Banco Macro announces Results for the 1Q 2020

08 jun 2020

Buenos Aires, Argentina, June 8, 2020 – 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, 2020 (“1Q19”). 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 2019 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through March 31, 2020.
The Bank’s net income totaled Ps.7.1 billion in 1Q20. This result was 15% higher than the result posted in 4Q19 and 80% higher than in 1Q19. In 1Q20, the accumulated annualized return on average equity (“ROAE”) and the accumulated annualized return on average assets (“ROAA”) were 27.3% and 4.9%, respectively.
In 1Q20, Banco Macro’s net monetary position resulted in a Ps.295 million gain, improving from the Ps.5.1 billion loss posted in 4Q19 and lower than the Ps.3.2 billion gain registered in 1Q19.
In 1Q20, Banco Macro’s financing to the private sector decreased 4% or Ps.9.2 billion quarter over quarter (“QoQ”) totaling Ps.219.8 billion and 15% or Ps.38.7 billion year over year (“YoY”). In the quarter commercial loans stand out, among which Documents and Others stand out; with a 8% and a 14% increase respectively QoQ.
In 1Q20, Banco Macro’s total deposits increased 10% or Ps.27.9 billion QoQ, totaling Ps.311.3 billion and representing 80% of the Bank’s total liabilities. Private sector deposits increased 7% or Ps.19.6 billion QoQ.
Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.96.4 billion, 32% regulatory capital ratio – Basel III and 25.4% Tier 1 Ratio. In addition, the Bank’s liquid assets remained at an adequate level, reaching 66% of its total deposits in 1Q20.
As of 1Q20, the efficiency ratio reached 39.8%, deteriorating from the 35.5% posted in 4Q19.
In 1Q20, the Bank’s non-performing to total financing ratio was 1.36% and the coverage ratio reached 173.49%.
This press release includes statements concerning potential future events involving Banco Macro that could differ materially from the events that actually occur. The differences could be caused by a number of risks, uncertainties and factors relating to Banco Macro's business. Banco Macro will not update any forward-looking statements made in this press release to reflect future events or developments.
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Quarterly Conference Call
Tuesday, June 9, 2020
Time: 12:00 p.m. Eastern Time | 1:00 p.m. Buenos Aires Time
To participate, please dial
Argentine Participants: (0800) 3984 5677
Participants Dial In (Toll Free): +1 (844) 450 3847
Participants International Dial In: +1 (412) 317 6370
Conference ID: Banco Macro
Webcast: click here
Webcast Replay: click here
Available from June 9 through June 23, 2020
IR Contact in Buenos Aires:
Jorge Scarinci | Chief Financial Officer
Nicolás A. Torres|Investor Relations
E-mail: | Phone: (5411) 5222 6682
Banco Macro S.A (NYSE: BMA; BYMA: BMA) is a universal bank, with focus in low & mid-income individuals and small & mid-sized companies. The Bank started operating in 1985 as non-banking financial institution and today has grown to be the private local bank with the largest branch network in the country.
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