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
August 25, 2021
Commission File Number: 001-32827
MACRO BANK INC.
(Translation of registrant’s name into English)
Avenida Eduardo Madero 1182
Ciudad Autónoma de Buenos Aires C1106 ACY
Tel: 54 11 5222 6500
(Address of registrant’s principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F | x | Form 40-F | o |
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 | o | 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 | o | No | x |
Banco Macro Announces Results for the Second Quarter of 2021
Buenos Aires, Argentina, August 25, 2021 – Banco Macro S.A. (NYSE: BMA; BYMA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the second quarter ended June 30, 2021 (“2Q21”). 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 June 30, 2021.
Summary
• The Bank’s net income totaled Ps.4.6 billion in 2Q21. This result was 90% higher than the result posted in 1Q21 and 50% lower than in 2Q20. In 2Q21, the accumulated annualized return on average equity (“ROAE”) and the annualized return on average assets (“ROAA”) were 7.8% and 1.7%, respectively. Total comprehensive income was Ps.4.8 billion, 57% higher than in 1Q21
• In 2Q21, Banco Macro’s financing to the private sector decreased 7% or Ps.20 billion quarter over quarter (“QoQ”) totaling Ps.267.8 billion and 19% or Ps.61.7. billion year over year (“YoY”).
• In 2Q21, Banco Macro’s total deposits decreased 3% or Ps.15.1 billion QoQ, totaling Ps.492.3 billion and representing 78% of the Bank’s total liabilities. Private sector deposits decreased 1% or Ps.5.2 billion QoQ.
• Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.167 billion, 38.3% regulatory capital ratio – Basel III and 30.9% Tier 1 Ratio. In addition, the Bank’s liquid assets remained at an adequate level, reaching 93% of its total deposits in 2Q21.
• In 2Q21, the Bank’s non-performing to total financing ratio was 1.68% and the coverage ratio reached 212.91%.
2Q21 Earnings Release Conference Call | IR Contacts in Buenos Aires: | |
Thursday, August 26, 2021 | Jorge Scarinci | |
Time: 11:00 a.m. Eastern Time | 12:00 p.m. Buenos Aires Time | Chief Financial Officer | |
To participate, please dial: | Nicolás A. Torres | |
Argentina Toll Free: | Investor Relations | |
(011) 3984 5677 | ||
Participants Dial In (Toll Free): | Webcast Replay: click here | |
+1 (844) 450 3847 | Phone: (54 11) 5222 6682 | |
Participants International Dial In: | Available from 08/26/2021 through 09/09/2021 | 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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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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This Earnings Release has been prepared in accordance with the accounting framework established by the Central Bank of Argentina (“BCRA”), based on International Financial Reporting Standards (“I.F.R.S.”) and the resolutions adopted by the International 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 January 2020 the Bank started reporting with the application of (i) Expected losses of IFRS 9 “Financial Instruments” and (ii) IAS 29 “Financial Reporting in Hyperinflationary Economies”. Data and figures shown in this Earnings Release may differ from the ones shown in the 20-F annual report. As of fiscal year 2021, the monetary result accrued by items of a monetary nature measured at fair value with changes in Other Comprehensive Income (OCI), is recorded in the Result form the Net Monetary Position integrating the Net Result of the period in accordance with Communication “A” 7211 of the Central Bank of Argentina. Previous quarters of 2020 have been restated in accordance with said Communication in order to make a comparison possible.
Results
Earnings per outstanding share were Ps.7.22 in 2Q21, 90% higher than in 1Q21 and 50% lower than the result posted a year ago.
EARNINGS PER SHARE | MACRO Consolidated | Change | ||||||||||||||||||||||||||
In MILLION $ (Measuring Unit Current at EOP) | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | QoQ | YoY | |||||||||||||||||||||
Net income -Parent Company- (M $) | 9,161 | 6,743 | 3,976 | 2,427 | 4,617 | 90 | % | -50 | % | |||||||||||||||||||
Average # of shares outstanding (M) | 639 | 639 | 639 | 639 | 639 | 0 | % | 0 | % | |||||||||||||||||||
Average #of treasury stocks (shares repurchased) | 0 | 0 | 0 | - | - | - | -100 | % | ||||||||||||||||||||
Book value per avg. Outstanding share ($) | 280 | 292 | 290 | 295 | 286 | -3 | % | 2 | % | |||||||||||||||||||
Shares Outstanding (M) | 639 | 639 | 639 | 639 | 639 | 0 | % | 0 | % | |||||||||||||||||||
Earnings per avg. outstanding share ($) | 14.33 | 10.55 | 6.22 | 3.80 | 7.22 | 90 | % | -50 | % | |||||||||||||||||||
EOP FX (Pesos per USD) | 70.4550 | 76.1750 | 84.1450 | 91.9850 | 95.7267 | 4 | % | 36 | % | |||||||||||||||||||
Book value per avg. issued ADS (USD) | 39.74 | 38.33 | 34.46 | 32.07 | 29.88 | -7 | % | -25 | % | |||||||||||||||||||
Earnings per avg. outstanding ADS (USD) | 2.03 | 1.39 | 0.74 | 0.41 | 0.75 | 83 | % | -63 | % |
Banco Macro’s 2Q21 net income of Ps.4.6 billion was 90% or Ps.2.2 billion higher than the previous quarter and 50% or Ps.4.5 billion lower YoY. This result represented an annualized ROAE and ROAA of 7.8% and 1.7% respectively. Total comprehensive income was Ps.4.8 billion, 57% or Ps.1.8 billion higher than in 1Q21 and 54% or Ps.5.7 billion lower than the same period of last year.
Net operating income (before G&A and personnel expenses) was Ps.39.4 billion in 2Q21, decreasing 5% or Ps.1.9 billion compared to 1Q21. On a yearly basis Net operating income decreased 1% or Ps.355 million due to lower net interest income and lower net fee income.
In 2Q21 Provision for loan losses totaled Ps.213 million, Ps.211 million higher than in 1Q21. It should be noted 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.
Operating income (after G&A and personnel expenses) was Ps.19.4 billion in 2Q21, 7% or Ps.1.6 billion lower than in 1Q21 and 1% or Ps.178 million higher than a year ago.
It is important to emphasize that this result was obtained with a leverage of only 4.4x assets to equity ratio.
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INCOME STATEMENT | MACRO Consolidated | Change | ||||||||||||||||||||||||||
In MILLION $ (Measuring Unit Current at EOP) | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | QoQ | YoY | |||||||||||||||||||||
Net Interest Income | 30,102 | 29,521 | 27,283 | 26,439 | 25,482 | -4 | % | -15 | % | |||||||||||||||||||
Net fee income | 6,982 | 7,354 | 7,093 | 6,578 | 6,764 | 3 | % | -3 | % | |||||||||||||||||||
Net Interest Income + Net Fee Income | 37,084 | 36,875 | 34,376 | 33,017 | 32,246 | -2 | % | -13 | % | |||||||||||||||||||
Net Income from financial instruments at fair value through P&L | 3,409 | 3,767 | 4,114 | 5,061 | 5,282 | 4 | % | 55 | % | |||||||||||||||||||
Income from assets at amortized cost | 28 | 85 | 157 | 66 | 61 | -8 | % | 118 | % | |||||||||||||||||||
Differences in quoted prices of gold and foreign currency | 1,180 | 1,684 | 1,594 | 1,349 | 640 | -53 | % | -46 | % | |||||||||||||||||||
Other operating income | 1,598 | 1,648 | 1,744 | 1,830 | 1,409 | -23 | % | -12 | % | |||||||||||||||||||
Provision for loan losses | 3,519 | 2,441 | 2,706 | 2 | 213 | 10550 | % | -94 | % | |||||||||||||||||||
Net Operating Income | 39,780 | 41,618 | 39,279 | 41,321 | 39,425 | -5 | % | -1 | % | |||||||||||||||||||
Employee benefits | 8,613 | 8,649 | 8,593 | 8,053 | 8,395 | 4 | % | -3 | % | |||||||||||||||||||
Administrative expenses | 4,362 | 4,743 | 4,884 | 3,788 | 3,887 | 3 | % | -11 | % | |||||||||||||||||||
Depreciation and impairment of assets | 1,383 | 1,417 | 1,395 | 1,429 | 1,434 | 0 | % | 4 | % | |||||||||||||||||||
Other operating expenses | 6,158 | 6,400 | 6,253 | 7,054 | 6,267 | -11 | % | 2 | % | |||||||||||||||||||
Operating Income | 19,264 | 20,409 | 18,154 | 20,997 | 19,442 | -7 | % | 1 | % | |||||||||||||||||||
Result from associates & joint ventures | 12 | 21 | -74 | 26 | 19 | -27 | % | 58 | % | |||||||||||||||||||
Result from net monetary postion | -6,203 | -9,272 | -13,332 | -16,025 | -13,557 | -15 | % | 119 | % | |||||||||||||||||||
Result before taxes from continuing operations | 13,073 | 11,158 | 4,748 | 4,998 | 5,904 | 18 | % | -55 | % | |||||||||||||||||||
Income tax | 3,912 | 4,415 | 772 | 2,571 | 1,287 | -50 | % | -67 | % | |||||||||||||||||||
Net income from continuing operations | 9,161 | 6,743 | 3,976 | 2,427 | 4,617 | 90 | % | -50 | % | |||||||||||||||||||
- | - | |||||||||||||||||||||||||||
Net Income of the period | 9,161 | 6,743 | 3,976 | 2,427 | 4,617 | 90 | % | -50 | % | |||||||||||||||||||
Net income of the period attributable to parent company | 9,161 | 6,743 | 3,976 | 2,427 | 4,617 | 90 | % | -50 | % | |||||||||||||||||||
Net income of the period attributable to minority interest | - | - | - | - | - | - | - | |||||||||||||||||||||
Other Comprehensive Income | 1,366 | 1,064 | -149 | 652 | 213 | -67 | % | -84 | % | |||||||||||||||||||
Foreign currency translation differences in financial statements conversion | 117 | 72 | -28 | -108 | -200 | - | - | |||||||||||||||||||||
Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a) | 1,249 | 992 | -121 | 760 | 413 | - | - | |||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 10,527 | 7,807 | 3,827 | 3,079 | 4,830 | 57 | % | -54 | % | |||||||||||||||||||
Total Comprehensive Income attributable to parent Company | 10,527 | 7,807 | 3,827 | 3,079 | 4,830 | 57 | % | -54 | % | |||||||||||||||||||
Total Comprehensive Income attributable to non-controlling interests | - | - | - | - | - | - | - |
The Bank’s 2Q21 net interest income totaled Ps.25.5 billion, 4% or Ps.957 million lower than in 1Q21 and 15% or Ps.4.6 billion lower YoY as a result of different regulations adopted that set caps on lending rates and floors on deposit rates.
In 2Q21 interest income totaled Ps.44.3 billion, 12% or Ps.5.8 billion lower than in 1Q21 and Ps.215 million lower than in 2Q20.
Income from interest on loans and other financing totaled Ps.23.1 billion, 7% or Ps.1.7 billion lower compared with the previous quarter. On a yearly basis Income from interest on loans decreased 15% or Ps.4 billion.
