SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
February 27, 2007
Commission File Number: 333-130901
MACRO BANK INC. |
(Exact name of registrant as specified in its Charter) |
Sarmiento 447 |
Buenos Aires C1 1041 |
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 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 |
|
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
| Yes | o |
| No | x |
|
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- N/A
BANCO MACRO ANNOUNCES RESULTS FOR THE FOURTH QUARTER OF 2006
Buenos Aires, Argentina, February 27th, 2007 – Banco Macro S.A. (NYSE: BMA; Buenos Aires: BMA) (“Banco Macro” or “BMA”) announced today its results for the fourth quarter period ended December 31, 2006 (“4Q06”). All figures are in Argentine pesos (Ps.) and have been prepared in accordance with Argentine GAAP.
SUMMARY
• | The Bank’s net income totalled $147 million in 4Q06. This result was 95%, or $72 million, higher than 4Q05’s $75 million and 39%, or $41 million, higher than 3Q06’s $106 million. Fiscal year 2006 net income totalled $424 million, 62% higher than 2005’s $263 million. The annualized 2006 ROE and ROA reached 22.15% and 3.60%, respectively. |
|
|
• | Loans to the private sector also showed significant growth of 10%, or $498 million, quarter over quarter (“QoQ”) and 85%, or $2.54 billion, year over year (“YoY”). Personal loans which represent a strategic product for the Bank, once again led private loan portfolio growth. This product grew $327 million QoQ and $954 million YoY. |
|
|
• | Total deposits grew $383 million, or 4%, QoQ. Saving accounts increased by 29%, or $473 million, QoQ while current accounts grew 13%, or $208 million, in the same period. |
|
|
• | In December 2006, Banco Macro issued USD150 million in a 30-year perpetual Tier-1 subordinated bond. Based on the new Central Bank regulations, this bond is considered as regulatory capital for the Bank. Therefore, Banco Macro’s 4Q06 excess capital reached $1.92 billion or 258%. |
|
|
• | The Bank’s asset quality continued improving. In 4Q06, Banco Macro’s PDLs to total loans was 1.98% and the coverage ratio was 156.34%. |
|
|
• | Net fee income to expenses ratio was 54.51%. |
|
|
• | For comparison purposes, Nuevo Banco Bisel (“NBB”) was fully incorporated in this 4Q06’s financials. Please remember that in 3Q06, Banco Macro only consolidated 51 days of NBB’s quarter since Banco Macro had taken control of NBB on August 11, 2006. |
RESULTS
Earnings per share in the 4Q06 reached $0.22, 39% or $0.07 higher than 3Q06’s and 75% or $0.10 higher compared to 4Q05’s $0.12 per share.
|
| MACRO consolidated |
| |||||||||||||
|
|
| ||||||||||||||
EARNINGS PER SHARE |
| IV 05 |
| I 06 |
| II06 |
| III06 |
| IV06 |
| |||||
|
|
|
|
|
| |||||||||||
Net income (M $) |
|
| 75 |
|
| 73 |
|
| 99 |
|
| 106 |
|
| 147 |
|
Average shares outstanding (M) |
|
| 609 |
|
| 616 |
|
| 684 |
|
| 684 |
|
| 684 |
|
Book value per share ($) |
|
| 2.45 |
|
| 2.97 |
|
| 3.01 |
|
| 3.17 |
|
| 3.38 |
|
Earnings per share ($) |
|
| 0.12 |
|
| 0.11 |
|
| 0.14 |
|
| 0.15 |
|
| 0.22 |
|
Banco Macro’s 4Q06 net income climbed to $147M, which represented a 95% jump compared to the same period of 2005 and a 39% increase compared to the previous quarter.
