303% or Ps.1.6 billion higher than a year ago.
In 1Q21 FX income totaled Ps.1.2 billion, 15% or Ps.221 million lower than the previous quarter and 60% or Ps.456 million higher than a year ago. FX income gain was due to the 9% argentine peso depreciation against the US dollar, the Bank’s long spot dollar position during the quarter and FX trading results.
| FX INCOME | MACRO Consolidated | Variation | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at EOP) | 1Q20 | 4Q20 | 1Q21 | QoQ | YoY | |||||||||||
| (1) Differences in quoted prices of<br> gold and foreign currency | 760 | 1,437 | 1,216 | -15 | % | 60 | % | |||||||||
| Translation of FX assets and liabilities to Pesos | 690 | 1,210 | 1,094 | -10 | % | 59 | % | |||||||||
| Income from foreign currency exchange | 70 | 227 | 122 | -46 | % | 75 | % | |||||||||
| (2) Net Income from financial assets and<br> liabilities at fair value through P&L | 51 | 7 | 0 | -100 | % | -100 | % | |||||||||
| Income from investment in derivative<br> financing instruments | 51 | 7 | 0 | -100 | % | -100 | % | |||||||||
| (1) +(2) Total Result from Differences in quoted<br> prices of gold and foreign currency | 811 | 1,444 | 1,216 | -16 | % | 50 | % | |||||||||
| INTEREST INCOME | MACRO Consolidated | Change | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| In MILLION $ (Measuring Unit Current at EOP) | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 1Q21 | QoQ | YoY | |||||||||
| Interest on Cash and due from Banks | 87 | 19 | 36 | 3 | 3 | 0 | % | -97 | % | |||||||
| Interest from government securities | 14,901 | 13,191 | 20,914 | 21,829 | 20,565 | -6 | % | 38 | % | |||||||
| Interest from private securities | 833 | 469 | 332 | 183 | 103 | -44 | % | -88 | % | |||||||
| Interest on loans and other financing | ||||||||||||||||
| To the financial sector | 359 | 338 | 247 | 198 | 168 | -15 | % | -53 | % | |||||||
| To the public non financial sector | 1,208 | 842 | 730 | 557 | 462 | -17 | % | -62 | % | |||||||
| Interest on overdrafts | 5,379 | 3,557 | 1,726 | 1,551 | 1,697 | 9 | % | -68 | % | |||||||
| Interest on documents | 1,816 | 1,236 | 1,002 | 1,322 | 1,384 | 5 | % | -24 | % | |||||||
| Interest on mortgages loans | 2,564 | 2,019 | 1,951 | 2,586 | 3,054 | 18 | % | 19 | % | |||||||
| Interest on pledged loans | 152 | 130 | 133 | 122 | 111 | -9 | % | -27 | % | |||||||
| Interest on personal loans | 9,498 | 9,439 | 8,999 | 8,989 | 9,246 | 3 | % | -3 | % | |||||||
| Interest on credit cards loans | 3,903 | 3,087 | 3,150 | 2,861 | 2,715 | -5 | % | -30 | % | |||||||
| Interest on financial leases | 32 | 15 | 6 | 11 | 22 | 100 | % | -31 | % | |||||||
| Interest on other loans | 2,842 | 3,749 | 4,390 | 3,951 | 3,473 | -12 | % | 22 | % | |||||||
| Interest on Repos | ||||||||||||||||
| From the BCRA | 459 | 1,984 | 2,634 | 2,798 | 2,078 | -26 | % | 353 | % | |||||||
| Other financial institutions | 60 | 1 | 12 | 35 | 14 | -60 | % | -77 | % | |||||||
| Total Interest income | 44,093 | 40,076 | 46,262 | 46,996 | 45,095 | -4 | % | 2 | % | |||||||
| Income from Interest on loans | 27,753 | 24,412 | 22,334 | 22,148 | 22,332 | 1 | % | -20 | % |
The Bank’s 1Q21 interest expense totaled Ps.21.3 billion, decreasing 5% or Ps.1.1 billion compared to the previous quarter and 55% or Ps.7.6 billion higher compared to 1Q20.
In 1Q21, interest on deposits represented 95% of the Bank’s total interest expense, decreasing 5% or Ps.1 billion QoQ, due to a 7% decrease in the average volume of deposits from the private sector which was partially offset by a 64 b.p. increase in the average rate paid on deposits. On a yearly basis, interest on deposits increased 61% or Ps.7.7 billion.
6
| 1Q21 Earnings Release |
| --- | | INTEREST EXPENSE | MACRO Consolidated | | | | | | | | | | Change | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | In MILLION $ (Measuring Unit Current at EOP) | 1Q20 | | 2Q20 | | 3Q20 | | 4Q20 | | 1Q21 | | QoQ | | | YoY | | | | Deposits | | | | | | | | | | | | | | | | | | Interest on checking accounts | | 172 | | 151 | | 532 | | 1,377 | | 727 | | -47 | % | | 323 | % | | Interest on saving accounts | | 208 | | 167 | | 156 | | 208 | | 231 | | 11 | % | | 11 | % | | Interest on time deposits | | 12,112 | | 11,407 | | 17,796 | | 19,567 | | 19,189 | | -2 | % | | 58 | % | | Interest on other financing from BCRA<br> and financial inst. | | 31 | | 19 | | 22 | | 40 | | 43 | | 8 | % | | 39 | % | | Repos | | | | | | | | | | | | | | | | | | Other financial institutions | | 94 | | 27 | | 2 | | 98 | | 55 | | -44 | % | | -41 | % | | Interest on corporate bonds | | 406 | | 486 | | 437 | | 419 | | 352 | | -16 | % | | -13 | % | | Interest on subordinated bonds | | 654 | | 674 | | 694 | | 686 | | 664 | | -3 | % | | 2 | % | | Interest on other financial liabilities | | 29 | | 16 | | 16 | | 11 | | 5 | | -55 | % | | -83 | % | | Total financial expense | | 13,706 | | 12,947 | | 19,655 | | 22,406 | | 21,266 | | -5 | % | | 55 | % | | Expenses from interest on deposits | | 12,492 | | 11,725 | | 18,484 | | 21,152 | | 20,147 | | -5 | % | | 61 | % |
In 1Q21, the Bank’s net interest margin (including FX) was 17.4%, higher than the 16.3% posted in 4Q20 and lower than the 25.2% posted in 1Q20.
In 1Q21 Net Interest Margin (excluding FX) was 16.5%, higher than the 15.4% posted in 4Q20 and lower than the 24.6% posted in 1Q20.
In 1Q21 Net Interest Margin (Pesos) was 18.6%, higher than the 17.7% posted in 4Q20 and lower than the 30.3% posted in 1Q20; meanwhile Net Interest Margin (USD) was 2.3%, higher than the 2% posted in 4Q20 and lower than the 3.9% registered in 1Q20.
| ASSETS &<br> LIABILITIES PERFORMANCE (AR$) | MACRO<br> Consolidated | |||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION<br> $ | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 1Q21 | |||||||||||||||||||||||||||||||||||
| (Measuring Unit Current at EOP) | AVERAGE | REAL INT | NOMINAL | AVERAGE | REAL INT | NOMINAL | AVERAGE | REAL INT | NOMINAL | AVERAGE | REAL INT | NOMINAL | AVERAGE | REAL INT | NOMINAL | |||||||||||||||||||||||||
| Yields & rates in<br> annualized<br> nominal % | BALANCE | RATE | INT RATE | BALANCE | RATE | INT RATE | BALANCE | RATE | INT RATE | BALANCE | RATE | INT RATE | BALANCE | RATE | INT RATE | |||||||||||||||||||||||||
| Interest-earning assets | ||||||||||||||||||||||||||||||||||||||||
| Loans & Other Financing | ||||||||||||||||||||||||||||||||||||||||
| Public Sector | 8,884 | 17.8 | % | 54.7 | % | 8,486 | 15.0 | % | 39.9 | % | 6,319 | 11.9 | % | 46.0 | % | 4,663 | 1.7 | % | 47.5 | % | 3,720 | -1.4 | % | 50.4 | % | |||||||||||||||
| Financial<br> Sector | 3,021 | 11.4 | % | 46.3 | % | 3,202 | 17.0 | % | 42.3 | % | 2,423 | 7.6 | % | 40.4 | % | 2,114 | -5.4 | % | 37.3 | % | 1,988 | -12.0 | % | 34.3 | % | |||||||||||||||
| Private Sector | 240,580 | 7.1 | % | 40.7 | % | 251,194 | 10.9 | % | 34.9 | % | 253,533 | 0.9 | % | 31.6 | % | 252,925 | -9.2 | % | 31.7 | % | 240,643 | -11.8 | % | 34.6 | % | |||||||||||||||
| Other debt securities | ||||||||||||||||||||||||||||||||||||||||
| Central<br> Bank Securities (Leliqs) | 103,129 | 10.9 | % | 45.7 | % | 114,875 | 13.1 | % | 37.5 | % | 153,058 | 5.4 | % | 37.5 | % | 135,986 | -5.5 | % | 37.1 | % | 136,403 | -9.9 | % | 37.5 | % | |||||||||||||||
| Government<br> & Private Securities | 28,765 | 18.7 | % | 55.9 | % | 38,646 | 7.4 | % | 30.6 | % | 90,758 | -0.6 | % | 29.7 | % | 113,258 | -8.5 | % | 32.7 | % | 90,358 | -10.8 | % | 36.1 | % | |||||||||||||||