In 2Q21 income from government and private securities decreased 14% or Ps.3.2 billion QoQ (due to lower income from Government securities) and increased 30% or Ps.4.6 billion compared with the same period of last year. This result is explained 93% by income from government and private securities through other comprehensive income (Leliqs and Other government securities) and the remaining 7% is explained by income from sovereign bonds in pesos at amortized cost.
In 2Q21 income from Repos totaled Ps.1.4 billion, 41% or Ps.1 billion lower than the previous quarter and 38% or Ps.843 million lower than a year ago.
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In 2Q21 FX income totaled Ps.640 million, 53% or Ps.709 million lower than the previous quarter and 46% or Ps.540 million lower than a year ago. FX income gain was due to the 4% 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) | 2Q20 | 1Q21 | 2Q21 | QoQ | YoY | |||||||||||||||
(1) Differences in quoted prices of gold and foreign currency | 1,180 | 1,349 | 640 | -53 | % | -46 | % | |||||||||||||
Translation of FX assets and liabilities to Pesos | 953 | 1,214 | 575 | -53 | % | -40 | % | |||||||||||||
Income from foreign currency exchange | 227 | 135 | 65 | -52 | % | -71 | % | |||||||||||||
(2) Net Income from financial assets and liabilities at fair value through P&L | 29 | 0 | 0 | -100 | % | -100 | % | |||||||||||||
Income from investment in derivative financing instruments | 29 | 0 | 0 | - | -100 | % | ||||||||||||||
(1) +(2) Total Result from Differences in quoted prices of gold and foreign currency | 1,209 | 1,349 | 640 | -53 | % | -47 | % |
INTEREST INCOME | MACRO Consolidated | Change | ||||||||||||||||||||||||||
In MILLION $ (Measuring Unit Current at EOP) | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | QoQ | YoY | |||||||||||||||||||||
Interest on Cash and due from Banks | 21 | 40 | 3 | 3 | 3 | 0 | % | -86 | % | |||||||||||||||||||
Interest from government securities | 14,636 | 23,207 | 24,225 | 22,822 | 19,702 | -14 | % | 35 | % | |||||||||||||||||||
Interest from private securities | 520 | 368 | 203 | 114 | 65 | -43 | % | -88 | % | |||||||||||||||||||
Interest on loans and other financing | ||||||||||||||||||||||||||||
To the financial sector | 375 | 274 | 220 | 186 | 132 | -29 | % | -65 | % | |||||||||||||||||||
To the public non financial sector | 934 | 810 | 618 | 512 | 408 | -20 | % | -56 | % | |||||||||||||||||||
Interest on overdrafts | 3,947 | 1,915 | 1,721 | 1,883 | 1,455 | -23 | % | -63 | % | |||||||||||||||||||
Interest on documents | 1,371 | 1,112 | 1,466 | 1,536 | 1,640 | 7 | % | 20 | % | |||||||||||||||||||
Interest on mortgages loans | 2,240 | 2,165 | 2,870 | 3,388 | 3,395 | 0 | % | 52 | % | |||||||||||||||||||
Interest on pledged loans | 145 | 147 | 136 | 123 | 145 | 18 | % | 0 | % | |||||||||||||||||||
Interest on personal loans | 10,473 | 9,984 | 9,973 | 10,259 | 9,898 | -4 | % | -5 | % | |||||||||||||||||||
Interest on credit cards loans | 3,425 | 3,495 | 3,175 | 3,012 | 2,880 | -4 | % | -16 | % | |||||||||||||||||||
Interest on financial leases | 17 | 7 | 12 | 24 | 16 | -33 | % | -6 | % | |||||||||||||||||||
Interest on other loans | 4,160 | 4,869 | 4,379 | 3,852 | 3,153 | -18 | % | -24 | % | |||||||||||||||||||
Interest on Repos | ||||||||||||||||||||||||||||
From the BCRA | 2,201 | 2,922 | 3,104 | 2,305 | 1,343 | -42 | % | -39 | % | |||||||||||||||||||
Other financial institutions | 1 | 14 | 38 | 16 | 16 | 0 | % | 1500 | % | |||||||||||||||||||
Total Interest income | 44,466 | 51,329 | 52,143 | 50,035 | 44,251 | -12 | % | 0 | % | |||||||||||||||||||
Income from Interest on loans | 27,087 | 24,778 | 24,570 | 24,775 | 23,122 | -7 | % | -15 | % |
The Bank’s 2Q21 interest expense totaled Ps.18.8 billion, decreasing 20% or Ps.4.8 billion compared to the previous quarter and 31% or Ps.4.4 billion higher compared to 2Q20.
In 2Q21, interest on deposits represented 95% of the Bank’s total interest expense, decreasing 20% or Ps.4.5 billion QoQ, due to a 16% decrease in the average volume of deposits from the private sector and a 129 b.p. decrease in the average rate paid on deposits. On a yearly basis, interest on deposits increased 37% or Ps.4.8 billion.
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INTEREST EXPENSE | MACRO Consolidated | Change | ||||||||||||||||||||||||||
In MILLION $ (Measuring Unit Current at EOP) | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | QoQ | YoY | |||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||
Interest on checking accounts | 167 | 591 | 1,528 | 806 | 79 | -90 | % | -53 | % | |||||||||||||||||||
Interest on saving accounts | 185 | 173 | 231 | 256 | 280 | 9 | % | 51 | % | |||||||||||||||||||
Interest on time deposits | 12,657 | 19,746 | 21,710 | 21,291 | 17,464 | -18 | % | 38 | % | |||||||||||||||||||
Interest on other financing from BCRA and financial inst. | 21 | 24 | 45 | 48 | 43 | -10 | % | 105 | % | |||||||||||||||||||
Repos | ||||||||||||||||||||||||||||
Other financial institutions | 30 | 2 | 109 | 60 | 67 | 12 | % | 123 | % | |||||||||||||||||||
Interest on corporate bonds | 539 | 485 | 465 | 391 | 132 | -66 | % | -76 | % | |||||||||||||||||||
Interest on subordinated bonds | 748 | 771 | 761 | 737 | 699 | -5 | % | -7 | % | |||||||||||||||||||
Interest on other financial liabilities | 17 | 16 | 11 | 7 | 5 | -29 | % | -71 | % | |||||||||||||||||||
Total financial expense | 14,364 | 21,808 | 24,860 | 23,596 | 18,769 | -5 | % | 55 | % | |||||||||||||||||||
Expenses from interest on deposits | 13,009 | 20,510 | 23,469 | 22,353 | 17,823 | -5 | % | 61 | % |
In 2Q21, the Bank’s net interest margin (including FX) was 18.8%, higher than the 17.4% posted in 1Q21 and lower than the 19.8% posted in 2Q20.
In 2Q21 Net Interest Margin (excluding FX) was 18.4%, higher than the 16.6% posted in 1Q21 and lower than the 19.1% posted in 2Q20.
In 2Q21 Net Interest Margin (Pesos) was 20.7%, higher than the 19.1% posted in 1Q21 and lower than the 23% posted in 2Q20; meanwhile Net Interest Margin (USD) was 3.4%, higher than the 2.2% posted in 1Q21 and lower than the 2.3% registered in 2Q20.
ASSETS & LIABILITIES PERFORMANCE (AR$) | MACRO Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In MILLION $ | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 annualized 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 | 9,415 | 15.0 | % | 39.9 | % | 7,011 | 11.9 | % | 46.0 | % | 5,174 | 1.7 | % | 47.5 | % | 4,127 | -1.5 | % | 50.3 | % | 3,379 | 3.1 | % | 48.4 | % | |||||||||||||||||||||||||||||||||||
Financial Sector | 3,553 | 17.0 | % | 42.3 | % | 2,688 | 7.6 | % | 40.4 | % | 2,346 | -5.5 | % | 37.1 | % | 2,206 | -12.0 | % | 34.2 | % | 1,617 | -7.8 | % | 32.7 | % | |||||||||||||||||||||||||||||||||||
Private Sector | 278,707 | 10.9 | % | 34.9 | % | 281,302 | 0.9 | % | 31.6 | % | 280,627 | -9.2 | % | 31.7 | % | 267,000 | -11.8 | % | 34.6 | % | 243,832 | -6.3 | % | 34.9 | % | |||||||||||||||||||||||||||||||||||
Other debt securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central Bank Securities (Leliqs) | 127,457 | 13.1 | % | 37.5 | % | 169,822 | 5.4 | % | 37.5 | % | 150,880 | -5.4 | % | 37.2 | % | 151,343 | -9.9 | % | 37.5 | % | 126,042 | -4.5 | % | 37.5 | % | |||||||||||||||||||||||||||||||||||
Government & Private Securities | 42,879 | 7.4 | % | 30.6 | % | 100,698 | -0.6 | % | 29.7 | % | 125,663 | -8.5 | % | 32.7 | % | 100,255 | -10.8 | % | 36.1 | % | 91,800 | -6.3 | % | 34.8 | % | |||||||||||||||||||||||||||||||||||
Repos | 51,288 | -3.5 | % | 17.3 | % | 61,015 | -8.7 | % | 19.1 | % | 37,170 | -7.9 | % | 33.6 | % | 26,008 | -10.7 | % | 36.2 | % | 15,075 | -5.4 | % | 36.2 | % | |||||||||||||||||||||||||||||||||||
Total interest-earning assets | 513,299 | 9.9 | % | 33.6 | % | 622,536 | 1.1 | % | 31.9 | % | 601,860 | -7.9 | % | 33.6 | % | 550,939 | -10.9 | % | 35.9 | % | 481,745 | -5.7 | % | 35.7 | % | |||||||||||||||||||||||||||||||||||
Non interest-earning assets | 154,092 | 97,430 | 113,561 | 113,541 | 10,018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Average Assets | 667,391 | 719,966 | 715,421 | 664,480 | 589,763 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Sector | 27,482 | -0.3 | % | 21.3 | % | 72,746 | -4.3 | % | 24.8 | % | 70,209 | -12.0 | % | 27.6 | % | 40,948 | -14.9 | % | 29.8 | % | 24,775 | -11.1 | % | 28.0 | % | |||||||||||||||||||||||||||||||||||
Private Sector | 268,801 | -3.8 | % | 17.0 | % | 312,855 | -7.9 | % | 20.2 | % | 312,353 | -14.8 | % | 23.6 | % | 309,097 | -17.9 | % | 25.3 | % | 261,309 | -13.4 | % | 24.7 | % | |||||||||||||||||||||||||||||||||||
BCRA and other financial institutions | 596 | -5.6 | % | 14.8 | % | 569 | -6.7 | % | 21.7 | % | 685 | -11.8 | % | 27.9 | % | 748 | -16.7 | % | 27.1 | % | 676 | -12.0 | % | 26.7 | % | |||||||||||||||||||||||||||||||||||