The Bank’s 2006 ROE of 22.2% was well above than 2005’s 19.7%. Additionally, the obtained ROE has a higher value considering the low leverage of Banco Macro’s balance sheet (6.3x assets to equity ratio).
| MACRO consolidated |
| ||||||||||||||
INCOME STATEMENT |
|
| ||||||||||||||
| IV 05 |
| I 06 |
| II06 |
| III06 |
| IV06 |
| ||||||
|
|
|
|
|
| |||||||||||
Net financial income |
|
| 142 |
|
| 135 |
|
| 175 |
|
| 211 |
|
| 239 |
|
Provision for loan losses |
|
| -13 |
|
| -9 |
|
| -14 |
|
| -19 |
|
| -17 |
|
Net fee income |
|
| 68 |
|
| 71 |
|
| 77 |
|
| 97 |
|
| 114 |
|
|
|
| 197 |
|
| 197 |
|
| 238 |
|
| 289 |
|
| 336 |
|
Administrative expenses |
|
| -128 |
|
| -128 |
|
| -145 |
|
| -169 |
|
| -210 |
|
|
|
| 69 |
|
| 69 |
|
| 93 |
|
| 120 |
|
| 126 |
|
Minority interest |
|
| 0 |
|
| 0 |
|
| 0 |
|
| -2 |
|
| -1 |
|
Net other income |
|
| 29 |
|
| 13 |
|
| 16 |
|
| 15 |
|
| 53 |
|
Earnings before income tax |
|
| 98 |
|
| 82 |
|
| 109 |
|
| 133 |
|
| 178 |
|
Income tax |
|
| -23 |
|
| -9 |
|
| -10 |
|
| -27 |
|
| -31 |
|
NET INCOME |
|
| 75 |
|
| 73 |
|
| 99 |
|
| 106 |
|
| 147 |
|
The Bank’s financial income of $365 million in 4Q06 increased 68% YoY and 15% QoQ.
In the quarter, interests on loans increased 24% QoQ and 130% YoY. This performance was in line with the sustained private sector loan growth (refer to private sector financing) and was reflected in interest on documents and other loans. Interest on loans represented 54% of total financial income, higher than 3Q06’s 50% level.
4Q06 Results | Page 2 of 19 |
Results generated by public and private securities remained flat QoQ but climbed 53% YoY on the back of the Bank’s LEBAC and NOBAC portfolio. This segment represented 27% of the Bank’s financial income, lower than 3Q06’s level of 29%.
Finally, CER-adjusted income increased $7 million on the back of the CPI evolution which was directly related to the inflation index (4Q06 CER index was 2.46% while in prior quarter it was 1.65%). On an annual basis, CER-adjusted income decreased by $8 million mainly due to a decrease in the CER adjusted bonds portfolio.
|
| MACRO consolidated |
| |||||||||||||
FINANCIAL INCOME |
|
| ||||||||||||||
| IV 05 |
| I 06 |
| II06 |
| III06 |
| IV06 |
| ||||||
|
|
|
|
|
| |||||||||||
Interest on cash and due from banks |
|
| 2 |
|
| 2 |
|
| 2 |
|
| 4 |
|
| 3 |
|
Interest on loans to the financial sector |
|
| 2 |
|
| 3 |
|
| 4 |
|
| 4 |
|
| 6 |
|
Interest on overdrafts |
|
| 15 |
|
| 16 |
|
| 24 |
|
| 37 |
|
| 43 |
|
Interest on documents |
|
| 10 |
|
| 10 |
|
| 10 |
|
| 15 |
|
| 22 |
|
Interest on mortgages |
|
| 10 |
|
| 9 |
|
| 11 |
|
| 13 |
|
| 15 |
|
Interest on pledges |
|
| 8 |
|
| 9 |
|
| 10 |
|
| 12 |
|
| 13 |
|
Interest on credit cards |
|
| 5 |
|
| 5 |
|
| 7 |
|
| 8 |
|
| 10 |
|
Interest on other loans |
|
| 36 |
|
| 45 |
|
| 57 |
|
| 70 |
|
| 88 |
|
Interest on other receivables from financial intermediation |
|
| 4 |