| Repos | 4,761 | 9.5 | % | 43.8 | % | 46,225 | -3.5 | % | 17.3 | % | 54,992 | -8.7 | % | 19.1 | % | 33,501 | -7.9 | % | 33.6 | % | 23,441 | -10.7 | % | 36.2 | % | |||||||||||||||
| Total interest-earning assets | 389,140 | 9.3 | % | 43.6 | % | 462,628 | 9.9 | % | 33.6 | % | 561,083 | 1.1 | % | 31.9 | % | 542,447 | -7.9 | % | 33.6 | % | 496,553 | -10.9 | % | 35.9 | % | |||||||||||||||
| Non interest-earning assets | 128,690 | 138,881 | 87,812 | 102,351 | 102,333 | |||||||||||||||||||||||||||||||||||
| Total Average Assets | 517,830 | 601,509 | 648,895 | 644,798 | 598,886 | |||||||||||||||||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||
| Deposits | ||||||||||||||||||||||||||||||||||||||||
| Public Sector | 16,548 | -4.5 | % | 25.4 | % | 24,769 | -0.3 | % | 21.3 | % | 65,565 | -4.3 | % | 24.8 | % | 63,278 | -12.0 | % | 27.6 | % | 36,906 | -14.9 | % | 29.8 | % | |||||||||||||||
| Private Sector | 202,270 | -6.9 | % | 22.3 | % | 242,266 | -3.8 | % | 17.0 | % | 281,971 | -7.9 | % | 20.2 | % | 281,519 | -14.8 | % | 23.6 | % | 278,584 | -17.9 | % | 25.3 | % | |||||||||||||||
| BCRA and other financial institutions | 490 | -3.9 | % | 26.3 | % | 537 | -4.2 | % | 16.5 | % | 513 | -8.5 | % | 19.4 | % | 617 | -12.4 | % | 27.1 | % | 674 | -16.7 | % | 27.1 | % | |||||||||||||||
| Corporate bonds | 7,781 | -7.9 | % | 21.0 | % | 6,547 | 6.8 | % | 29.9 | % | 6,241 | -2.0 | % | 27.9 | % | 5,674 | -10.8 | % | 29.4 | % | 5,077 | -16.0 | % | 28.1 | % | |||||||||||||||
| Repos | 1,641 | -6.4 | % | 23.0 | % | 1,180 | -10.2 | % | 9.2 | % | 62 | -13.5 | % | 12.8 | % | 1,284 | -10.1 | % | 30.4 | % | 712 | -13.9 | % | 31.3 | % | |||||||||||||||
| Total int.-bearing liabilities | 228,730 | -6.8 | % | 22.5 | % | 275,299 | -3.2 | % | 17.7 | % | 354,352 | -7.2 | % | 21.1 | % | 352,372 | -14.2 | % | 24.5 | % | 321,953 | -17.5 | % | 25.9 | % | |||||||||||||||
| Total non int.-bearing liabilities | 133,295 | 174,956 | 186,900 | 188,514 | 169,770 | |||||||||||||||||||||||||||||||||||
| Total Average Liabilities | 362,025 | 450,255 | 541,252 | 540,886 | 491,723 | |||||||||||||||||||||||||||||||||||
| Assets Performance | 42,146 | 38,609 | 45,015 | 45,784 | 43,899 | |||||||||||||||||||||||||||||||||||
| Liabilities Performance | 12,811 | 12,098 | 18,838 | 21,665 | 20,563 | |||||||||||||||||||||||||||||||||||
| Net Interest Income | 29,335 | 26,511 | 26,177 | 24,119 | 23,336 | |||||||||||||||||||||||||||||||||||
| Total interest-earning assets | 389,140 | 462,628 | 561,083 | 542,447 | 496,553 | |||||||||||||||||||||||||||||||||||
| Net Interest Margin (NIM) | 30.3 | % | 23.0 | % | 18.6 | % | 17.7 | % | 18.6 | % |
7
| 1Q21 Earnings Release |
| --- | | ASSETS &<br> LIABILITIES PERFORMANCE USD | MACRO<br> Consolidated | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | In MILLION<br> $ | 1Q20 | | | | | | | | 2Q20 | | | | | | | | 3Q20 | | | | | | | | 4Q20 | | | | | | | | 1Q21 | | | | | | | | | (Measuring Unit Current at EOP) | AVERAGE | | REAL INT | | | NOMINAL | | | AVERAGE | | REAL INT | | | NOMINAL | | | AVERAGE | | REAL INT | | | NOMINAL | | | AVERAGE | | REAL INT | | | NOMINAL | | | AVERAGE | | REAL INT | | | NOMINAL | | | | Yields & rates in<br> annualized<br> nominal % | BALANCE | | RATE | | | INT RATE | | | BALANCE | | RATE | | | INT RATE | | | BALANCE | | RATE | | | INT RATE | | | BALANCE | | RATE | | | INT RATE | | | BALANCE | | RATE | | | INT RATE | | | | Interest-earning assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cash and Deposits<br> in Banks | | 43,924 | | 0.3 | % | | 0.8 | % | | 54,712 | | 13.0 | % | | 0.1 | % | | 56,083 | | 1.7 | % | | 0.3 | % | | 57,364 | | -2.4 | % | | 0.0 | % | | 58,856 | | -9.7 | % | | 0.0 | % | | Loans & Other Financing | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Public Sector | | 0 | | 0.0 | % | | 0.0 | % | | 0 | | 0.0 | % | | 0.0 | % | | 0 | | 0.0 | % | | 0.0 | % | | 0 | | 0.0 | % | | 0.0 | % | | 0 | | 0.0 | % | | 0.0 | % | | Financial<br> Sector | | 656 | | 6.2 | % | | 6.7 | % | | 86 | | 18.2 | % | | 4.7 | % | | 70 | | 7.2 | % | | 5.7 | % | | 30 | | 0.0 | % | | 0.0 | % | | 23 | | 0.0 | % | | 0.0 | % | | Private Sector | | 60,082 | | 11.6 | % | | 12.2 | % | | 49,425 | | 26.1 | % | | 11.7 | % | | 31,283 | | 16.8 | % | | 15.2 | % | | 27,357 | | 14.8 | % | | 17.6 | % | | 24,165 | | 8.1 | % | | 19.7 | % | | Other debt securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Government<br> & Private Securities | | 3,992 | | 1.7 | % | | 2.2 | % | | 5,592 | | 13.5 | % | | 0.5 | % | | 5,763 | | 2.5 | % | | 1.1 | % | | 6,738 | | 0.0 | % | | 0.0 | % | | 5,657 | | -8.5 | % | | 1.3 | % | | Total interest-earning assets | | 108,654 | | 6.7 | % | | 7.2 | % | | 109,815 | | 19.0 | % | | 5.4 | % | | 93,199 | | 6.8 | % | | 5.3 | % | | 91,489 | | 2.8 | % | | 5.3 | % | | 88,701 | | -4.7 | % | | 5.5 | % | | Non interest-earning assets | | 62,266 | | | | | | | | 56,702 | | | | | | | | 116,985 | | | | | | | | 106,277 | | | | | | | | 112,020 | | | | | | | | Total Average Assets | | 170,920 | | | | | | | | 166,517 | | | | | | | | 210,184 | | | | | | | | 197,766 | | | | | | | | 200,721 | | | | | | | | Interest-bearing liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Deposits | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Public Sector | | 2,822 | | 0.6 | % | | 1.1 | % | | 1,784 | | 13.9 | % | | 0.9 | % | | 976 | | 1.8 | % | | 0.4 | % | | 928 | | -2.0 | % | | 0.4 | % | | 1,454 | | -9.4 | % | | 0.3 | % | | Private Sector | | 80,659 | | 0.5 | % | | 1.0 | % | | 64,597 | | 14.1 | % | | 1.0 | % | | 63,309 | | 2.1 | % | | 0.7 | % | | 53,812 | | -2.1 | % | | 0.3 | % | | 56,399 | | -9.5 | % | | 0.2 | % | | BCRA and other financial institutions | | 1,814 | | 5.7 | % | | 6.2 | % | | 813 | | 20.7 | % | | 6.9 | % | | 643 | | 7.1 | % | | 5.6 | % | | 636 | | 2.5 | % | | 5.0 | % | | 385 | | -5.9 | % | | 4.2 | % | | Subordinated bonds | | 36,861 | | 6.6 | % | | 7.1 | % | | 37,992 | | 20.9 | % | | 7.1 | % | | 38,742 | | 8.6 | % | | 7.1 | % | | 38,241 | | 4.6 | % | | 7.1 | % | | 37,901 | | -3.3 | % | | 7.1 | % | | Total int.-bearing liabilities | | 122,156 | | 2.4 | % | | 2.9 | % | | 105,186 | | 16.5 | % | | 3.2 | % | | 103,670 | | 4.6 | % | | 3.1 | % | | 93,617 | | 0.7 | % | | 3.1 | % | | 96,139 | | -7.0 | % | | 3.0 | % | | Total non int.-bearing liabilities | | 39,306 | | | | | | | | 50,491 | | | | | | | | 49,310 | | | | | | | | 45,910 | | | | | | | | 46,334 | | | | | | | | Total Average liabilities | | 161,462 | | | | | | | | 155,677 | | | | | | | | 152,980 | | | | | | | | 139,527 | | | | | | | | 142,473 | | | | | | | | Assets Performance | | | | 1,947 | | | | | | | | 1,467 | | | | | | | | 1,247 | | | | | | | | 1,212 | | | | | | | | 1,196 | | | | | | Liabilities Performance | | | | 895 | | | | | | | | 849 | | | | | | | | 817 | | | | | | | | 741 | | | | | | | | 703 | | | | | | Net Interest Income | | | | 1,052 | | | | | | | | 618 | | | | | | | | 430 | | | | | | | | 471 | | | | | | | | 493 | | | | | | Total interest-earning assets | | | | 108,654 | | | | | | | | 109,815 | | | | | | | | 93,199 | | | | | | | | 91,489 | | | | | | | | 88,701 | | | | | | Net Interest Margin (NIM) | | | | 3.9 | % | | | | | | | 2.3 | % | | | | | | | 1.8 | % | | | | | | | 2.0 | % | | | | | | | 2.3 | % | | | |
In 1Q21 Banco Macro’s net fee income totaled Ps.5.9 billion, 7% or Ps.466 million lower than in 4Q20 and 6% or Ps.393 million lower than the same period of last year.