Corporate bonds | 7,264 | 6.7 | % | 29.8 | % | 6,925 | -2.0 | % | 27.9 | % | 6,295 | -10.8 | % | 29.4 | % | 5,633 | -16.0 | % | 28.2 | % | 2,772 | -17.3 | % | 19.1 | % | |||||||||||||||||||||||||||||||||||
Repos | 1,309 | -10.2 | % | 9.2 | % | 69 | -14.5 | % | 11.5 | % | 1,425 | -10.1 | % | 30.4 | % | 790 | -14.2 | % | 30.8 | % | 896 | -9.7 | % | 30.0 | % | |||||||||||||||||||||||||||||||||||
Total int.-bearing liabilities | 305,452 | -3.2 | % | 17.7 | % | 393,164 | -7.2 | % | 21.1 | % | 390,967 | -14.2 | % | 24.5 | % | 357,216 | -17.5 | % | 25.9 | % | 290,428 | -13.2 | % | 24.9 | % | |||||||||||||||||||||||||||||||||||
Total non int.-bearing liabilities | 194,118 | 207,371 | 209,161 | 188,364 | 183,611 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Average Liabilities | 499,570 | 600,535 | 600,128 | 545,580 | 474,039 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets Performance | 42,838 | 49,946 | 50,798 | 48,709 | 42,885 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities Performance | 13,421 | 20,901 | 24,038 | 22,816 | 18,044 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income | 29,417 | 29,045 | 26,760 | 25,893 | 24,841 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 513,299 | 622,536 | 601,860 | 550,939 | 481,745 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Margin (NIM) | 23.0 | % | 18.6 | % | 17.7 | % | 19.1 | % | 20.7 | % |
7
ASSETS & LIABILITIES PERFORMANCE USD | MACRO Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In MILLION $ | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 annualized 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 in Banks | 60,704 | 13.0 | % | 0.1 | % | 62,226 | 1.7 | % | 0.3 | % | 63,647 | -2.4 | % | 0.0 | % | 65,302 | -9.7 | % | 0.0 | % | 48,815 | -19.2 | % | 0.0 | % | |||||||||||||||||||||||||||||||||||
Loans & Other Financing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Sector | 95 | 17.7 | % | 4.2 | % | 78 | 6.6 | % | 5.1 | % | 33 | 9.4 | % | 12.1 | % | 26 | 0.0 | % | 0.0 | % | 7 | 0.0 | % | 0.0 | % | |||||||||||||||||||||||||||||||||||
Private Sector | 54,838 | 26.1 | % | 11.7 | % | 34,709 | 16.8 | % | 15.2 | % | 30,353 | 14.8 | % | 17.6 | % | 26,812 | 8.1 | % | 19.7 | % | 23,745 | -0.8 | % | 22.7 | % | |||||||||||||||||||||||||||||||||||
Other debt securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government & Private Securities | 6,204 | 13.5 | % | 0.5 | % | 6,394 | 2.5 | % | 1.1 | % | 7,476 | 0.0 | % | 0.0 | % | 6,277 | -8.5 | % | 1.3 | % | 3,661 | -17.5 | % | 2.1 | % | |||||||||||||||||||||||||||||||||||
Total interest-earning assets | 121,841 | 19.0 | % | 5.4 | % | 103,407 | 6.8 | % | 5.3 | % | 101,509 | 2.8 | % | 5.3 | % | 98,417 | -4.7 | % | 5.5 | % | 76,228 | -13.4 | % | 7.2 | % | |||||||||||||||||||||||||||||||||||
Non interest-earning assets | 62,912 | 129,798 | 117,917 | 124,289 | 124,444 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Average Assets | 184,753 | 233,205 | 219,426 | 222,706 | 200,672 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Sector | 1,979 | 14.1 | % | 1.0 | % | 1,083 | 1.8 | % | 0.4 | % | 1,613 | -9.4 | % | 0.3 | % | 1,613 | -9.4 | % | 0.3 | % | 2,519 | -19.0 | % | 0.2 | % | |||||||||||||||||||||||||||||||||||
Private Sector | 71,672 | 14.1 | % | 1.0 | % | 70,243 | 2.1 | % | 0.7 | % | 62,576 | -9.5 | % | 0.2 | % | 62,576 | -9.5 | % | 0.2 | % | 58,512 | -19.0 | % | 0.2 | % | |||||||||||||||||||||||||||||||||||
BCRA and other financial institutions | 902 | 20.9 | % | 7.1 | % | 713 | 6.5 | % | 5.0 | % | 427 | -5.4 | % | 4.7 | % | 427 | -5.4 | % | 4.7 | % | 592 | -17.6 | % | 2.0 | % | |||||||||||||||||||||||||||||||||||
Subordinated bonds | 42,153 | 20.9 | % | 7.1 | % | 42,985 | 8.6 | % | 7.1 | % | 42,052 | -3.3 | % | 7.1 | % | 42,052 | -3.3 | % | 7.1 | % | 39,675 | -13.4 | % | 7.1 | % | |||||||||||||||||||||||||||||||||||
Total int.-bearing liabilities | 116,706 | 16.5 | % | 3.2 | % | 115,024 | 4.6 | % | 3.1 | % | 106,668 | -7.0 | % | 3.0 | % | 106,668 | -7.0 | % | 3.0 | % | 101,298 | -16.8 | % | 2.9 | % | |||||||||||||||||||||||||||||||||||
Total non int.-bearing liabilities | 56,021 | 54,711 | 51,409 | 51,409 | 35,310 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Average liabilities | 172,727 | 169,735 | 158,077 | 158,077 | 136,608 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets Performance | 1,628 | 1,383 | 1,345 | 1,326 | 1,366 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities Performance | 943 | 907 | 822 | 780 | 725 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income | 685 | 476 | 523 | 546 | 641 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 121,841 | 103,407 | 101,509 | 98,417 | 76,228 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Margin (NIM) | 2.3 | % | 1.8 | % | 2.0 | % | 2.2 | % | 3.4 | % |
In 2Q21 Banco Macro’s net fee income totaled Ps.6.8 billion, 3% or Ps.186 million higher than in 1Q21 and 3% or Ps.218 million lower than the same period of last year.
In the quarter, fee income totaled Ps.7.4 billion, 3% or Ps.199 million higher than in 1Q21. On a yearly basis, fee income decreased 1% or Ps.90 million.
In the quarter, total fee expense increased 2% or Ps.13 million. On a yearly basis, fee expenses increased 23% or Ps.128 million.
NET FEE INCOME | MACRO Consolidated | Change | ||||||||||||||||||||||||||
In MILLION $ (Measuring Unit Current at EOP) | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | QoQ | YoY | |||||||||||||||||||||
Fees charged on deposit accounts | 2,877 | 3,100 | 2,772 | 2,722 | 2,983 | 10 | % | 4 | % | |||||||||||||||||||
Credit card fees | 1,545 | 1,606 | 1,660 | 1,337 | 1,263 | -6 | % | -18 | % | |||||||||||||||||||
Corporate services fees | 642 | 769 | 773 | 766 | 787 | 3 | % | 23 | % | |||||||||||||||||||
ATM transactions fees | 620 | 715 | 707 | 727 | 669 | -8 | % | 8 | % | |||||||||||||||||||
Insurance fees | 450 | 487 | 518 | 474 | 471 | -1 | % | 5 | % | |||||||||||||||||||
Debit card fees | 503 | 502 | 514 | 478 | 469 | -2 | % | -7 | % | |||||||||||||||||||
Financial agent fees (Provinces) | 386 | 389 | 423 | 391 | 436 | 12 | % | 13 | % | |||||||||||||||||||
Credit related fees | 316 | 183 | 172 | 164 | 190 | 16 | % | -40 | % | |||||||||||||||||||
Mutual funds & securities fees | 152 | 210 | 186 | 143 | 130 | -9 | % | -14 | % | |||||||||||||||||||
AFIP & Collection services | 23 | 28 | 28 | 30 | 32 | 7 | % | 39 | % | |||||||||||||||||||
ANSES fees | 18 | 16 | 14 | 11 | 12 | 9 | % | -33 | % | |||||||||||||||||||
Total fee income | 7,532 | 8,005 | 7,767 | 7,243 | 7,442 | 3 | % | -1 | % | |||||||||||||||||||
Total fee expense | 550 | 651 | 674 | 665 | 678 | 2 | % | 23 | % | |||||||||||||||||||
Net fee income | 6,982 | 7,354 | 7,093 | 6,578 | 6,764 | 3 | % | -3 | % |
In 2Q21 Net Income from financial assets and liabilities at fair value through profit or loss totaled a Ps.5.3 billion gain, 4% or Ps.221 million higher than the previous quarter. This gain is mostly related to higher income from Government and private securities.
On a yearly basis Net income from financial assets and liabilities at fair value through profit or loss increased 55% or Ps.1.9 billion.
8
2Q21 Earnings Release |
NET INCOME FROM FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS | MACRO Consolidated | Change | ||||||||||||||||||||||||||
In MILLION $ (Measuring Unit Current at EOP) | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | QoQ | YoY | |||||||||||||||||||||
Profit or loss from government securities | 3,028 | 3,616 | 3,882 | 4,485 | 4,839 | 8 | % | 60 | % | |||||||||||||||||||
Profit or loss from private securities | 153 | 382 | 169 | 180 | 443 | 146 | % | 190 | % | |||||||||||||||||||
Profit or loss from investment in derivative financing instruments | 29 | 2 | 8 | 0 | 0 | 0 | % | -100 | % | |||||||||||||||||||
Profit or loss from other financial assets | 17 | -5 | -1 | -13 | -3 | - | - | |||||||||||||||||||||
Profit or loss from investment in equity instruments | 122 | -149 | -55 | 442 | -19 | - | 209 | % | ||||||||||||||||||||
Profit or loss from the sale of financial assets at fair value | 60 | -79 | 111 | -33 | 27 | - | - | |||||||||||||||||||||
Income from financial assets at fair value through profit or loss | 3,409 | 3,767 | 4,114 | 5,061 | 5,287 | 4 | % | 55 | % | |||||||||||||||||||
Profit or loss from derivative financing instruments | 0 | 0 | 0 | 0 | -5 | - | - | |||||||||||||||||||||
Income from financial liabilities at fair value through profit or loss | 0 | 0 | 0 | 0 | -5 | - | - | |||||||||||||||||||||
NET INCOME FROM FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS | 3,409 | 3,767 | 4,114 | 5,061 | 5,282 | 4 | % | 55 | % |
In the quarter Other Operating Income totaled Ps.1.4 billion, 23% or Ps.421 million lower than in 1Q21. On a yearly basis Other Operating Income decreased 12% or Ps.189 million.