In the quarter, fee income totaled Ps.6.5 billion, 7% or Ps.472 million lower than in 4Q20. Fees charged on credit cards decreased 19% QoQ and were partially offset by increases in AFIP & Collection services (8%) and ATM fees (3%). On a yearly basis, fee income decreased 6% or Ps.415 million.
In the quarter, total fee expense decreased 1% or Ps.7 million. On a yearly basis, fee expenses decreased 4% or Ps.22 million.
| NET FEE INCOME | MACRO Consolidated | Change | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at EOP) | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 1Q21 | QoQ | YoY | |||||||||
| Fees charged on deposit accounts | 2,535 | 2,594 | 2,795 | 2,500 | 2,455 | -2 | % | -3 | % | |||||||
| Credit card fees | 1,533 | 1,393 | 1,448 | 1,496 | 1,205 | -19 | % | -21 | % | |||||||
| Corporate services fees | 768 | 578 | 693 | 697 | 690 | -1 | % | -10 | % | |||||||
| ATM transactions fees | 578 | 559 | 644 | 637 | 655 | 3 | % | 13 | % | |||||||
| Insurance fees | 440 | 452 | 452 | 463 | 431 | -7 | % | -2 | % | |||||||
| Debit card fees | 360 | 406 | 438 | 467 | 427 | -9 | % | 19 | % | |||||||
| Financial agent fees (Provinces) | 341 | 348 | 351 | 381 | 352 | -8 | % | 3 | % | |||||||
| Credit related fees | 216 | 285 | 165 | 155 | 147 | -5 | % | -32 | % | |||||||
| Mutual funds & securities fees | 121 | 137 | 189 | 168 | 129 | -23 | % | 7 | % | |||||||
| AFIP & Collection services | 34 | 21 | 25 | 25 | 27 | 8 | % | -21 | % | |||||||
| ANSES fees | 16 | 16 | 15 | 13 | 10 | -23 | % | -38 | % | |||||||
| Total fee income | 6,943 | 6,790 | 7,215 | 7,000 | 6,528 | -7 | % | -6 | % | |||||||
| Total fee expense | 622 | 496 | 587 | 607 | 600 | -1 | % | -4 | % | |||||||
| Net fee income | 6,321 | 6,294 | 6,628 | 6,393 | 5,928 | -7 | % | -6 | % |
In 1Q21 Net Income from financial assets and liabilities at fair value through profit or loss totaled a Ps.4.6 billion gain, 23% or Ps.854 million higher than the previous quarter. This gain is mostly related to higher income from Government Securities and investment in equity instruments (mainly the mark to market of our PRISMA stake).
On a yearly basis Net income from financial assets and liabilities at fair value through profit or loss increased 94% or Ps.2.2 billion.
8
| 1Q21 Earnings Release |
| --- | | NET INCOME FROM FINANCIAL ASSETS AND LIABILITIES<br> AT FAIR VALUE THROUGH PROFIT OR LOSS | MACRO Consolidated | | | | | | | | | | Change | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | In MILLION $ (Measuring Unit Current at EOP) | 1Q20 | | 2Q20 | | 3Q20 | | 4Q20 | | 1Q21 | | QoQ | | | YoY | | | | Profit or loss from government securities | | 1,896 | | 2,729 | | 3,259 | | 3,498 | | 4,042 | | 16 | % | | 113 | % | | Profit or loss from private securities | | 323 | | 138 | | 344 | | 153 | | 162 | | 6 | % | | -50 | % | | Profit or loss from investment in derivative<br> financing instruments | | 51 | | 26 | | 2 | | 7 | | 0 | | -100 | % | | -100 | % | | Profit or loss from other financial assets | | -8 | | 15 | | -5 | | 0 | | -10 | | - | | | - | | | Profit or loss from investment in equity instruments | | 129 | | 111 | | -134 | | -50 | | 398 | | - | | | 209 | % | | Profit or loss from the sale of financial assets at fair value | | -43 | | 53 | | -71 | | 100 | | -30 | | - | | | - | | | Income from financial assets at fair value through profit or loss | | 2,348 | | 3,072 | | 3,395 | | 3,708 | | 4,562 | | 23 | % | | 94 | % | | Profit or loss from derivative financing instruments | | 0 | | 0 | | 0 | | 0 | | 0 | | - | | | - | | | Income from financial liabilities at fair value through profit or loss | | 0 | | 0 | | 0 | | 0 | | 0 | | - | | | - | | | NET INCOME FROM FINANCIAL ASSETS AT FAIR <br> VALUE THROUGH PROFIT OR LOSS | | 2,348 | | 3,072 | | 3,395 | | 3,708 | | 4,562 | | 23 | % | | 94 | % |
In the quarter Other Operating Income totaled Ps.1.6 billion, 5% or Ps.77 million higher than in 4Q20. On a yearly basis Other Operating Income increased 5% or Ps.81 million.
| OTHER OPERATING INCOME | MACRO Consolidated | Change | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at EOP) | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 1Q21 | QoQ | YoY | |||||||||
| Credit and debit cards | 35 | 23 | 35 | 45 | 52 | 16 | % | 49 | % | |||||||
| Lease of safe deposit boxes | 191 | 224 | 244 | 222 | 206 | -7 | % | 8 | % | |||||||
| Other service related fees | 688 | 491 | 548 | 386 | 420 | 9 | % | -39 | % | |||||||
| Other adjustments and interest<br> from other receivables | 288 | 232 | 236 | 260 | 270 | 4 | % | -6 | % | |||||||
| Initial recognition of loans | 0 | 24 | -15 | -9 | 3 | - | - | |||||||||
| Sale of property, plant and equipment | 0 | 1 | 6 | 2 | 2 | 0 | % | - | ||||||||
| Others | 366 | 444 | 432 | 666 | 696 | 5 | % | 90 | % | |||||||
| Other Operating Income | 1,568 | 1,439 | 1,486 | 1,572 | 1,649 | 5 | % | 5 | % |
In 1Q21 Banco Macro’s administrative expenses plus employee benefits totaled Ps.10.7 billion, 12% or Ps.1.5 billion lower than the previous quarter, due to lower administrative expenses (-22%) and employee benefits. On a yearly basis administrative expenses plus employee benefits decreased 1% or Ps.116 million.
Employee benefits decreased 6% or Ps.486 million QoQ. On a yearly basis Employee benefits increased 8% or Ps.516 million.
In 1Q21 administrative expenses decreased 22% or Ps.1 billion, due to lower Directors and statutory auditors fees (85% or Ps.577 million), lower advertising and publicity fees (71% or Ps.141 million) and lower maintenance and conservation fees (20% or Ps.145 million).
In 1Q21, the efficiency ratio reached 35.7%, improving from the 38.8% posted in 4Q20 and higher than the 31.1% posted a year ago. In 1Q21 expenses (employee benefits + G&A expenses
depreciation and impairment of assets) decreased 11%, 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)) decreased 3% compared to 4Q20.
9
1Q21 Earnings Release PERSONNEL & ADMINISTRATIVE EXPENSES MACRO Consolidated Change --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- In MILLION $ (Measuring Unit Current at EOP) 1Q20 2Q20 3Q20 4Q20 1Q21 QoQ YoY Employee benefits 6,742 7,763 7,795 7,744 7,258 -6 % 8 % Remunerations 4,968 5,869 5,805 5,584 5,232 -6 % 5 % Social Security Contributions 1,104 1,306 1,288 1,286 1,178 -8 % 7 % Compensation and bonuses 521 466 518 699 691 -1 % 33 % Employee services 149 122 184 175 157 -10 % 5 % Administrative Expenses 3,815 3,931 4,275 4,402 3,415 -22 % -10 % Taxes 549 492 509 544 541 -1 % -1 % Maintenance, conservation fees 578 621 638 727 582 -20 % 1 % Directors & statutory auditors fees 433 387 332 682 105 -85 % -76 % Security services 419 406 389 384 377 -2 % -10 % Electricity & Communications 444 443 429 412 399 -3 % -10 % Other professional fees 262 243 258 240 254 6 % -3 % Rental agreements 33 37 12 21 31 48 % -6 % Advertising & publicity 82 112 94 199 58 -71 % -29 % Personnel allowances 48 30 31 37 29 -22 % -40 % Stationary & Office Supplies 28 25 27 24 20 -17 % -29 % Insurance 37 51 54 52 46 -12 % 24 % Hired administrative services 1 1 2 0 2 - 100 % Other 901 1,083 1,500 1,080 971 -10 % 8 % Total Administrative Expenses 10,557 11,694 12,070 12,146 10,673 -12 % 1 % Total Employees 8,732 8,706 8,651 8,561 8,459 Branches 463 463 463 463 463 Efficiency ratio 31.1 % 36.3 % 36.8 % 38.8 % 35.7 % Accumulated efficiency ratio 50.7 % 43.6 % 40.2 % 45.9 % 35.7 %
In 1Q21, Other Operating Expenses totaled Ps.6.4 billion, increasing 13% or Ps.721 million QoQ, due to higher Turnover Tax (19% or Ps.556 million). On a yearly basis Other Operating Expenses increased 3% or Ps.190 billion.