OTHER OPERATING INCOME | MACRO Consolidated | Change | ||||||||||||||||||||||||||
In MILLION $ (Measuring Unit Current at EOP) | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | QoQ | YoY | |||||||||||||||||||||
Credit and debit cards | 25 | 39 | 50 | 57 | 66 | 16 | % | 164 | % | |||||||||||||||||||
Lease of safe deposit boxes | 248 | 270 | 246 | 229 | 246 | 7 | % | -1 | % | |||||||||||||||||||
Other service related fees | 545 | 608 | 428 | 466 | 499 | 7 | % | -8 | % | |||||||||||||||||||
Other adjustments and interest from other receivables | 257 | 261 | 288 | 299 | 415 | 39 | % | 61 | % | |||||||||||||||||||
Initial recognition of loans | 27 | -17 | -10 | 3 | -3 | - | - | |||||||||||||||||||||
Sale of property, plant and equipment | 1 | 7 | 2 | 2 | 0 | -100 | % | -100 | % | |||||||||||||||||||
Others | 495 | 480 | 740 | 774 | 186 | -76 | % | -62 | % | |||||||||||||||||||
Other Operating Income | 1,598 | 1,648 | 1,744 | 1,830 | 1,409 | -23 | % | -12 | % |
In 2Q21 Banco Macro’s administrative expenses plus employee benefits totaled Ps.12.3 billion, 4% or Ps.441 million higher than the previous quarter, due to higher employee benefits(+4%) and higher administrative expenses(+3%). On a yearly basis administrative expenses plus employee benefits decreased 5% or Ps.693 million.
Employee benefits increased 4% or Ps.342 million QoQ. On a yearly basis Employee benefits decreased 3% or Ps.218 million.
In 2Q21 administrative expenses increased 3% or Ps.99 million, due to higher advertising and publicity fees (+166%) and higher Other professional fees (+37%).
In 2Q21, the efficiency ratio reached 38.4%, deteriorating from the 35.7% posted in 1Q21 and higher than the 36.3% posted a year ago. In 2Q21 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) increased 3% or Ps.446 million, 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% or Ps. 1.3 billion compared to 1Q21.
9
2Q21 Earnings Release |
PERSONNEL & ADMINISTRATIVE EXPENSES | MACRO Consolidated | Change | ||||||||||||||||||||||||||
In MILLION $ (Measuring Unit Current at EOP) | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | QoQ | YoY | |||||||||||||||||||||
Employee benefits | 8,613 | 8,649 | 8,593 | 8,053 | 8,395 | 4 | % | -3 | % | |||||||||||||||||||
Remunerations | 6,511 | 6,441 | 6,197 | 5,805 | 6,080 | 5 | % | -7 | % | |||||||||||||||||||
Social Security Contributions | 1,449 | 1,429 | 1,427 | 1,307 | 1,393 | 7 | % | -4 | % | |||||||||||||||||||
Compensation and bonuses | 517 | 574 | 775 | 767 | 738 | -4 | % | 43 | % | |||||||||||||||||||
Employee services | 136 | 205 | 194 | 174 | 184 | 6 | % | 35 | % | |||||||||||||||||||
Administrative Expenses | 4,362 | 4,743 | 4,884 | 3,788 | 3,887 | 3 | % | -11 | % | |||||||||||||||||||
Taxes | 546 | 565 | 604 | 601 | 599 | 0 | % | 10 | % | |||||||||||||||||||
Maintenance, conservation fees | 689 | 708 | 807 | 646 | 662 | 2 | % | -4 | % | |||||||||||||||||||
Directors & statutory auditors fees | 429 | 368 | 757 | 116 | 102 | -12 | % | -76 | % | |||||||||||||||||||
Security services | 451 | 432 | 426 | 418 | 416 | 0 | % | -8 | % | |||||||||||||||||||
Electricity & Communications | 491 | 476 | 457 | 442 | 432 | -2 | % | -12 | % | |||||||||||||||||||
Other professional fees | 270 | 286 | 266 | 282 | 386 | 37 | % | 43 | % | |||||||||||||||||||
Rental agreements | 41 | 14 | 23 | 35 | 19 | -46 | % | -54 | % | |||||||||||||||||||
Advertising & publicity | 124 | 105 | 221 | 64 | 170 | 166 | % | 37 | % | |||||||||||||||||||
Personnel allowances | 33 | 34 | 41 | 32 | 41 | 28 | % | 24 | % | |||||||||||||||||||
Stationary & Office Supplies | 28 | 30 | 26 | 22 | 25 | 14 | % | -11 | % | |||||||||||||||||||
Insurance | 56 | 60 | 57 | 51 | 55 | 8 | % | -2 | % | |||||||||||||||||||
Hired administrative services | 1 | 2 | 0 | 3 | 2 | - | 100 | % | ||||||||||||||||||||
Other | 1,203 | 1,663 | 1,199 | 1,076 | 978 | -9 | % | -19 | % | |||||||||||||||||||
Total Administrative Expenses | 12,975 | 13,392 | 13,477 | 11,841 | 12,282 | 4 | % | -5 | % | |||||||||||||||||||
Total Employees | 8,706 | 8,651 | 8,561 | 8,459 | 8,318 | |||||||||||||||||||||||
Branches | 463 | 463 | 463 | 463 | 464 | |||||||||||||||||||||||
Efficiency ratio | 36.3 | % | 36.8 | % | 38.8 | % | 35.7 | % | 38.4 | % | ||||||||||||||||||
Accumulated efficiency ratio | 50.7 | % | 43.7 | % | 41.2 | % | 45.9 | % | 50.7 | % |
In 2Q21, Other Operating Expenses totaled Ps.6.3 billion, decreasing 11% or Ps.787 million QoQ, due to lower Turnover Tax (7% or Ps.264 million), lower provision charges (59% or Ps.262 million) and lower other operating expenses (11% or Ps.281 million). On a yearly basis Other Operating Expenses increased 2% or Ps.109 million.
OTHER OPERATING EXPENSES | MACRO Consolidated | Change | ||||||||||||||||||||||||||
In MILLION $ (Measuring Unit Current at EOP) | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | QoQ | YoY | |||||||||||||||||||||
Turnover Tax | 3,496 | 3,478 | 3,262 | 3,879 | 3,615 | -7 | % | 3 | % | |||||||||||||||||||
Other provision charges | 294 | 365 | 271 | 442 | 180 | -59 | % | -39 | % | |||||||||||||||||||
Deposit Guarantee Fund Contributions | 215 | 257 | 263 | 250 | 208 | -17 | % | -3 | % | |||||||||||||||||||
Donations | 34 | 1 | 6 | 1 | 1 | 0 | % | -97 | % | |||||||||||||||||||
Insurance claims | 24 | 18 | 14 | 12 | 14 | 17 | % | -42 | % | |||||||||||||||||||
Initial loan recognition | -4 | 0 | 60 | 0 | 60 | 100 | % | - | ||||||||||||||||||||
Others | 2,099 | 2,281 | 2,377 | 2,470 | 2,189 | -11 | % | 4 | % | |||||||||||||||||||
Other Operating Expenses | 6,158 | 6,400 | 6,253 | 7,054 | 6,267 | -11 | % | 2 | % |
10
2Q21 Earnings Release |
In 2Q21 the result from the net monetary position totaled a Ps.13.6 billion loss, 15% or Ps.2.5 billion lower than the loss posted in 1Q21. On a yearly basis the loss related to the net monetary position increased 119% or Ps.7.4 billion. This is the second 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 lower inflation was observed during the quarter (200 b.p. below 1Q21 level, down from 12.95% to 10.95%).
OPERATING RESULT | MACRO consolidated | Change | ||||||||||||||||||||||||||
In MILLION $ (Measuring Unit Current at EOP) | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | QoQ | YoY | |||||||||||||||||||||
Operating Result (exc. Loss from net monetary position) | 19,264 | 20,409 | 18,154 | 20,997 | 19,442 | -7 | % | 1 | % | |||||||||||||||||||
Result from net monetary position (i.e. inflation adjustment) | -6,203 | -9,272 | -13,332 | -16,025 | -13,557 | -15 | % | 119 | % | |||||||||||||||||||
Operating Result (Inc. Loss from net monetary position) | 13,061 | 11,137 | 4,822 | 4,972 | 5,885 | 18 | % | -55 | % |
In 2Q21 Banco Macro's effective income tax rate was 21.8%, lower than the 51.4% effective tax rate of 1Q21 and the 29.9% registered one year ago. For more information see note 19 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.267.8 billion, decreasing 7% or Ps.20 billion QoQ and 19% or Ps.61.7 billion YoY as a consequence of the economic recession that affected Argentina during 2020 and the effects of the ongoing Covid-19 pandemic.
Commercial loans decreased 13% or Ps.13.4 billion, among which Others stand out with a 24% or Ps.9.4 billion decrease (mostly loans extended to SMEs at 24% interest rate as part of the Covid-19 relief package) and Documents with a 9% or Ps.2.5 billion decrease.
Consumer lending decreased 5% or Ps.7.3 billion. Personal loans decreased 6% or Ps.4.7 billion, while Credit Card loans decreased 4% or Ps.2.6 billion.
Within private sector financing, peso financing decreased 5% or Ps.12.4 billion, while US dollar financing decreased 31% or USD 90 million.
As of 2Q21, Banco Macro´s market share over private sector loans was 7%.
11
2Q21 Earnings Release |
FINANCING TO THE PRIVATE SECTOR | MACRO Consilidated | Change | ||||||||||||||||||||||||||
In MILLION $ (Measuring Unit Current at EOP) | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | QoQ | YoY | |||||||||||||||||||||
Overdrafts | 30,750 | 23,982 | 21,400 | 16,103 | 15,604 | -3 | % | -49 | % | |||||||||||||||||||
Discounted documents | 32,819 | 29,803 | 32,800 | 29,744 | 27,197 | -9 | % | -17 | % | |||||||||||||||||||
Mortgage loans | 19,479 | 19,047 | 16,898 | 15,656 | 14,644 | -6 | % | -25 | % | |||||||||||||||||||
Pledged loans | 5,541 | 5,048 | 4,084 | 3,682 | 3,805 | 3 | % | -31 | % | |||||||||||||||||||
Personal loans | 86,762 | 84,563 | 84,087 | 83,023 | 78,358 | -6 | % | -10 | % | |||||||||||||||||||
Credit Card loans | 68,283 | 73,412 | 80,053 | 72,661 | 70,071 | -4 | % | 3 | % | |||||||||||||||||||
Others | 57,577 | 61,528 | 49,390 | 39,975 | 30,533 | -24 | % | -47 | % | |||||||||||||||||||
Interest | 25,308 | 24,221 | 24,765 | 24,328 | 25,072 | 3 | % | -1 | % | |||||||||||||||||||
Total loan portfolio | 326,519 | 321,604 | 313,477 | 285,172 | 265,284 | -7 | % | -19 | % | |||||||||||||||||||
�� | ||||||||||||||||||||||||||||
Total loans in Pesos | 283,442 | 290,339 | 285,575 | 259,237 | 246,831 | -5 | % | -13 | % | |||||||||||||||||||
Total loans in USD | 43,077 | 31,265 | 27,902 | 25,935 | 18,453 | -29 | % | -57 | % | |||||||||||||||||||
Financial trusts | 1,257 | 507 | 713 | 326 | 420 | 29 | % | -67 | % | |||||||||||||||||||
Leasing | 233 | 186 | 149 | 138 | 160 | 16 | % | -31 | % | |||||||||||||||||||
Others | 1,462 | 1,734 | 2,053 | 2,145 | 1,899 | -11 | % | 30 | % | |||||||||||||||||||
Total other financing | 2,952 | 2,427 | 2,915 | 2,609 | 2,479 | -5 | % | -16 | % | |||||||||||||||||||
Total other financing in Pesos | 1,436 | 1,113 | 1,622 | 1,405 | 1,351 | -4 | % | -6 | % | |||||||||||||||||||
Total other financing in USD | 1,516 | 1,314 | 1,293 | 1,204 | 1,128 | -6 | % | -26 | % | |||||||||||||||||||
Total financing to the private sector | 329,471 | 324,031 | 316,392 | 287,781 | 267,763 | -7 | % | -19 | % | |||||||||||||||||||
EOP FX (Pesos per USD) | 70.4550 | 76.1750 | 84.1450 | 91.9850 | 95.7267 | 4 | % | 36 | % | |||||||||||||||||||
USD financing / Financing to the private sector | 14 | % | 10 | % | 9 | % | 9 | % | 7 | % |
Public Sector Assets
In 2Q21, the Bank’s public sector assets (excluding LELIQs) to total assets ratio was 21%, higher than the 16.9% registered in the previous quarter, and higher than the 9.3% posted in 2Q20.