| OTHER OPERATING EXPENSES | MACRO Consolidated | Change | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at EOP) | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 1Q21 | QoQ | YoY | |||||||||
| Turnover Tax | 3,487 | 3,151 | 3,135 | 2,940 | 3,496 | 19 | % | 0 | % | |||||||
| Other provision charges | 428 | 265 | 329 | 244 | 399 | 64 | % | -7 | % | |||||||
| Deposit Guarantee Fund Contributions | 173 | 194 | 232 | 237 | 225 | -5 | % | 30 | % | |||||||
| Donations | 154 | 31 | 1 | 5 | 1 | -80 | % | -99 | % | |||||||
| Insurance claims | 21 | 22 | 16 | 12 | 11 | -8 | % | -48 | % | |||||||
| Initial loan recognition | 4 | -4 | 0 | 54 | 0 | -100 | % | -100 | % | |||||||
| Others | 1,900 | 1,902 | 2,054 | 2,144 | 2,225 | 4 | % | 17 | % | |||||||
| Other Operating Expenses | 6,167 | 5,561 | 5,767 | 5,636 | 6,357 | 13 | % | 3 | % |
In 1Q21 the result from the net monetary positiontotaled a Ps.14.4 billion loss, 20% or Ps.2.4 billion lower than the loss posted in 4Q20. On a yearly basis the loss related to the netmonetary position increased 75% or Ps.62 billion. This is the first quarter in which the result from net monetary position is shown pursuant to Communication “A” 7211 of the Central Bank of Argentina in which the inflation adjustment on our Leliqs and other government securities holdings is included (previously shown in Net Income from financial instruments at fair value through P&L). Previous quarters of 2020 have been restated in accordance with Communication “A” 7211 in order to make a comparison possible. Also higher inflation was observed during the quarter (163 b.p. above 4Q20 level, up from 11.33% to 12.95%) generating a negative result.
| OPERATING RESULT | MACRO consolidated | Change | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at EOP) | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 1Q21 | QoQ | YoY | |||||||||
| Operating Result (exc. Loss from net monetary position) | 23,453 | 17,351 | 18,395 | 16,366 | 18,924 | 16 | % | -19 | % | |||||||
| Result from net monetary position (i.e. inflation adjustment) | -8,252 | -5,591 | -8,357 | -12,016 | -14,443 | 20 | % | 75 | % | |||||||
| Operating Result (Inc. Loss from net monetary position) | 15,201 | 11,760 | 10,038 | 4,350 | 4,481 | 3 | % | -71 | % |
10
| 1Q21 Earnings Release |
| --- |
In 1Q21 Banco Macro's effective income tax rate was 51.4%, higher than the 16.3% effective tax rate of 4Q20 and the 36.9% registered one year ago. For more information see note 15 to our Financial Statements.
Financial Assets
Private sector financing
The volume of “core” financing to the private sector (including loans, financial trust and leasing portfolio) totaled Ps.259.4 billion, decreasing 9% or Ps.25.8 billion QoQ and 17% or Ps.54.1 billion YoY as a consequence of the economic recession that affected Argentina during 2020.
Commercial loans decreased 13% or Ps.17.9 billion, among which Others stand out (mostly loans extended to SMEs at 24% interest rate as part of the Covid-19 relief package)
Consumer lending decreased 5% or Ps.7.6 billion. Credit card loans decreased 9%, returning to average levels of the beginning of 2020.
Within private sector financing, peso financing decreased 9% or Ps.23.9 billion, while US dollar financing decreased 15% or USD 47 million.
As of 1Q21, Banco Macro´s market share over private sector loans was 7.3%.
| FINANCING TO THE PRIVATE SECTOR | Change | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION (Measuring Unit Current at EOP) | 2Q20 | 3Q20 | 4Q20 | 1Q21 | QoQ | YoY | ||||||||||||||
| Overdrafts | 45,877 | 27,715 | 21,615 | 19,287 | 14,513 | -25 | % | -68 | % | |||||||||||
| Discounted documents | 32,677 | 29,579 | 26,861 | 29,562 | 26,808 | -9 | % | -18 | % | |||||||||||
| Mortgage loans | 18,202 | 17,557 | 17,167 | 15,230 | 14,110 | -7 | % | -22 | % | |||||||||||
| Pledged loans | 5,311 | 4,994 | 4,550 | 3,681 | 3,318 | -10 | % | -38 | % | |||||||||||
| Personal loans | 82,165 | 78,197 | 76,215 | 75,786 | 74,828 | -1 | % | -9 | % | |||||||||||
| Credit Card loans | 63,174 | 61,542 | 66,165 | 72,150 | 65,488 | -9 | % | 4 | % | |||||||||||
| Others | 39,775 | 51,892 | 55,453 | 44,515 | 36,029 | -19 | % | -9 | % | |||||||||||
| Interest | 22,332 | 22,810 | 21,830 | 22,321 | 21,927 | -2 | % | -2 | % | |||||||||||
| Total loan portfolio | 309,513 | 294,286 | 289,856 | 282,532 | 257,021 | -9 | % | -17 | % | |||||||||||
| Total loans in Pesos | 253,823 | 255,461 | 261,677 | 257,384 | 233,646 | -9 | % | -8 | % | |||||||||||
| Total loans in | 55,690 | 38,825 | 28,179 | 25,148 | 23,375 | -7 | % | -58 | % | |||||||||||
| Financial trusts | 2,357 | 1,133 | 457 | 643 | 294 | -54 | % | -88 | % | |||||||||||
| Leasing | 280 | 210 | 168 | 134 | 124 | -7 | % | -56 | % | |||||||||||
| Others | 1,367 | 1,317 | 1,563 | 1,850 | 1,933 | 4 | % | 41 | % | |||||||||||
| Total other financing | 4,004 | 2,660 | 2,188 | 2,627 | 2,351 | -11 | % | -41 | % | |||||||||||
| Total other financing in Pesos | 2,628 | 1,293 | 1,004 | 1,462 | 1,266 | -13 | % | -52 | % | |||||||||||
| Total other financing in | 1,376 | 1,367 | 1,184 | 1,165 | 1,085 | -7 | % | -21 | % | |||||||||||
| Total financing to the private sector | 313,517 | 296,946 | 292,044 | 285,159 | 259,372 | -9 | % | -17 | % | |||||||||||
| EOP FX (Pesos per ) | 64.4697 | 70.4550 | 76.1750 | 84.1450 | 91.9850 | 9 | % | 43 | % | |||||||||||
| financing / Financing to the private sector | 18 | % | 14 | % | 10 | % | 9 | % | 9 | % |
All values are in US Dollars.
11
| 1Q21 Earnings Release |
| --- |
Public Sector Assets
In 1Q21, the Bank’s public sector assets (excluding LELIQs) to total assets ratio was 16.9%, lower than the 17.5% registered in the previous quarter, and higher than the 5% posted in 1Q20.
In 1Q21, a 16% or Ps.23.5 billion decrease in Leliqs and a 15% or Ps.21.7 billion decrease in Government Securities stand out. Since 2Q20 the Bank decided to invest in CER adjustable and Badlar bonds.
| PUBLIC SECTOR ASSETS | MACRO Consolidated | Change | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at EOP) | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 1Q21 | QoQ | YoY | ||||||||||||||
| Leliqs | 101,911 | 142,696 | 158,988 | 145,343 | 121,861 | -16 | % | 20 | % | ||||||||||||
| Other | 30,032 | 70,370 | 157,738 | 147,947 | 126,276 | -15 | % | 320 | % | ||||||||||||
| Government securities | 131,943 | 213,066 | 316,726 | 293,290 | 248,137 | -15 | % | 88 | % | ||||||||||||
| Provincial loans | 5,766 | 8,562 | 4,890 | 3,889 | 3,138 | -19 | % | -46 | % | ||||||||||||
| Loans | 5,766 | 8,562 | 4,890 | 3,889 | 3,138 | -19 | % | -46 | % | ||||||||||||
| Purchase of government bonds | 173 | 176 | 175 | 173 | 166 | -4 | % | -4 | % | ||||||||||||
| Other receivables | 173 | 176 | 175 | 173 | 166 | -4 | % | -4 | % | ||||||||||||
| TOTAL PUBLIC SECTOR ASSETS | 137,882 | 221,804 | 321,791 | 297,352 | 251,441 | -15 | % | 82 | % | ||||||||||||
| TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ) | 35,971 | 79,108 | 162,803 | 152,009 | 129,580 | -15 | % | 260 | % | ||||||||||||
| TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS | 5.0 | % | 9.3 | % | 17.7 | % | 17.5 | % | 16.9 | % |
Funding
Deposits
Banco Macro’s deposit base totaled Ps.457.3 billion in 1Q21, decreasing 17% or Ps.94.8 billion QoQ and a 3% or Ps.13.2 billion decrease YoY and representing 77% of the Bank’s total liabilities.
On a quarterly basis, both public and private sector deposits decreased with a 33% or Ps.27.3 billion decrease and a 14% or Ps.66.9 billion decrease respectively.
The decrease in private sector deposits was led by demand deposits, which decreased 16% or Ps.37.3 billion, while time deposits decreased 13% or Ps.29.7 billion QoQ.
Within private sector deposits, peso deposits decreased 19% or Ps.90.6 billion, while US dollar deposits decreased 13% or USD 134 million.
As of 1Q21, Banco Macro´s market share over private sector deposits was 5.6%.
12
| 1Q21 Earnings Release |
| --- | | DEPOSITS | | | | | | | | | | | | | | | Change | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | In MILLION (Measuring Unit Current at EOP) | | | 2Q20 | | | 3Q20 | | | 4Q20 | | | 1Q21 | | | QoQ | | | YoY | | | | Public sector | 38,957 | | | 80,776 | | | 132,834 | | | 83,094 | | | 55,361 | | | -33 | % | | 42 | % | | Financial sector | 415 | | | 473 | | | 555 | | | 787 | | | 694 | | | -12 | % | | 67 | % | | Private sector | 404,715 | | | 468,387 | | | 486,179 | | | 468,167 | | | 401,232 | | | -14 | % | | -1 | % | | Checking accounts | 76,581 | | | 96,652 | | | 90,169 | | | 73,872 | | | 69,534 | | | -6 | % | | -9 | % | | Savings accounts | 136,160 | | | 143,842 | | | 135,494 | | | 156,500 | | | 122,929 | | | -21 | % | | -10 | % | | Time deposits | 181,598 | | | 215,501 | | | 250,459 | | | 229,258 | | | 199,544 | | | -13 | % | | 10 | % | | Other | 10,376 | | | 12,392 | | | 10,057 | | | 8,537 | | | 9,225 | | | 8 | % | | -11 | % | | Total | 444,087 | | | 549,636 | | | 619,568 | | | 552,048 | | | 457,287 | | | -17 | % | | 3 | % | | Pesos | 332,961 | | | 445,537 | | | 520,532 | | | 464,961 | | | 374,407 | | | -19 | % | | 12 | % | | Foreign Currency (Pesos) | 111,126 | | | 104,099 | | | 99,036 | | | 87,087 | | | 82,880 | | | -5 | % | | -25 | % | | EOP FX (Pesos per ) | 64.4697 | | | 70.4550 | | | 76.1750 | | | 84.1450 | | | 91.9850 | | | 9 | % | | 43 | % | | Foreign Currency () | 1,724 | | | 1,478 | | | 1,300 | | | 1,035 | | | 901 | | | -13 | % | | -48 | % | | Deposits / Total Deposits | 25 | % | | 19 | % | | 16 | % | | 16 | % | | 18 | % | | | | | | |
All values are in US Dollars.
Banco Macro’s transactional deposits represent approximately 49% of its total deposit base as of 1Q21. These accounts are low cost and are not sensitive to interest rate increases.
Other sources of funds
In 1Q21, the total amount of other sources of funds increased 1% or Ps.1.8 billion compared to 4Q20. On a yearly basis other sources of funds decreased 1% or Ps.2.4 billion. In 1Q21 Shareholder’s Equity increased 2% or Ps.2.8 billion; also in the quarter subordinated corporate bonds decreased 2% or Ps.594 million while non subordinated corporate bonds decreased 9% or Ps.511 million.
It should be noted that the Shareholders’ meeting held on April 30, 2021 approved a Ps.10 billion dividend. This amount will be deducted from reserved earnings and therefore subtracted from Shareholders’ Equity during 2Q21.
| OTHER SOURCES OF FUNDS | MACRO Consolidated | Change | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at EOP) | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 1Q21 | QoQ | YoY | |||||||||
| Central Bank of Argentina | 23 | 25 | 24 | 23 | 20 | -13 | % | -13 | % | |||||||
| Banks and international institutions | 741 | 744 | 505 | 401 | 521 | 30 | % | -30 | % | |||||||
| Financing received from Argentine financial institutions | 468 | 678 | 335 | 614 | 608 | -1 | % | 30 | % | |||||||
| Subordinated corporate bonds | 37,953 | 38,787 | 39,648 | 38,743 | 38,149 | -2 | % | 1 | % | |||||||
| Corporate bonds | 7,793 | 6,564 | 6,311 | 5,565 | 5,054 | -9 | % | -35 | % | |||||||
| Shareholders' equity | 169,851 | 161,365 | 168,403 | 167,259 | 170,035 | 2 | % | 0 | % | |||||||
| Total other source of funds | 216,829 | 208,163 | 215,226 | 212,605 | 214,387 | 1 | % | -1 | % |
Liquid Assets
In 1Q21, the Bank’s liquid assets amounted to Ps.427.6 billion, showing a 14% or Ps.70 billion decrease QoQ, and a 33% or Ps.105.9 billion increase on a yearly basis.
In 1Q21, Net Repos decreased 71% or Ps.30.4 billion while LELIQs own portfolio decreased 16% or Ps.23.5 billion and Other government securities decreased 15% or Ps.21.3 billion.
In 1Q21 Banco Macro’s liquid assets to total deposits ratio reached 94%.
13
| 1Q21 Earnings Release |
| --- | | LIQUID ASSETS | MACRO Consolidated | | | | | | | | | | | | | | | Change | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | In MILLION $ (Measuring Unit Current at EOP) | 1Q20 | | | 2Q20 | | | 3Q20 | | | 4Q20 | | | 1Q21 | | | QoQ | | | YoY | | | | Cash | | 175,915 | | | 140,648 | | | 142,011 | | | 146,802 | | | 153,515 | | | 5 | % | | -13 | % | | Guarantees for compensating chambers | | 12,409 | | | 15,273 | | | 13,743 | | | 13,600 | | | 11,952 | | | -12 | % | | -4 | % | | Call | | 856 | | | 0 | | | 189 | | | 56 | | | 1,100 | | | 1864 | % | | 29 | % | | Leliq own portfolio | | 101,911 | | | 142,696 | | | 158,988 | | | 145,343 | | | 121,861 | | | -16 | % | | 20 | % | | Net Repos | | 585 | | | 91,336 | | | 67,867 | | | 43,829 | | | 12,890 | | | -71 | % | | 2103 | % | | Other government & private securities | | 30,032 | | | 70,370 | | | 157,738 | | | 147,947 | | | 126,276 | | | -15 | % | | 320 | % | | Total | | 321,708 | | | 460,323 | | | 540,536 | | | 497,577 | | | 427,594 | | | -14 | % | | 33 | % | | Liquid assets to total deposits | | 72 | % | | 84 | % | | 87 | % | | 90 | % | | 94 | % | | | | | | |
Solvency
Banco Macro continued showing high solvency levels in 1Q21 with an integrated capital (RPC) of Ps.201 billion over a total capital requirement of Ps.43.5 billion. Banco Macro’s excess capital in 1Q21 was 362% or Ps.157.4 billion. Since the beginning of 2020 and due to inflation adjustments Equity has increased significantly leading to higher solvency levels (shown under Ordinary Capital Level 1).
The regulatory capital ratio (as a percentage of risk-weighted assets- RWA) was 37.7% in 1Q21; TIER1 Ratio stood at 30.3%.
The Bank’s aim is to make the best use of this excess capital.
| MINIMUM CAPITAL REQUIREMENT | MACRO Consolidated | Change | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 1Q21 | QoQ | YoY | ||||||||||||||
| Credit risk requirement | 23,808 | 24,046 | 23,972 | 28,025 | 29,047 | 4 | % | 22 | % | ||||||||||||
| Market risk requirement | 694 | 1,122 | 1,172 | 1,556 | 1,538 | -1 | % | 121 | % | ||||||||||||
| Operational risk requirement | 8,606 | 9,493 | 10,604 | 11,777 | 12,934 | 10 | % | 50 | % | ||||||||||||
| Total capital requirements | 33,108 | 34,660 | 35,749 | 41,358 | 43,519 | 5 | % | 31 | % | ||||||||||||
| Ordinary Capital Level 1 (COn1) | 115,532 | 116,048 | 131,531 | 146,350 | 171,410 | 17 | % | 48 | % | ||||||||||||
| Deductible concepts Level 1 (COn1) | -12,442 | -10,011 | -11,768 | -9,150 | -9,889 | 8 | % | -21 | % | ||||||||||||
| Capital Level 2 (COn2) | 26,427 | 30,427 | 32,854 | 36,248 | 39,442 | 9 | % | 49 | % | ||||||||||||
| Integrated capital - RPC (i) | 129,517 | 136,464 | 152,618 | 173,449 | 200,964 | 16 | % | 55 | % | ||||||||||||
| Excess capital | 96,409 | 101,804 | 116,869 | 132,091 | 157,445 | 19 | % | 63 | % | ||||||||||||
| Risk-weighted assets - RWA (ii) | 405,179 | 424,501 | 438,129 | 506,766 | 533,407 | 5 | % | 32 | % | ||||||||||||
| Regulatory Capital ratio [(i)/(ii)] | 32.0 | % | 32.1 | % | 34.8 | % | 34.2 | % | 37.7 | % | |||||||||||
| Ratio TIER 1 [Capital Level 1/RWA] | 25.4 | % | 25.0 | % | 27.3 | % | 27.1 | % | 30.3 | % |
RWA - (ii): Risk Weighted Assets, considering total capital requirements.
14
| 1Q21 Earnings Release |
| --- |
Asset Quality
In 1Q21, Banco Macro’s non-performing to total financing ratio (under Central Bank rules) reached a level of 0.92%, up from 0.78% in 4Q20, and down from the 1.14% posted in 1Q20.
Consumer portfolio non-performing loans increased 16b.p. (up to 0.89% from 0.73%) while Commercial portfolio non-performing loans increased 10b.p. in 4Q20 (up to 1% from 0.9%).
Consumer portfolio non-performing loans ratio continues to be positively impacted by recent measures adopted by the Central Bank of Argentina in the current Covid19 pandemic context, particularly the 60 day grace period that was added to debtor classification before a loan is considered as non performing and the possibility to refinance outstanding credit card balances.
The coverage ratio (measured as total allowances under Expected Credit Losses over Non Performing loans under Central Bank rules) reached to 387.82% in 1Q21. Write-offs over total loans totaled 0.36%.