In 2Q21, a 19% or Ps.26.8 billion increase in Other Government securities and a 9% or Ps.12.7 billion decrease in Leliqs 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) | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | QoQ | YoY | |||||||||||||||||||||
Leliqs | 158,325 | 176,402 | 161,262 | 135,209 | 122,501 | -16 | % | 20 | % | |||||||||||||||||||
Other | 78,078 | 175,015 | 164,151 | 140,106 | 166,932 | -15 | % | 320 | % | |||||||||||||||||||
Government securities | 236,403 | 351,417 | 325,413 | 275,315 | 289,433 | -15 | % | 88 | % | |||||||||||||||||||
Provincial loans | 9,499 | 5,426 | 4,315 | 3,481 | 3,461 | -19 | % | -46 | % | |||||||||||||||||||
Loans | 9,499 | 5,426 | 4,315 | 3,481 | 3,461 | -19 | % | -46 | % | |||||||||||||||||||
Purchase of government bonds | 195 | 194 | 192 | 184 | 172 | -4 | % | -4 | % | |||||||||||||||||||
Other receivables | 195 | 194 | 192 | 184 | 172 | -4 | % | -4 | % | |||||||||||||||||||
TOTAL PUBLIC SECTOR ASSETS | 246,097 | 357,037 | 329,920 | 278,980 | 293,066 | -15 | % | 82 | % | |||||||||||||||||||
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ) | 87,772 | 180,635 | 168,658 | 143,771 | 170,565 | -15 | % | 260 | % | |||||||||||||||||||
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS | 9.3 | % | 17.7 | % | 17.5 | % | 16.9 | % | 21.0 | % |
12
2Q21 Earnings Release |
Funding
Deposits
Banco Macro’s deposit base totaled Ps.492.3 billion in 2Q21, decreasing 3% or Ps.15.1 billion QoQ and a 19% or Ps.117.5 billion decrease YoY and representing 78% of the Bank’s total liabilities.
On a quarterly basis, both public and private sector deposits decreased with a 16% or Ps.9.8 billion decrease and a 1% or Ps.5.2 billion decrease respectively.
The decrease in private sector deposits was led by time deposits, which decreased 7% or Ps.15.7 billion, while demand deposits increased 4% or Ps.8.6 billion QoQ.
Within private sector deposits, peso deposits decreased 3% or Ps.11.1 billion, while US dollar deposits decreased 8% or USD 81 million.
As of 2Q21, Banco Macro´s market share over private sector deposits was 5.1%.
DEPOSITS | MACRO Consolidated | Change | ||||||||||||||||||||||||||
In MILLION $ (Measuring Unit Current at EOP) | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | QoQ | YoY | |||||||||||||||||||||
Public sector | 89,623 | 147,383 | 92,195 | 61,425 | 51,605 | -16 | % | -42 | % | |||||||||||||||||||
Financial sector | 525 | 615 | 873 | 770 | 720 | -6 | % | 37 | % | |||||||||||||||||||
Private sector | 519,688 | 539,430 | 519,444 | 445,177 | 439,984 | -1 | % | -15 | % | |||||||||||||||||||
Checking accounts | 107,238 | 100,045 | 81,964 | 77,150 | 77,961 | 1 | % | -27 | % | |||||||||||||||||||
Savings accounts | 159,597 | 150,335 | 173,641 | 136,393 | 144,171 | 6 | % | -10 | % | |||||||||||||||||||
Time deposits | 239,104 | 277,892 | 254,368 | 221,399 | 205,686 | -7 | % | -14 | % | |||||||||||||||||||
Other | 13,749 | 11,158 | 9,471 | 10,235 | 12,166 | 19 | % | -12 | % | |||||||||||||||||||
Total | 609,836 | 687,428 | 612,512 | 507,372 | 492,309 | -3 | % | -19 | % | |||||||||||||||||||
Pesos | 494,335 | 577,545 | 515,886 | 415,414 | 404,341 | -3 | % | -18 | % | |||||||||||||||||||
Foreign Currency (Pesos) | 115,501 | 109,883 | 96,626 | 91,958 | 87,968 | -4 | % | -24 | % | |||||||||||||||||||
EOP FX (Pesos per USD) | 70.4550 | 76.1750 | 84.1450 | 91.9850 | 95.7267 | 4 | % | 36 | % | |||||||||||||||||||
Foreign Currency (USD) | 1,639 | 1,443 | 1,148 | 1,000 | 919 | -8 | % | -44 | % | |||||||||||||||||||
USD Deposits / Total Deposits | 19 | % | 16 | % | 16 | % | 18 | % | 18 | % |
Banco Macro’s transactional deposits represent approximately 51% of its total deposit base as of 2Q21. These accounts are low cost and are not sensitive to interest rate increases.
Other sources of funds
In 2Q21, the total amount of other sources of funds decreased 6% or Ps.13.1 billion compared to 1Q21. On a yearly basis other sources of funds decreased 13% or Ps.6.2 billion. In 2Q21 Shareholder’s Equity decreased 3% or Ps.6.2 billion as a consequence of the Ps.10.6 billion dividend declared and approved by the General Shareholders’ Meeting in April which was partially offset by the Ps.4.8 billion total comprehensive income of the quarter; also in the quarter subordinated corporate bonds decreased 8% while non subordinated corporate bonds decreased 57%. On April 9, 2021 the Bank fully paid principal and interest on Series “C” peso denominated notes.
OTHER SOURCES OF FUNDS | MACRO Consolidated | Change | ||||||||||||||||||||||||||
In MILLION $ (Measuring Unit Current at EOP) | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | QoQ | YoY | |||||||||||||||||||||
Central Bank of Argentina | 27 | 27 | 25 | 22 | 24 | 9 | % | -11 | % | |||||||||||||||||||
Banks and international institutions | 825 | 561 | 445 | 578 | 567 | -2 | % | -31 | % | |||||||||||||||||||
Financing received from Argentine financial institutions | 753 | 371 | 681 | 675 | 118 | -83 | % | -84 | % | |||||||||||||||||||
Subordinated corporate bonds | 43,036 | 43,991 | 42,987 | 42,327 | 39,093 | -8 | % | -9 | % | |||||||||||||||||||
Corporate bonds | 7,283 | 7,002 | 6,175 | 5,608 | 2,432 | -57 | % | -67 | % | |||||||||||||||||||
Shareholders' equity | 179,039 | 186,848 | 185,579 | 188,658 | 182,495 | -3 | % | 2 | % | |||||||||||||||||||
Total other source of funds | 230,963 | 238,800 | 235,892 | 237,868 | 224,729 | -6 | % | -3 | % |
13
2Q21 Earnings Release |
Liquid Assets
In 2Q21, the Bank’s liquid assets amounted to Ps.457.8 billion, showing a 3% or Ps.16.7 billion decrease QoQ, and a 10% or Ps.52.9 billion decrease on a yearly basis.
In 2Q21, Cash decreased 16%; LELIQs own portfolio decreased 9% while Other government securities increased 19%
In 2Q21 Banco Macro’s liquid assets to total deposits ratio reached 93%.
LIQUID ASSETS | MACRO Consolidated | Change | ||||||||||||||||||||||||||
In MILLION $ (Measuring Unit Current at EOP) | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | QoQ | YoY | |||||||||||||||||||||
Cash | 156,053 | 157,565 | 162,881 | 170,329 | 143,465 | -16 | % | -8 | % | |||||||||||||||||||
Guarantees for compensating chambers | 16,946 | 15,249 | 15,090 | 13,262 | 12,168 | -8 | % | -28 | % | |||||||||||||||||||
Call | 0 | 209 | 63 | 1,220 | 0 | -100 | % | 0 | % | |||||||||||||||||||
Leliq own portfolio | 158,325 | 176,402 | 161,262 | 135,209 | 122,501 | -9 | % | -23 | % | |||||||||||||||||||
Net Repos | 101,340 | 75,300 | 48,630 | 14,302 | 12,776 | -11 | % | -87 | % | |||||||||||||||||||
Other government & private securities | 78,078 | 175,015 | 164,151 | 140,106 | 166,932 | 19 | % | 114 | % | |||||||||||||||||||
Total | 510,742 | 599,740 | 552,077 | 474,428 | 457,842 | -3 | % | -10 | % | |||||||||||||||||||
Liquid assets to total deposits | 84 | % | 87 | % | 90 | % | 94 | % | 93 | % |
Solvency
Banco Macro continued showing high solvency levels in 2Q21 with an integrated capital (RPC) of Ps.212.2 billion over a total capital requirement of Ps.45.2 billion. Banco Macro’s excess capital in 2Q21 was 369% or Ps.167 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 38.3% in 2Q21; TIER1 Ratio stood at 30.9%.
The Bank’s aim is to make the best use of this excess capital.
MINIMUM CAPITAL REQUIREMENT | MACRO Consolidated | Change | ||||||||||||||||||||||||||
In MILLION $ | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | QoQ | YoY | |||||||||||||||||||||
Credit risk requirement | 24,046 | 23,972 | 28,025 | 29,047 | 29,413 | 1 | % | 22 | % | |||||||||||||||||||
Market risk requirement | 1,122 | 1,172 | 1,556 | 1,538 | 1,559 | 1 | % | 39 | % | |||||||||||||||||||
Operational risk requirement | 9,493 | 10,604 | 11,777 | 12,934 | 14,252 | 10 | % | 50 | % | |||||||||||||||||||
Total capital requirements | 34,660 | 35,749 | 41,358 | 43,519 | 45,224 | 4 | % | 30 | % | |||||||||||||||||||
Ordinary Capital Level 1 (COn1) | 116,048 | 131,531 | 146,350 | 171,410 | 182,409 | 6 | % | 57 | % | |||||||||||||||||||
Deductible concepts Level 1 (COn1) | -10,011 | -11,768 | -9,150 | -9,889 | -11,194 | 13 | % | 12 | % | |||||||||||||||||||
Capital Level 2 (COn2) | 30,427 | 32,854 | 36,248 | 39,442 | 40,987 | 4 | % | 35 | % | |||||||||||||||||||
Integrated capital - RPC (i) | 136,464 | 152,618 | 173,449 | 200,964 | 212,202 | 6 | % | 56 | % | |||||||||||||||||||
Excess capital | 101,804 | 116,869 | 132,091 | 157,445 | 166,978 | 6 | % | 64 | % | |||||||||||||||||||
Risk-weighted assets - RWA (ii) | 424,501 | 438,129 | 506,766 | 533,407 | 554,596 | 4 | % | 31 | % | |||||||||||||||||||
Regulatory Capital ratio [(i)/(ii)] | 32.1 | % | 34.8 | % | 34.2 | % | 37.7 | % | 38.3 | % | ||||||||||||||||||
Ratio TIER 1 [Capital Level 1/RWA] | 25.0 | % | 27.3 | % | 27.1 | % | 30.3 | % | 30.9 | % |
RWA - (ii): Risk Weighted Assets, considering total capital requirements.