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) | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 1Q21 | QoQ | YoY | ||||||||||||||
| Commercial portfolio | 141,728 | 110,633 | 95,611 | 86,356 | 75,912 | -12 | % | -46 | % | ||||||||||||
| Non-performing | 1,930 | 1,709 | 1,484 | 779 | 757 | -3 | % | -61 | % | ||||||||||||
| Consumer portfolio | 192,468 | 212,917 | 218,424 | 219,074 | 201,700 | -8 | % | 5 | % | ||||||||||||
| Non-performing | 2,618 | 3,203 | 2,096 | 1,592 | 1,795 | 13 | % | -31 | % | ||||||||||||
| Total portfolio | 334,196 | 323,550 | 314,035 | 305,430 | 277,612 | -9 | % | -17 | % | ||||||||||||
| Non-performing | 4,548 | 4,911 | 3,580 | 2,370 | 2,552 | 8 | % | -44 | % | ||||||||||||
| Commercial non-perfoming ratio | 1.36 | % | 1.54 | % | 1.55 | % | 0.90 | % | 1.00 | % | |||||||||||
| Consumer non-perfoming ratio | 1.36 | % | 1.50 | % | 0.96 | % | 0.73 | % | 0.89 | % | |||||||||||
| Total non-performing/ Total portfolio | 1.36 | % | 1.52 | % | 1.14 | % | 0.78 | % | 0.92 | % | |||||||||||
| Total allowances | 7,890 | 10,345 | 10,846 | 11,359 | 9,897 | -13 | % | 25 | % | ||||||||||||
| Coverage ratio w/allowances | 173.48 | % | 210.65 | % | 302.96 | % | 479.28 | % | 387.82 | % | |||||||||||
| Write Offs | 745 | 686 | 793 | 1,122 | 993 | -12 | % | 33 | % | ||||||||||||
| Write Offs/ Total portfolio | 0.22 | % | 0.21 | % | 0.25 | % | 0.37 | % | 0.36 | % |
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
| 1Q21 Earnings Release |
| --- |
CER Exposure and Foreign Currency Position
| CER EXPOSURE | MACRO Consolidated | Change | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION $ (Measuring Unit Current at EOP) | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 1Q21 | QoQ | YoY | |||||||||
| CER adjustable ASSETS | ||||||||||||||||
| Government Securities | 3,687 | 26,514 | 55,592 | 57,827 | 71,288 | 23 | % | 1833 | % | |||||||
| Loans (*) | 22,456 | 22,219 | 21,700 | 21,059 | 20,666 | -2 | % | -8 | % | |||||||
| Private sector loans | 9,974 | 9,294 | 8,732 | 7,921 | 7,201 | -9 | % | -28 | % | |||||||
| Mortgage loans (UVA adjusted) | 12,478 | 12,921 | 12,963 | 13,130 | 13,457 | 2 | % | 8 | % | |||||||
| Other loans | 4 | 4 | 5 | 8 | 8 | 0 | % | 100 | % | |||||||
| Total CER adjustable assets | 26,143 | 48,733 | 77,292 | 78,886 | 91,954 | 17 | % | 252 | % | |||||||
| CER adjustable LIABILITIES | ||||||||||||||||
| Deposits (*) | 1,598 | 3,029 | 1,201 | 1,558 | 3,618 | 132 | % | 126 | % | |||||||
| UVA Unemployment fund | 882 | 818 | 873 | 875 | 916 | 5 | % | 4 | % | |||||||
| Total CER adjustable liabilities | 2,480 | 3,847 | 2,074 | 2,433 | 4,534 | 86 | % | 83 | % | |||||||
| NET CER EXPOSURE | 23,663 | 44,886 | 75,218 | 76,453 | 87,420 | 14 | % | 269 | % |
(*)Includes Loans &Time Deposits CER adjustable (UVAs)
| FOREIGN CURRENCY POSITION | Change | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In MILLION (Measuring Unit Current at EOP) | 2Q20 | 3Q20 | 4Q20 | 1Q21 | QoQ | YoY | |||||||||
| Cash and deposits in Banks | 97,819 | 108,272 | 116,128 | 119,414 | 117,240 | -2 | % | 20 | % | ||||||
| Cash | 6,406 | 5,892 | 9,705 | 11,075 | 7,921 | -28 | % | 24 | % | ||||||
| Central Bank of Argentina | 44,420 | 46,926 | 73,212 | 46,732 | 55,301 | 18 | % | 24 | % | ||||||
| Other financial institutions local and abroad | 46,987 | 55,448 | 33,206 | 61,601 | 54,012 | -12 | % | 15 | % | ||||||
| Others | 6 | 6 | 6 | 6 | 6 | 0 | % | 0 | % | ||||||
| Net Income from financial instruments at fair value through P&L | 200 | 45 | 5 | 7 | 38 | 443 | % | -81 | % | ||||||
| Other financial assets | 5,799 | 5,554 | 5,745 | 5,622 | 5,651 | 1 | % | -3 | % | ||||||
| Loans and other financing | 56,960 | 40,109 | 29,382 | 26,308 | 24,453 | -7 | % | -57 | % | ||||||
| Other financial institutions | 101 | 80 | 49 | 24 | 24 | 0 | % | -76 | % | ||||||
| Non financial private sector & foreign residents | 56,858 | 40,028 | 29,332 | 26,284 | 24,429 | -7 | % | -57 | % | ||||||
| Other debt securities | 5,301 | 5,796 | 5,695 | 6,653 | 3,936 | -41 | % | -26 | % | ||||||
| Guarantees received | 2,981 | 2,899 | 1,982 | 2,058 | 1,806 | -12 | % | -39 | % | ||||||
| Investment in equity instruments | 9 | 10 | 11 | 13 | 12 | -8 | % | 33 | % | ||||||
| Total Assets | 169,069 | 162,685 | 158,948 | 160,076 | 153,137 | -4 | % | -9 | % | ||||||
| Deposits | 111,126 | 104,099 | 99,036 | 87,087 | 82,880 | -5 | % | -25 | % | ||||||
| Non financial public sector | 4,457 | 4,572 | 3,189 | 4,742 | 4,089 | -14 | % | -8 | % | ||||||
| Financial sector | 351 | 364 | 495 | 648 | 634 | -2 | % | 81 | % | ||||||
| Non financial private sector & foreign residents | 106,318 | 99,163 | 95,352 | 81,697 | 78,157 | -4 | % | -26 | % | ||||||
| Other liabilities from financial intermediation | 8,282 | 7,377 | 7,153 | 20,839 | 18,455 | -11 | % | 123 | % | ||||||
| Financing from the Central Bank and other fin. Inst | 981 | 961 | 679 | 530 | 604 | 14 | % | -38 | % | ||||||
| Subordinated corporate bonds | 37,953 | 38,787 | 39,648 | 38,743 | 38,149 | -2 | % | 1 | % | ||||||
| Other non financial liabilities | 44 | 81 | 70 | 23 | 26 | 13 | % | -41 | % | ||||||
| Total Liabilities | 158,386 | 151,306 | 146,586 | 147,222 | 140,114 | -5 | % | -12 | % | ||||||
| NET FX POSITION (Pesos) | 10,683 | 11,379 | 12,362 | 12,854 | 13,023 | 1 | % | 22 | % | ||||||
| EOP FX (Pesos per ) | 64.4697 | 70.4550 | 76.1750 | 84.1450 | 91.9850 | 9 | % | 43 | % | ||||||
| NET FX POSITION () | 166 | 162 | 162 | 153 | 142 | -7 | % | -15 | % |
All values are in US Dollars.
16
| 1Q21 Earnings Release |
| --- |
Relevant and Recent Events
| · | Interest and Principal Payment of Class C Peso denominated Notes. In April 2021, the Bank paid<br> quarterly interest on Class C Peso denominated notes in the amount of Ps.223,752,035.96 and<br> principal in the amount of Ps.2,413,000,000. |
|---|---|
| · | Interest Payment Class A Subordinated Notes. In May 2021, the Bank paid semiannual interest on<br> Class A subordinated notes in the amount of USD 13,500,000. |
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| · | Interest Payment Class B Peso denominated Notes. In May 2021, the Bank paid semiannual interest<br> on Class B Peso denominated notes in the amount of Ps.252,804,212. |
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| · | General and Extraordinary Shareholders’ meeting. The Shareholders’ Meeting held on<br> April 30, 2021, resolved to distribute as dividend to the shareholders the amount of up to<br> Ps.10,000,425,701.12, a cash dividend or dividend in kind, in this case valued at market<br> price, or in any combination of both alternatives, which represents AR$15.64 per share, and<br> delegated to the Board the powers to determine how, when and under what terms shall such<br> dividend be made available thereof to the shareholders in proportion to their respective<br> shareholdings. The effective distribution of the dividends as approved on the date hereof<br> is subject to BCRA’s authorization. Pursuant to the provisions of Communication “A”7181<br> issued by the BCRA, the distribution of profits by financial entities is suspended until<br> June 30,2021. As to the total amount of dividends to be distributed, please be advised that<br> it is subject to a 7% withholding rate according to section 97 of the abovementioned Income<br> Tax Law, as amended and restated in 2019. |
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| · | Covid-19: In early March 2020, the World Health Organization recognized Coronavirus (Covid-19)<br> as a pandemic that is severely affecting almost all countries around the world. The spread<br> of this disease globally has forced the authorities to take drastic health and financial<br> measures to contain and mitigate its effects on health and economic activity. Particularly<br> in the Argentine Republic, on March 19, 2020, through Decree No. 297/2020, the Government<br> established the “social, preventive and compulsory isolation” measure until March<br> 31, 2020, which was then extended until June 7, 2020. Along with health protection rules,<br> tax and financial measures were taken to mitigate the impact on the economy associated with<br> the pandemic, including public direct financial assistance measures for part of the population,<br> the establishment of financial and fiscal facilities for both individuals and companies.<br> As regards measures related to the Entity’s business, the BCRA established maturities<br> extensions, froze the mortgage loan installments and encouraged banks to lend to companies<br> at reduced rates. In addition, the distribution of dividends of the finance institutions<br> was suspended until June 30, 2020. In addition, in the mandatory quarantine context, the<br> BCRA ruled that financial institutions would not be able to open their branches for public<br> service during that period and should continue to provide services to users remotely. They<br> could also trade with each other and their clients in the exchange market remotely. During<br> quarantine, remote trading of stock exchanges and capital markets authorized by the CNV,<br> the custodians and capital market agents registered with the CNV was admitted. In view of<br> the extension of mandatory quarantine, the BCRA then decided that financial institutions<br> would open their branches from Friday, April 3, 2020 for public attention through previous<br> appointments obtained by the Bank’s website. The Bank is developing its activities<br> under the conditions detailed above, giving priority to the compliance of social isolation<br> measures by its employees, with the primary objective of taking care of the public health<br> and well-being of all its stakeholders (employees, suppliers, customers, among others). To<br> this end, it has put in place contingency procedures and has enabled its staff to carry out<br> their tasks remotely. From a commercial point of view, it has emphasized maintaining a close<br> relationship with its customers, trying to respond to their needs at this difficult time,<br> sustaining all virtual channels of care to ensure operability and good response to requirements,<br> monitoring compliance with their business obligations and monitoring the active portfolio<br> in order to detect possible delays in collection and set new conditions for them. Considering<br> the size of the abovementioned situation, the Bank’s Management estimates that this<br> situation could have an impact on its operations and the financial situation and the results<br> of the Bank, which are under analysis, and will ultimately; depend on the extent an duration<br> of the health emergency and the success of the measures taken. |
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17
| 1Q21 Earnings Release |
| --- |
Regulatory Changes
| · | Inflation Adjustment (Other Comprehensive Income) In January 2021 through Communication “A”<br> 7221 with starting in fiscal year 2021, the monetary result accrued with respect to items<br> of a monetary nature that are measured at fair value with changes in Other Comprehensive<br> Income (OCI), must be recorded in results for the period/fiscal year. Consequently, the unallocated<br> results must be adjusted and recorded in the account "Adjustments to results from previous<br> years" at the beginning of fiscal year 2021, in order to incorporate the accumulated<br> monetary results of the aforementioned items as of that date that will be recorded in OCI.<br> All the comparative information for the next periods/fiscal years must consider this change<br> in the exposure criteria. |
|---|---|
| · | Mandatory Lending SMEs. The Central Bank establishes the extension of Productive Investment Financing<br> lines (until September 30, 2021 for the 2021 quota). It also requires financial institutions<br> to assign an official accountable for the enforcement of this credit line and to report to<br> the Superintendence of Financial and Exchange Institutions within 10 calendar days since<br> the issuance of this regulation. |
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| · | Minimum Reserve Requirements. Universal Free Accounts. In May 2021, through Communication “A”<br> 7254, the Central Bank established the reduction of the average minimum reserve requirement<br> in pesos for financial institutions that implement the remote and on-site opening of Universal<br> Free Accounts, based on |
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| o | Financing granted as of April 1, 2021 to<br> individuals and SMEs that are not reported by financial institutions in the “Financial<br> system debtor database” (CENDEU). |
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| o | The growth rate in the use of electronic<br> means through sight accounts whose beneficiaries are individuals. |
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| o | The evolution of documents issued through<br> electronic means (ECHEQ) and electronic credit invoices (FCE). |
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| o | Operability of ATMs |
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| · | Debtor Classification. In March 2021, through Communication “A” 7245 the Central<br> Bank of Argentina established a gradual transition in the criteria of debtor classification<br> for clients who decided to delay installment payments (up to March 2021, with no further<br> extensions). For this matter, financial institutions will have to extend late-payment periods<br> to classify their debtors in stages 1, 2 and 3, both for commercial and retail portfolios,<br> as follows |
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| o | i) until March 31, 2021, in 60 days |
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| o | ii) until May 31, 2021, in 30 days |
| --- | --- |
| o | iii) as of June 1, 2021, they will have<br> to classify debtors pursuant to general criteria for non-performing loans |
| --- | --- |
18
| 1Q21 Earnings Release |
| --- | | QUARTERLY BALANCE SHEET | MACRO Consolidated | | | | | | | | | | Change | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | In MILLION $ (Measuring Unit Current at EOP) | 1Q20 | | 2Q20 | | 3Q20 | | 4Q20 | | 1Q21 | | QoQ | | | YoY | | | | ASSETS | | | | | | | | | | | | | | | | | | Cash and deposits in Banks | | 175,915 | | 140,648 | | 142,011 | | 146,802 | | 153,515 | | 5 | % | | -13 | % | | Cash | | 26,472 | | 21,499 | | 25,340 | | 28,716 | | 23,651 | | -18 | % | | -11 | % | | Central Bank of Argentina | | 102,449 | | 63,582 | | 83,454 | | 56,471 | | 75,836 | | 34 | % | | -26 | % | | Other local & foreign entities | | 46,989 | | 55,561 | | 33,211 | | 61,610 | | 54,023 | | -12 | % | | 15 | % | | Other | | 5 | | 6 | | 6 | | 5 | | 5 | | 0 | % | | 0 | % | | Debt securities at fair value through profit & loss | | 2,422 | | 16,944 | | 20,807 | | 62,104 | | 38,381 | | -38 | % | | 1485 | % | | Derivatives | | 59 | | 23 | | 17 | | 8 | | - | | -100 | % | | -100 | % | | Repo Transactions | | 585 | | 93,062 | | 67,867 | | 44,528 | | 12,890 | | -71 | % | | 2103 | % | | Other financial assets | | 17,394 | | 15,179 | | 19,577 | | 21,333 | | 17,467 | | -18 | % | | 0 | % | | Loans & other receivables | | 321,117 | | 307,555 | | 298,874 | | 290,658 | | 265,031 | | -9 | % | | -17 | % | | Non Financial Public Sector | | 5,997 | | 8,783 | | 5,041 | | 4,083 | | 3,290 | | -19 | % | | -45 | % | | Financial Sector | | 3,960 | | 2,959 | | 2,246 | | 2,059 | | 2,663 | | 29 | % | | -33 | % | | Non Financial private sector and foreign | | 311,160 | | 295,813 | | 291,587 | | 284,516 | | 259,078 | | -9 | % | | -17 | % | | Other debt securities | | 138,772 | | 201,922 | | 302,105 | | 236,211 | | 212,608 | | -10 | % | | 53 | % | | Financial assets in guarantee | | 14,265 | | 18,845 | | 15,377 | | 16,144 | | 13,742 | | -15 | % | | -4 | % | | Investments in equity instruments | | 2,259 | | 2,180 | | 2,045 | | 1,878 | | 2,056 | | 9 | % | | -9 | % | | Investments in other companies<br> (subsidiaries and joint ventures) | | 240 | | 202 | | 228 | | 230 | | 247 | | 7 | % | | 3 | % | | Property, plant and equipment | | 39,315 | | 38,943 | | 38,856 | | 38,821 | | 38,866 | | 0 | % | | -1 | % | | Intangible assets | | 5,630 | | 5,582 | | 5,573 | | 5,765 | | 5,818 | | 1 | % | | 3 | % | | Deferred income tax assets | | 82 | | 88 | | 89 | | 71 | | 56 | | -21 | % | | -32 | % | | Other non financial assets | | 2,084 | | 2,633 | | 2,611 | | 2,522 | | 2,567 | | 2 | % | | 23 | % | | Non-current assets held for sale | | 2,780 | | 2,762 | | 2,826 | | 2,551 | | 2,549 | | 0 | % | | -8 | % | | TOTAL ASSETS | | 722,919 | | 846,568 | | 918,863 | | 869,626 | | 765,793 | | -12 | % | | 6 | % | | LIABILITIES | | | | | | | | | | | | | | | | | | Deposits | | 444,087 | | 549,636 | | 619,568 | | 552,048 | | 457,287 | | -17 | % | | 3 | % | | Non Financial Public Sector | | 38,957 | | 80,776 | | 132,834 | | 83,094 | | 55,361 | | -33 | % | | 42 | % | | Financial Sector | | 415 | | 473 | | 555 | | 787 | | 694 | | -12 | % | | 67 | % | | Non Financial private sector and foreign | | 404,715 | | 468,387 | | 486,179 | | 468,167 | | 401,232 | | -14 | % | | -1 | % | | Derivatives | | 229 | | - | | - | | - | | - | | - | | | -100 | % | | Repo Transactions | | - | | 1,726 | | - | | 699 | | - | | -100 | % | | 0 | % | | Other financial liabilities | | 33,501 | | 38,977 | | 36,008 | | 55,591 | | 49,875 | | -10 | % | | 49 | % | | Financing received from Central Bank and<br> Other Financial Institutions | | 1,234 | | 1,448 | | 865 | | 1,038 | | 1,149 | | 11 | % | | -7 | % | | Issued Corporate Bonds | | 7,793 | | 6,564 | | 6,311 | | 5,565 | | 5,054 | | -9 | % | | -35 | % | | Current income tax liabilities | | 14,680 | | 10,138 | | 12,526 | | 5,812 | | 4,730 | | -19 | % | | -68 | % | | Subordinated corporate bonds | | 37,953 | | 38,787 | | 39,648 | | 38,743 | | 38,149 | | -2 | % | | 1 | % | | Provisions | | 2,265 | | 2,185 | | 2,044 | | 1,473 | | 1,392 | | -5 | % | | -39 | % | | Deferred income tax liabilities | | 5 | | 4,962 | | 3,187 | | 7,106 | | 8,095 | | 14 | % | | 161800 | % | | Other non financial liabilities | | 11,319 | | 30,778 | | 30,301 | | 34,289 | | 30,025 | | -12 | % | | 165 | % | | TOTAL LIABILITIES | | 553,066 | | 685,201 | | 750,458 | | 702,364 | | 595,756 | | -15 | % | | 8 | % | | 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 | | 58,523 | | 58,523 | | 58,523 | | 58,523 | | 58,523 | | 0 | % | | 0 | % | | Reserves | | 84,462 | | 128,636 | | 128,636 | | 124,041 | | 124,041 | | 0 | % | | 47 | % | | Retained earnings | | 4,980 | | -57,157 | | -57,157 | | -57,157 | | -29,643 | | -48 | % | | -695 | % | | Other accumulated comprehensive income | | -787 | | 444 | | 1,403 | | 1,269 | | 1,858 | | 46 | % | | - | | | Net income for the period / fiscal year | | 9,604 | | 17,850 | | 23,929 | | 27,514 | | 2,187 | | -92 | % | | -77 | % | | Shareholders' Equity attributable<br> to parent company | | 169,851 | | 161,365 | | 168,403 | | 167,259 | | 170,035 | | 2 | % | | 0 | % | | Shareholders' Equity attributable to<br> non controlling interest | | 2 | | 2 | | 2 | | 3 | | 2 | | -33 | % | | 0 | % | | TOTAL SHAREHOLDERS' EQUITY | | 169,853 | | 161,367 | | 168,405 | | 167,262 | | 170,037 | | 2 | % | | 0 | % |