(¹) Figueres are not inflation adjusted. Expressed in Pesos current at end of each quarter
(²) Figures are inflaiton adjusted. Expressed in Pesos current at EOP
14
2Q21 Earnings Release |
Asset Quality
In 2Q21, Banco Macro’s non-performing to total financing ratio (under Central Bank rules) reached a level of 1.68%, up from 0.92% in 1Q21, and above the 1.52% posted in 2Q20.
Consumer portfolio non-performing loans increased 89b.p. (up to 1.88% from 0.89%) while Commercial portfolio non-performing loans increased 11b.p. in 2Q21 (up to 1.11% from 1%).
During 2020 Consumer portfolio non-performing loans ratio were positively impacted by 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 was considered as non performing and the possibility to refinance outstanding credit card balances. These measures were in place until March 31st, 2021.
In March 2021 through Communication “A” 7245, the Central Bank established a gradual transition in the definition of debtors for clients who chose to postpone the payment of installments. Financial entities must increase the grace period to classify their debtors in levels 1, 2 and 3, both for the commercial portfolio and for the consumer or housing portfolio, according to the following schedule: i) Until March 31, 2021, in 60 days, ii) Until May 31, 2021, in 30 days, and iii) As of June 1, 21, financial entities must classify their debtors according to the general debtor classification.
The coverage ratio (measured as total allowances under Expected Credit Losses over Non Performing loans under Central Bank rules) reached to 212.91% in 2Q21. Write-offs over total loans totaled 0.04%.
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) | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | QoQ | YoY | |||||||||||||||||||||
Commercial portfolio | 122,751 | 106,083 | 95,814 | 84,227 | 73,132 | -13 | % | -40 | % | |||||||||||||||||||
Non-performing | 1,896 | 1,647 | 864 | 840 | 815 | -3 | % | -57 | % | |||||||||||||||||||
Consumer portfolio | 236,237 | 242,347 | 243,069 | 223,791 | 212,443 | -5 | % | -10 | % | |||||||||||||||||||
Non-performing | 3,553 | 2,325 | 1,766 | 1,991 | 3,988 | 100 | % | 12 | % | |||||||||||||||||||
Total portfolio | 358,988 | 348,430 | 338,883 | 308,018 | 285,574 | -7 | % | -20 | % | |||||||||||||||||||
Non-performing | 5,449 | 3,972 | 2,630 | 2,831 | 4,803 | 70 | % | -12 | % | |||||||||||||||||||
Commercial non-perfoming ratio | 1.54 | % | 1.55 | % | 0.90 | % | 1.00 | % | 1.11 | % | ||||||||||||||||||
Consumer non-perfoming ratio | 1.50 | % | 0.96 | % | 0.73 | % | 0.89 | % | 1.88 | % | ||||||||||||||||||
Total non-performing/ Total portfolio | 1.52 | % | 1.14 | % | 0.78 | % | 0.92 | % | 1.68 | % | ||||||||||||||||||
Total allowances | 11,479 | 12,034 | 12,605 | 10,979 | 10,226 | -7 | % | -11 | % | |||||||||||||||||||
Coverage ratio w/allowances | 210.65 | % | 302.96 | % | 479.28 | % | 387.82 | % | 212.91 | % | ||||||||||||||||||
Write Offs | 762 | 880 | 1,244 | 142 | 110 | -23 | % | -86 | % | |||||||||||||||||||
Write Offs/ Total portfolio | 0.21 | % | 0.25 | % | 0.37 | % | 0.05 | % | 0.04 | % |
15
2Q21 Earnings Release |
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)
CER Exposure and Foreign Currency Position
CER EXPOSURE | MACRO Consolidated | Change | ||||||||||||||||||||||||||
In MILLION $ (Measuring Unit Current at EOP) | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | QoQ | YoY | |||||||||||||||||||||
CER adjustable ASSETS | ||||||||||||||||||||||||||||
Government Securities | 29,418 | 61,680 | 64,161 | 79,096 | 98,917 | 25 | % | 236 | % | |||||||||||||||||||
Loans (*) | 24,653 | 24,076 | 23,366 | 22,929 | 22,807 | -1 | % | -7 | % | |||||||||||||||||||
Private sector loans | 10,312 | 9,688 | 8,789 | 7,989 | 7,146 | -11 | % | -28 | % | |||||||||||||||||||
Mortgage loans (UVA adjusted) | 14,336 | 14,382 | 14,568 | 14,931 | 15,652 | 5 | % | -28 | % | |||||||||||||||||||
Other loans | 5 | 6 | 9 | 9 | 9 | 0 | % | -28 | % | |||||||||||||||||||
Total CER adjustable assets | 54,071 | 85,756 | 87,527 | 102,025 | 121,724 | 19 | % | 125 | % | |||||||||||||||||||
CER adjustable LIABILITIES | ||||||||||||||||||||||||||||
Deposits (*) | 3,361 | 1,333 | 1,729 | 4,014 | 8,075 | 101 | % | -28 | % | |||||||||||||||||||
UVA Unemployment fund | 908 | 968 | 971 | 1,016 | 1,178 | 16 | % | -28 | % | |||||||||||||||||||
Total CER adjustable liabilities | 4,269 | 2,301 | 2,700 | 5,030 | 9,253 | 84 | % | 117 | % | |||||||||||||||||||
NET CER EXPOSURE | 49,802 | 83,455 | 84,827 | 96,995 | 112,471 | 16 | % | 126 | % | |||||||||||||||||||
(*) Includes Loans &Time Deposits CER adjustable (UVAs) |
FOREIGN CURRENCY POSITION | MACRO Consolidated | Change | ||||||||||||||||||||||||||
In MILLION $ (Measuring Unit Current at EOP) | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | QoQ | YoY | |||||||||||||||||||||
Cash and deposits in Banks | 120,130 | 128,848 | 132,494 | 130,081 | 112,530 | -13 | % | -6 | % | |||||||||||||||||||
Cash | 6,537 | 10,768 | 12,288 | 8,788 | 8,280 | -6 | % | 27 | % | |||||||||||||||||||
Central Bank of Argentina | 52,065 | 81,230 | 51,851 | 61,358 | 59,572 | -3 | % | 14 | % | |||||||||||||||||||
Other financial institutions local and abroad | 61,521 | 36,843 | 68,348 | 59,928 | 44,672 | -25 | % | -27 | % | |||||||||||||||||||
Others | 7 | 7 | 7 | 6 | 6 | 0 | % | -14 | % | |||||||||||||||||||
Net Income from financial instruments at fair value through P&L | 50 | 6 | 7 | 42 | 769 | 1731 | % | 1438 | % | |||||||||||||||||||
Other financial assets | 6,162 | 6,375 | 6,238 | 6,270 | 5,462 | -13 | % | -11 | % | |||||||||||||||||||
Loans and other financing | 44,502 | 32,600 | 29,189 | 27,131 | 19,551 | -28 | % | -56 | % | |||||||||||||||||||
Other financial institutions | 89 | 54 | 27 | 26 | 0 | -100 | % | -100 | % | |||||||||||||||||||
Non financial private sector & foreign residents | 44,413 | 32,545 | 29,163 | 27,105 | 19,551 | -28 | % | -56 | % | |||||||||||||||||||
Other debt securities | 6,430 | 6,318 | 7,382 | 4,367 | 5,608 | 28 | % | -13 | % | |||||||||||||||||||
Guarantees received | 3,217 | 2,199 | 2,284 | 2,004 | 1,934 | -3 | % | -40 | % | |||||||||||||||||||
Investment in equity instruments | 11 | 12 | 15 | 14 | 11 | -21 | % | 0 | % | |||||||||||||||||||
Total Assets | 180,503 | 176,357 | 177,608 | 169,910 | 145,865 | -14 | % | -19 | % | |||||||||||||||||||
Deposits | 115,501 | 109,883 | 96,626 | 91,958 | 87,968 | -4 | % | -24 | % | |||||||||||||||||||
Non financial public sector | 5,073 | 3,539 | 5,262 | 4,537 | 5,342 | 18 | % | 5 | % | |||||||||||||||||||
Financial sector | 404 | 549 | 719 | 703 | 659 | -6 | % | 63 | % | |||||||||||||||||||
Non financial private sector & foreign residents | 110,024 | 105,796 | 90,645 | 86,717 | 81,967 | -5 | % | -26 | % | |||||||||||||||||||
Other liabilities from financial intermediation | 8,185 | 7,937 | 23,121 | 20,477 | 7,038 | -66 | % | -14 | % | |||||||||||||||||||
Financing from the Central Bank and other fin. Inst | 1,066 | 753 | 589 | 670 | 610 | -9 | % | -43 | % | |||||||||||||||||||
Subordinated corporate bonds | 43,036 | 43,991 | 42,987 | 42,327 | 39,093 | -8 | % | -9 | % | |||||||||||||||||||
Other non financial liabilities | 90 | 78 | 25 | 29 | 22 | -24 | % | -76 | % | |||||||||||||||||||
Total Liabilities | 167,878 | 162,641 | 163,347 | 155,461 | 134,731 | -13 | % | -20 | % | |||||||||||||||||||
NET FX POSITION (Pesos) | 12,625 | 13,716 | 14,261 | 14,449 | 11,134 | -23 | % | -12 | % | |||||||||||||||||||
EOP FX (Pesos per USD) | 70.4550 | 76.1750 | 84.1450 | 91.9850 | 95.7267 | 4 | % | 36 | % | |||||||||||||||||||
NET FX POSITION (USD) | 179 | 180 | 169 | 157 | 116 | -26 | % | -35 | % |
16
2Q21 Earnings Release |
Relevant and Recent Events
· | Credit Rating Senior Unsecured Series B Notes. In July 2021 Moody’s Local Argentina informed us the upgrading of the local ratings of Banco Macro S.A., particularly the rating affected was: Senior Unsecured debt Series B notes from AA+.ar to AAA.ar |
· | Credit Rating Subordinated Series A Notes. In August 2021, that Fix SCR S.A (affiliated of Fitch Ratings) informed us of the upgrading of the local ratings of Banco Macro S.A., particularly the rating affected was: Subordinated debt Series A notes from AA(arg) to AA+(arg) |