19
| 1Q21 Earnings Release |
| --- | | INCOME STATEMENT | MACRO Consolidated | | | | | | | | | | Change | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | In MILLION $ (Measuring Unit Current at EOP) | 1Q20 | | 2Q20 | | 3Q20 | | 4Q20 | | 1Q21 | | QoQ | | | YoY | | | | Interest Income | | 44,093 | | 40,076 | | 46,262 | | 46,996 | | 45,095 | | -4 | % | | 2 | % | | Interest Expense | | 13,706 | | 12,947 | | 19,655 | | 22,406 | | 21,266 | | -5 | % | | 55 | % | | Net Interest Income | | 30,386 | | 27,130 | | 26,607 | | 24,590 | | 23,829 | | -3 | % | | -22 | % | | Fee income | | 6,943 | | 6,790 | | 7,215 | | 7,000 | | 6,528 | | -7 | % | | -6 | % | | Fee expense | | 622 | | 496 | | 587 | | 607 | | 600 | | -1 | % | | -4 | % | | Net Fee Income | | 6,321 | | 6,293 | | 6,628 | | 6,394 | | 5,928 | | -7 | % | | -6 | % | | Subtotal (Net Interest Income + Net Fee Income) | | 36,707 | | 33,423 | | 33,235 | | 30,984 | | 29,757 | | -4 | % | | -19 | % | | Net Income from financial instruments<br> at Fair Value Through Profit & Loss | | 2,348 | | 3,072 | | 3,395 | | 3,708 | | 4,562 | | 23 | % | | 94 | % | | Result from assets at amortised cost | | 1,216 | | 25 | | 77 | | 142 | | 60 | | -58 | % | | -95 | % | | Difference in quoted prices of gold<br> and foreign currency | | 760 | | 1,063 | | 1,518 | | 1,437 | | 1,216 | | -15 | % | | 60 | % | | Other operating income | | 1,568 | | 1,439 | | 1,486 | | 1,572 | | 1,649 | | 5 | % | | 5 | % | | Provision for loan losses | | 1,229 | | 3,171 | | 2,200 | | 2,439 | | 2 | | -100 | % | | -100 | % | | Net Operating Income | | 41,369 | | 35,852 | | 37,510 | | 35,405 | | 37,242 | | 5 | % | | -10 | % | | Personnel expenses | | 6,742 | | 7,763 | | 7,795 | | 7,744 | | 7,258 | | -6 | % | | 8 | % | | Administrative expenses | | 3,815 | | 3,931 | | 4,275 | | 4,402 | | 3,415 | | -22 | % | | -10 | % | | Depreciation and impairment of assets | | 1,193 | | 1,246 | | 1,277 | | 1,257 | | 1,288 | | 2 | % | | 8 | % | | Other operating expenses | | 6,167 | | 5,561 | | 5,767 | | 5,636 | | 6,357 | | 13 | % | | 3 | % | | Operating Income | | 23,453 | | 17,351 | | 18,395 | | 16,366 | | 18,924 | | 16 | % | | -19 | % | | Income from associates and joint ventures | | 29 | | 11 | | 19 | | -67 | | 23 | | -134 | % | | -21 | % | | Result from net monetary position | | -8,252 | | -5,591 | | -8,357 | | -12,016 | | -14,443 | | - | | | - | | | Net Income before income tax on cont. operations | | 15,230 | | 11,771 | | 10,057 | | 4,283 | | 4,504 | | 5 | % | | -70 | % | | Income tax on continuing operations | | 5,626 | | 3,525 | | 3,979 | | 696 | | 2,317 | | 233 | % | | -59 | % | | Net Income from continuing operations | | 9,604 | | 8,246 | | 6,078 | | 3,587 | | 2,187 | | -39 | % | | -77 | % | | Net Income for the period | | 9,604 | | 8,246 | | 6,078 | | 3,587 | | 2,187 | | -39 | % | | -77 | % | | Net Income of the period attributable<br> to parent company | | 9,604 | | 8,245 | | 6,078 | | 3,587 | | 2,187 | | -39 | % | | -77 | % | | Net income of the period attributable<br> to non-controlling interests | | - | | 1 | | - | | - | | - | | - | | | - | | | Other Comprehensive Income | | -997 | | 1,230 | | 960 | | -134 | | 588 | | - | | | - | | | Foreign currency translation differences in<br> financial statements conversion | | -10 | | 105 | | 65 | | -25 | | -97 | | - | | | - | | | Profits or losses from financial assets measured<br> at fair value through other comprehensive income<br> (FVOCI) (IFRS 9(4.1.2)(a) | | -987 | | 1,125 | | 895 | | -109 | | 685 | | - | | | - | | | TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | | 8,607 | | 9,476 | | 7,038 | | 3,453 | | 2,775 | | -20 | % | | -68 | % | | Total Comprehensive Income attributable<br> to parent Company | | 8,607 | | 9,476 | | 7,038 | | 3,453 | | 2,775 | | -20 | % | | -68 | % | | Total Comprehensive Income attributable<br> to non-controlling interests | | - | | - | | - | | - | | - | | - | | | - | |
20
| 1Q21 Earnings Release |
| --- | | QUARTERLY ANNUALIZED RATIOS | MACRO Consolidated | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 1Q20 | | | 2Q20 | | | 3Q20 | | | 4Q20 | | | 1Q21 | | | | Profitability & performance | | | | | | | | | | | | | | | | | Net interest margin | | 25.2 | % | | 19.8 | % | | 17.1 | % | | 16.3 | % | | 17.4 | % | | Net interest margin adjusted (exc. FX) | | 24.6 | % | | 19.1 | % | | 16.2 | % | | 15.4 | % | | 16.5 | % | | Net fee income ratio | | 11.2 | % | | 12.3 | % | | 13.1 | % | | 13.9 | % | | 11.5 | % | | Efficiency ratio | | 31.1 | % | | 36.3 | % | | 36.8 | % | | 38.8 | % | | 35.7 | % | | Net fee income as % of A&G Expenses | | 36.0 | % | | 33.9 | % | | 35.6 | % | | 35.7 | % | | 32.2 | % | | Return on average assets | | 5.6 | % | | 4.3 | % | | 2.8 | % | | 1.7 | % | | 1.1 | % | | Return on average equity | | 23.4 | % | | 20.5 | % | | 14.7 | % | | 8.8 | % | | 5.4 | % | | Liquidity | | | | | | | | | | | | | | | | | Loans as a percentage of total deposits | | 72.3 | % | | 56.0 | % | | 48.2 | % | | 52.7 | % | | 58.0 | % | | Liquid assets as a percentage of total deposits | | 72.0 | % | | 84.0 | % | | 87.0 | % | | 90.0 | % | | 94.0 | % | | Capital | | | | | | | | | | | | | | | | | Total equity as a percentage of total assets | | 23.5 | % | | 19.1 | % | | 18.3 | % | | 19.2 | % | | 22.2 | % | | Regulatory capital as % of APR | | 32.0 | % | | 32.2 | % | | 34.8 | % | | 34.2 | % | | 37.7 | % | | Asset Quality | | | | | | | | | | | | | | | | | Allowances over total loans | | 2.5 | % | | 2.5 | % | | 2.9 | % | | 3.5 | % | | 3.7 | % | | Non-performing financing as a percentage of total financing | | 1.4 | % | | 1.5 | % | | 1.1 | % | | 0.8 | % | | 0.9 | % | | Coverage ratio w/allowances | | 173.5 | % | | 210.7 | % | | 303.0 | % | | 479.3 | % | | 387.8 | % | | Cost of Risk | | 1.6 | % | | 4.1 | % | | 3.0 | % | | 3.4 | % | | 0.0 | % | | ACCUMULATED ANNUALIZED RATIOS | MACRO Consolidated | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 1Q20 | | | 2Q20 | | | 3Q20 | | | 4Q20 | | | 1Q21 | | | | Profitability & performance | | | | | | | | | | | | | | | | | Net interest margin | | 25.2 | % | | 22.3 | % | | 20.3 | % | | 19.2 | % | | 17.4 | % | | Net interest margin adjusted (exc. FX) | | 24.6 | % | | 21.6 | % | | 19.5 | % | | 18.4 | % | | 16.5 | % | | Net fee income ratio | | 11.2 | % | | 11.7 | % | | 12.2 | % | | 12.6 | % | | 11.5 | % | | Efficiency ratio | | 31.1 | % | | 33.6 | % | | 34.7 | % | | 35.7 | % | | 35.7 | % | | Net fee income as % of A&G Expenses | | 36.0 | % | | 34.9 | % | | 35.1 | % | | 35.3 | % | | 32.2 | % | | Return on average assets | | 5.6 | % | | 4.9 | % | | 4.1 | % | | 3.5 | % | | 1.1 | % | | Return on average equity | | 23.4 | % | | 21.9 | % | | 19.5 | % | | 16.8 | % | | 5.4 | % | | Liquidity | | | | | | | | | | | | | | | | | Loans as a percentage of total deposits | | 72.3 | % | | 56.0 | % | | 48.2 | % | | 52.7 | % | | 58.0 | % | | Liquid assets as a percentage of total deposits | | 72.0 | % | | 84.0 | % | | 87.0 | % | | 90.0 | % | | 94.0 | % | | Capital | | | | | | | | | | | | | | | | | Total equity as a percentage of total assets | | 23.5 | % | | 19.1 | % | | 18.3 | % | | 19.2 | % | | 22.2 | % | | Regulatory capital as % of APR | | 32.0 | % | | 32.2 | % | | 34.8 | % | | 34.2 | % | | 37.7 | % | | Asset Quality | | | | | | | | | | | | | | | | | Allowances over total loans | | 2.5 | % | | 2.5 | % | | 2.9 | % | | 3.5 | % | | 3.7 | % | | Non-performing financing as a percentage of total financing | | 1.4 | % | | 1.5 | % | | 1.1 | % | | 0.8 | % | | 0.9 | % | | Coverage ratio w/allowances | | 173.5 | % | | 210.7 | % | | 303.0 | % | | 479.3 | % | | 387.8 | % | | Cost of Risk | | 1.6 | % | | 2.8 | % | | 2.9 | % | | 3.0 | % | | 0.0 | % |
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 27, 2021
| MACRO BANK INC. | |
|---|---|
| By: | /s/ Jorge Francisco<br> Scarinci |
| Name: Jorge Francisco Scarinci | |
| Title: Chief Financial Officer |