· | Covid-19: In early March 2020, the World Health Organization recognized Coronavirus (Covid-19) as a pandemic that is severely affecting almost all countries around the world. The spread of this disease globally has forced the authorities to take drastic health and financial measures to contain and mitigate its effects on health and economic activity. Particularly in the Argentine Republic, on March 19, 2020, through Decree No. 297/2020, the Government established the “social, preventive and compulsory isolation” measure until March 31, 2020, which was then extended until June 7, 2020. Along with health protection rules, tax and financial measures were taken to mitigate the impact on the economy associated with the pandemic, including public direct financial assistance measures for part of the population, the establishment of financial and fiscal facilities for both individuals and companies. As regards measures related to the Entity’s business, the BCRA established maturities extensions, froze the mortgage loan installments and encouraged banks to lend to companies at reduced rates. In addition, the distribution of dividends of the finance institutions was suspended until December 31, 2021. In addition, in the mandatory quarantine context, the BCRA ruled that financial institutions would not be able to open their branches for public service during that period and should continue to provide services to users remotely. They could also trade with each other and their clients in the exchange market remotely. During quarantine, remote trading of stock exchanges and capital markets authorized by the CNV, the custodians and capital market agents registered with the CNV was admitted. In view of the extension of mandatory quarantine, the BCRA then decided that financial institutions would open their branches from Friday, April 3, 2020 for public attention through previous appointments obtained by the Bank’s website. The Bank is developing its activities under the conditions detailed above, giving priority to the compliance of social isolation measures by its employees, with the primary objective of taking care of the public health and well-being of all its stakeholders (employees, suppliers, customers, among others). To this end, it has put in place contingency procedures and has enabled its staff to carry out their tasks remotely. From a commercial point of view, it has emphasized maintaining a close relationship with its customers, trying to respond to their needs at this difficult time, sustaining all virtual channels of care to ensure operability and good response to requirements, monitoring compliance with their business obligations and monitoring the active portfolio in order to detect possible delays in collection and set new conditions for them. Considering the size of the abovementioned situation, the Bank’s Management estimates that this situation could have an impact on its operations and the financial situation and the results of the Bank, which are under analysis, and will ultimately; depend on the extent an duration of the health emergency and the success of the measures taken. |
17
2Q21 Earnings Release |
Regulatory Changes
· | Inflation Adjustment (Other Comprehensive Income) In January 2021 through Communication “A” 7221 with starting in fiscal year 2021, the monetary result accrued with respect to items of a monetary nature that are measured at fair value with changes in Other Comprehensive Income (OCI), must be recorded in results for the period/fiscal year. Consequently, the unallocated results must be adjusted and recorded in the account "Adjustments to results from previous years" at the beginning of fiscal year 2021, in order to incorporate the accumulated monetary results of the aforementioned items as of that date that will be recorded in OCI. All the comparative information for the next periods/fiscal years must consider this change in the exposure criteria. |
· | Minimum Reserve Requirements. In late May 2021, through Communication “A” 7290 The Central Bank resolved that as of June 1, 2021, all reserve requirement that financial institutions meet with LELIQs, will also be able to be integrated with sovereign securities in pesos that are not USD linked, with a residual maturity of at least 180 days and 450 days at most, purchased at primary offering as of that date. Public securities used to integrate reserve requirements in pesos will be excluded from “Nonfinancial public sector financing” regulation limits. | |
· | Dividend distribution. On June 24, 2021 The Central Bank of Argentina through Communication “A” 7312 extended until December31, 2021, the ban on dividend distribution for financial institutions. | |
· | Minimum Reserve requirements. On July 29, 2021 through Communication “A” 7334 the Central Bank of Argentina resolve that as of September 1, 2021, the deduction of average reserve requirements in pesos related to financings within the “Ahora 12” Program, cannot exceed 8% of all concepts in pesos subject to reserve requirement, in average, from the month prior to calculation (previously 6%). |
· | Financing at subsidized interest rate. In August 2021, through Communication “A” 7342 the Central Bank of Argentina resolved that financial institutions must grant “Zero interest rate credits” financing in pesos, pursuant to Decree No 512/21,with the same conditions as the “Zero rate credits” specified in the “Financial services within the sanitary emergency disposed by Decree No 260/2020 Coronavirus (COVID-19)” regulation, with the following characteristics: |
o | Financing must be granted in one unique installment. |
o | Fee charges are banned on these credits, even if they are classified as non-performing. |
o | Clients granted these financings will pay an interest rate and total financial cost of 0%. |
o | Financing will get a grace period of 6 months since accreditation. As of month 7, it will be repaid in at least 12 monthly equal consecutive installments. |
o | Refinancing of “Zero rate credits” specified in Decree No 332/2020 through “Zero rate credits 2021” lines must absorb the amounts due and will not be considered as refinancing in accordance to regulation regarding debtor classification. |
o | Financial institutions will not be able to deduct from these financings any kind of charge or fee against the client. The interest rate that the FONDEP will recognize to financial institution will be 15% nominal annual over the balances of granted credits. |
18
2Q21 Earnings Release |
QUARTERLY BALANCE SHEET | MACRO Consolidated | Change | ||||||||||||||||||||||||||
In MILLION $ (Measuring Unit Current at EOP) | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | QoQ | YoY | |||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Cash and deposits in Banks | 156,053 | 157,565 | 162,881 | 170,329 | 143,465 | -16 | % | -8 | % | |||||||||||||||||||
Cash | 23,853 | 28,115 | 31,861 | 26,241 | 21,372 | -19 | % | -10 | % | |||||||||||||||||||
Central Bank of Argentina | 70,546 | 92,595 | 62,656 | 84,142 | 77,411 | -8 | % | 10 | % | |||||||||||||||||||
Other local & foreign entities | 61,647 | 36,848 | 68,358 | 59,940 | 44,676 | -25 | % | -28 | % | |||||||||||||||||||
Other | 7 | 7 | 6 | 6 | 6 | 0 | % | -14 | % | |||||||||||||||||||
Debt securities at fair value through profit & loss | 18,800 | 23,086 | 68,906 | 42,585 | 61,942 | 45 | % | 229 | % | |||||||||||||||||||
Derivatives | 25 | 19 | 9 | - | 4 | - | -84 | % | ||||||||||||||||||||
Repo Transactions | 103,255 | 75,300 | 49,405 | 14,302 | 13,052 | -9 | % | -87 | % | |||||||||||||||||||
Other financial assets | 16,841 | 21,721 | 23,669 | 19,380 | 15,400 | -19 | % | -7 | % | |||||||||||||||||||
Loans & other receivables | 341,241 | 331,609 | 322,493 | 294,059 | 272,546 | -7 | % | -20 | % | |||||||||||||||||||
Non Financial Public Sector | 9,744 | 5,593 | 4,530 | 3,650 | 3,654 | 0 | % | -63 | % | |||||||||||||||||||
Financial Sector | 3,283 | 2,492 | 2,284 | 2,954 | 1,549 | -48 | % | -53 | % | |||||||||||||||||||
Non Financial private sector and foreign | 328,214 | 323,524 | 315,679 | 287,455 | 267,343 | -7 | % | -19 | % | |||||||||||||||||||
Other debt securities | 224,038 | 335,193 | 262,082 | 235,895 | 232,127 | -2 | % | 4 | % | |||||||||||||||||||
Financial assets in guarantee | 20,909 | 17,061 | 17,912 | 15,247 | 14,443 | -5 | % | -31 | % | |||||||||||||||||||
Investments in equity instruments | 2,418 | 2,269 | 2,084 | 2,282 | 2,087 | -9 | % | -14 | % | |||||||||||||||||||
Investments in other companies (subsidiaries and joint ventures) | 224 | 253 | 256 | 274 | 384 | 40 | % | 71 | % | |||||||||||||||||||
Property, plant and equipment | 43,209 | 43,111 | 43,073 | 43,123 | 43,372 | 1 | % | 0 | % | |||||||||||||||||||
Intangible assets | 6,193 | 6,183 | 6,397 | 6,455 | 6,647 | 3 | % | 7 | % | |||||||||||||||||||
Deferred income tax assets | 97 | 99 | 79 | 63 | 70 | 11 | % | -28 | % | |||||||||||||||||||
Other non financial assets | 2,923 | 2,900 | 2,798 | 2,846 | 2,530 | -11 | % | -13 | % | |||||||||||||||||||
Non-current assets held for sale | 3,064 | 3,135 | 2,830 | 2,828 | 2,824 | 0 | % | -8 | % | |||||||||||||||||||
TOTAL ASSETS | 939,290 | 1,019,504 | 964,874 | 849,668 | 810,893 | -5 | % | -14 | % | |||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||
Deposits | 609,836 | 687,428 | 612,512 | 507,372 | 492,309 | -3 | % | -19 | % | |||||||||||||||||||
Non Financial Public Sector | 89,623 | 147,383 | 92,195 | 61,425 | 51,605 | -16 | % | -42 | % | |||||||||||||||||||
Financial Sector | 525 | 615 | 873 | 770 | 720 | -6 | % | 37 | % | |||||||||||||||||||
Non Financial private sector and foreign | 519,688 | 539,430 | 519,444 | 445,177 | 439,984 | -1 | % | -15 | % | |||||||||||||||||||
Liabilities at fair value through profit & loss | - | - | - | - | 12 | - | - | |||||||||||||||||||||
Derivatives | - | 1 | - | - | 2 | - | 0 | % | ||||||||||||||||||||
Repo Transactions | 1,915 | - | 775 | - | 275 | - | -86 | % | ||||||||||||||||||||
Other financial liabilities | 43,246 | 39,952 | 61,679 | 55,338 | 40,365 | -27 | % | -7 | % | |||||||||||||||||||
Financing received from Central Bank and Other Financial Institutions | 1,607 | 960 | 1,152 | 1,275 | 709 | -44 | % | -56 | % | |||||||||||||||||||
Issued Corporate Bonds | 7,283 | 7,002 | 6,175 | 5,608 | 2,432 | -57 | % | -67 | % | |||||||||||||||||||
Current income tax liabilities | 11,248 | 13,898 | 6,448 | 5,248 | 1,585 | -70 | % | -86 | % | |||||||||||||||||||
Subordinated corporate bonds | 43,036 | 43,991 | 42,987 | 42,327 | 39,093 | -8 | % | -9 | % | |||||||||||||||||||
Provisions | 2,425 | 2,268 | 1,635 | 1,544 | 963 | -38 | % | -60 | % | |||||||||||||||||||
Deferred income tax liabilities | 5,505 | 3,536 | 7,884 | 8,982 | 9,057 | 1 | % | 65 | % | |||||||||||||||||||
Other non financial liabilities | 34,148 | 33,618 | 38,045 | 33,314 | 41,594 | 26 | % | 23 | % | |||||||||||||||||||
TOTAL LIABILITIES | 760,249 | 832,654 | 779,292 | 661,008 | 628,396 | -5 | % | -17 | % | |||||||||||||||||||
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 | 66,364 | 66,364 | 66,364 | 66,364 | 66,364 | 0 | % | 0 | % | |||||||||||||||||||
Reserves | 142,725 | 142,725 | 137,627 | 137,627 | 101,150 | -27 | % | -29 | % | |||||||||||||||||||
Retained earnings | -63,429 | -63,429 | -63,429 | -32,890 | -7,406 | -77 | % | -88 | % | |||||||||||||||||||
Other accumulated comprehensive income | 493 | 1,558 | 1,409 | 2,061 | 2,274 | 10 | % | 361 | % | |||||||||||||||||||
Net income for the period / fiscal year | 19,817 | 26,561 | 30,539 | 2,427 | 7,044 | 190 | % | -64 | % | |||||||||||||||||||
Shareholders' Equity attributable to parent company | 179,039 | 186,848 | 185,579 | 188,658 | 182,495 | -3 | % | 2 | % | |||||||||||||||||||
Shareholders' Equity attributable to non controlling interest | 2 | 2 | 3 | 2 | 2 | 0 | % | 0 | % | |||||||||||||||||||
TOTAL SHAREHOLDERS' EQUITY | 179,041 | 186,850 | 185,582 | 188,660 | 182,497 | -3 | % | 2 | % |
19
2Q21 Earnings Release |
INCOME STATEMENT | MACRO Consolidated | Change | ||||||||||||||||||||||||||
In MILLION $ (Measuring Unit Current at EOP) | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 1Q21 | QoQ | YoY | |||||||||||||||||||||
Interest Income | 44,466 | 51,329 | 52,143 | 50,035 | 44,251 | -12 | % | 0 | % | |||||||||||||||||||
Interest Expense | 14,364 | 21,808 | 24,860 | 23,596 | 18,769 | -20 | % | 31 | % | |||||||||||||||||||
Net Interest Income | 30,102 | 29,521 | 27,283 | 26,439 | 25,482 | -4 | % | -15 | % | |||||||||||||||||||
Fee income | 7,532 | 8,005 | 7,767 | 7,243 | 7,442 | 3 | % | -1 | % | |||||||||||||||||||
Fee expense | 550 | 651 | 674 | 665 | 678 | 2 | % | 23 | % | |||||||||||||||||||
Net Fee Income | 6,982 | 7,354 | 7,093 | 6,578 | 6,764 | 3 | % | -3 | % | |||||||||||||||||||
Subtotal (Net Interest Income + Net Fee Income) | 37,084 | 36,875 | 34,376 | 33,017 | 32,246 | -2 | % | -13 | % | |||||||||||||||||||
Net Income from financial instruments at Fair Value Through Profit & Loss | 3,409 | 3,767 | 4,114 | 5,061 | 5,282 | 4 | % | 55 | % | |||||||||||||||||||
Result from assets at amortised cost | 28 | 85 | 157 | 66 | 61 | -8 | % | 118 | % | |||||||||||||||||||
Difference in quoted prices of gold and foreign currency | 1,180 | 1,684 | 1,594 | 1,349 | 640 | -53 | % | -46 | % | |||||||||||||||||||
Other operating income | 1,598 | 1,648 | 1,744 | 1,830 | 1,409 | -23 | % | -12 | % | |||||||||||||||||||
Provision for loan losses | 3,519 | 2,441 | 2,706 | 2 | 213 | 10550 | % | -94 | % | |||||||||||||||||||
Net Operating Income | 39,780 | 41,618 | 39,279 | 41,321 | 39,425 | -5 | % | -1 | % | |||||||||||||||||||
Personnel expenses | 8,613 | 8,649 | 8,593 | 8,053 | 8,395 | 4 | % | -3 | % | |||||||||||||||||||
Administrative expenses | 4,362 | 4,743 | 4,884 | 3,788 | 3,887 | 3 | % | -11 | % | |||||||||||||||||||
Depreciation and impairment of assets | 1,383 | 1,417 | 1,395 | 1,429 | 1,434 | 0 | % | 4 | % | |||||||||||||||||||
Other operating expenses | 6,158 | 6,400 | 6,253 | 7,054 | 6,267 | -11 | % | 2 | % | |||||||||||||||||||
Operating Income | 19,264 | 20,409 | 18,154 | 20,997 | 19,442 | -7 | % | 1 | % | |||||||||||||||||||
Income from associates and joint ventures | 12 | 21 | -74 | 26 | 19 | -27 | % | 58 | % | |||||||||||||||||||
Result from net monetary position | -6,203 | -9,272 | -13,332 | -16,025 | -13,557 | - | - | |||||||||||||||||||||
Net Income before income tax on cont. operations | 13,073 | 11,158 | 4,748 | 4,998 | 5,904 | 18 | % | -55 | % | |||||||||||||||||||
Income tax on continuing operations | 3,912 | 4,415 | 772 | 2,571 | 1,287 | -50 | % | -67 | % | |||||||||||||||||||
Net Income from continuing operations | 9,161 | 6,743 | 3,976 | 2,427 | 4,617 | 90 | % | -50 | % | |||||||||||||||||||
Net Income for the period | 9,161 | 6,743 | 3,976 | 2,427 | 4,617 | 90 | % | -50 | % | |||||||||||||||||||
Net Income of the period attributable to parent company | 9,161 | 6,743 | 3,976 | 2,427 | 4,617 | 90 | % | -50 | % | |||||||||||||||||||
Net income of the period attributable to non-controlling interests | - | - | - | - | - | - | - | |||||||||||||||||||||
Other Comprehensive Income | 1,366 | 1,064 | -149 | 652 | 213 | -67 | % | -84 | % | |||||||||||||||||||
Foreign currency translation differences in financial statements conversion | 117 | 72 | -28 | -108 | -200 | - | - | |||||||||||||||||||||
Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a) | 1,249 | 992 | -121 | 760 | 413 | -46 | % | -67 | % | |||||||||||||||||||
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 10,527 | 7,807 | 3,827 | 3,079 | 4,830 | 57 | % | -54 | % | |||||||||||||||||||
Total Comprehensive Income attributable to parent Company | 10,527 | 7,807 | 3,827 | 3,079 | 4,830 | 57 | % | -54 | % | |||||||||||||||||||
Total Comprehensive Income attributable to non-controlling interests | - | - | - | - | - | - | - |
20
2Q21 Earnings Release |
MACRO Consolidated | ||||||||||||||||||||
QUARTERLY ANNUALIZED RATIOS | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | |||||||||||||||
Profitability & performance | ||||||||||||||||||||
Net interest margin | 19.8 | % | 17.1 | % | 16.3 | % | 17.4 | % | 18.8 | % | ||||||||||
Net interest margin adjusted (exc. FX) | 19.1 | % | 16.2 | % | 15.4 | % | 16.6 | % | 18.4 | % | ||||||||||
Net fee income ratio | 12.3 | % | 13.1 | % | 13.9 | % | 11.5 | % | 12.2 | % | ||||||||||
Efficiency ratio | 36.3 | % | 36.8 | % | 38.8 | % | 35.7 | % | 38.4 | % | ||||||||||
Net fee income as % of A&G Expenses | 33.9 | % | 35.6 | % | 35.7 | % | 32.2 | % | 31.7 | % | ||||||||||
Return on average assets | 4.3 | % | 2.8 | % | 1.7 | % | 1.1 | % | 2.3 | % | ||||||||||
Return on average equity | 20.5 | % | 14.7 | % | 8.8 | % | 5.4 | % | 10.3 | % | ||||||||||
Liquidity | ||||||||||||||||||||
Loans as a percentage of total deposits | 56.0 | % | 48.2 | % | 52.7 | % | 58.0 | % | 55.4 | % | ||||||||||
Liquid assets as a percentage of total deposits | 84.0 | % | 87.0 | % | 90.0 | % | 94.0 | % | 93.0 | % | ||||||||||
Capital | ||||||||||||||||||||
Total equity as a percentage of total assets | 19.1 | % | 18.3 | % | 19.2 | % | 22.2 | % | 22.5 | % | ||||||||||
Regulatory capital as % of APR | 32.2 | % | 34.8 | % | 34.2 | % | 37.7 | % | 38.3 | % | ||||||||||
Asset Quality | ||||||||||||||||||||
Allowances over total loans | 2.5 | % | 2.9 | % | 3.5 | % | 3.7 | % | 3.8 | % | ||||||||||
Non-performing financing as a percentage of total financing | 1.5 | % | 1.1 | % | 0.8 | % | 0.9 | % | 1.7 | % | ||||||||||
Coverage ratio w/allowances | 210.7 | % | 303.0 | % | 479.3 | % | 387.8 | % | 212.9 | % | ||||||||||
Cost of Risk | 4.1 | % | 3.0 | % | 3.4 | % | 0.0 | % | 0.3 | % |
MACRO Consolidated | ||||||||||||||||||||
ACCUMULATED ANNUALIZED RATIOS | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | |||||||||||||||
Profitability & performance | ||||||||||||||||||||
Net interest margin | 22.3 | % | 20.3 | % | 19.2 | % | 17.4 | % | 18.1 | % | ||||||||||
Net interest margin adjusted (exc. FX) | 21.6 | % | 19.5 | % | 18.4 | % | 16.6 | % | 17.4 | % | ||||||||||
Net fee income ratio | 11.7 | % | 12.2 | % | 12.6 | % | 11.5 | % | 11.8 | % | ||||||||||
Efficiency ratio | 33.6 | % | 34.7 | % | 35.7 | % | 35.7 | % | 37.0 | % | ||||||||||
Net fee income as % of A&G Expenses | 34.9 | % | 35.1 | % | 35.3 | % | 32.2 | % | 32.0 | % | ||||||||||
Return on average assets | 4.9 | % | 4.1 | % | 3.5 | % | 1.1 | % | 1.7 | % | ||||||||||
Return on average equity | 21.9 | % | 19.5 | % | 16.8 | % | 5.4 | % | 7.8 | % | ||||||||||
Liquidity | ||||||||||||||||||||
Loans as a percentage of total deposits | 56.0 | % | 48.2 | % | 52.7 | % | 58.0 | % | 55.4 | % | ||||||||||
Liquid assets as a percentage of total deposits | 84.0 | % | 87.0 | % | 90.0 | % | 94.0 | % | 93.0 | % | ||||||||||
Capital | ||||||||||||||||||||
Total equity as a percentage of total assets | 19.1 | % | 18.3 | % | 19.2 | % | 22.2 | % | 22.5 | % | ||||||||||
Regulatory capital as % of APR | 32.2 | % | 34.8 | % | 34.2 | % | 37.7 | % | 38.3 | % | ||||||||||
Asset Quality | ||||||||||||||||||||
Allowances over total loans | 2.5 | % | 2.9 | % | 3.5 | % | 3.7 | % | 3.8 | % | ||||||||||
Non-performing financing as a percentage of total financing | 1.5 | % | 1.1 | % | 0.8 | % | 0.9 | % | 1.7 | % | ||||||||||
Coverage ratio w/allowances | 210.7 | % | 303.0 | % | 479.3 | % | 387.8 | % | 212.9 | % | ||||||||||
Cost of Risk | 2.9 | % | 2.9 | % | 3.1 | % | 0.0 | % | 0.2 | % |
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: August 25, 2021
MACRO BANK INC. | ||
By: | /s/ Jorge Francisco Scarinci | |
Name: Jorge Francisco Scarinci | ||
Title: Chief Financial Officer |