|
| 4 |
|
| 3 |
|
| 4 |
|
| 4 |
|
Income from government & private securities (1) |
|
| 64 |
|
| 50 |
|
| 77 |
|
| 99 |
|
| 98 |
|
Results of guaranteed loans |
|
| 7 |
|
| 6 |
|
| 7 |
|
| 8 |
|
| 9 |
|
CER adjustment (2) |
|
| 30 |
|
| 29 |
|
| 19 |
|
| 15 |
|
| 22 |
|
CVS adjustment |
|
| 1 |
|
| 0 |
|
| 0 |
|
| 0 |
|
| 1 |
|
Other |
|
| 24 |
|
| 23 |
|
| 30 |
|
| 29 |
|
| 31 |
|
Total financial income |
|
| 218 |
|
| 211 |
|
| 261 |
|
| 318 |
|
| 365 |
|
(1) Income from government & private securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LEBAC / NOBAC |
|
| 45 |
|
| 57 |
|
| 61 |
|
| 79 |
|
| 69 |
|
Other |
|
| 18 |
|
| -6 |
|
| 16 |
|
| 20 |
|
| 29 |
|
TOTAL |
|
| 64 |
|
| 50 |
|
| 77 |
|
| 99 |
|
| 98 |
|
(2) CER adjustment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CER other bonds |
|
| 7 |
|
| 2 |
|
| 0 |
|
| 0 |
|
| 0 |
|
Guaranteed loans |
|
| 20 |
|
| 20 |
|
| 14 |
|
| 11 |
|
| 17 |
|
Loans to the private sector |
|
| 2 |
|
| 6 |
|
| 0 |
|
| 3 |
|
| 3 |
|
Other |
|
| 1 |
|
| 1 |
|
| 5 |
|
| 1 |
|
| 2 |
|
TOTAL |
|
| 30 |
|
| 29 |
|
| 19 |
|
| 15 |
|
| 22 |
|
Banco Macro’s 4Q06 financial expenses of $126 million were up 66% (or $50 million) YoY and 18% (or $ 19 million) QoQ due to the growth of interest on deposits.
Interest on deposits represented 67% of total financial expenses and grew 13%, or $10 million, QoQ and 138%, or $50 million, YoY.
Finally, expenses originated by CER-adjustments grew $4 million QoQ due to the CPI evolution which was directly related to the inflation index (4Q06 CER index was 2.46% while in prior quarter it was 1.65%). On an annual basis, CER-adjusted expenses decreased by $11 million due to a decrease in time deposits adjusted by CER.
4Q06 Results | Page 3 of 19 |
Banco Macro’s 4Q06 net interest income of $239 million grew 13%, or $28 million, compared to the previous quarter.
|
| MACRO consolidated |
| |||||||||||||
FINANCIAL EXPENSES |
|
| ||||||||||||||
| IV 05 |
| I 06 |
| II06 |
| III06 |
| IV06 |
| ||||||
|
|
|
|
|
| |||||||||||
Interest on checking accounts |
|
| 1 |
|
| 1 |
|
| 2 |
|
| 3 |
|
| 5 |
|
Interest on saving accounts |
|
| 1 |
|
| 2 |
|
| 1 |
|
| 2 |
|
| 2 |
|
Interest on time deposits |
|
| 33 |
|
| 36 |
|
| 49 |
|
| 70 |
|
| 78 |
|
Interest on other liabilities from financial intermediation |
|
| 3 |
|
| 4 |
|
| 3 |
|
| 4 |
|
| 4 |
|
Other Interest |
|
| 4 |
|
| 3 |
|
| 3 |
|
| 5 |
|
| 4 |
|
CER adjustments (3) |
|
| 24 |
|
| 19 |
|
| 14 |
|
| 9 |
|
| 13 |
|
Other Interest |
|
| 10 |
|
| 11 |
|
| 14 |
|
| 14 |
|
| 20 |
|
Total Financial Expenses |
|
| 76 |
|
| 76 |
|
| 86 |
|
| 107 |
|
| 126 |
|
(3) CER adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits CER adjusted |
|
| 17 |
|
| 10 |
|
| 7 |
|
| 3 |
|
| 4 |
|
Advance for Boden purchase |
|
| 6 |
|
| 7 |
|
| 6 |
|
| 3 |
|
| 4 |
|
Other |
|
| 1 |
|
| 2 |
|
| 1 |
|
| 3 |
|
| 5 |
|
TOTAL |
|
| 24 |
|
| 19 |
|
| 14 |
|
| 9 |
|
| 13 |
|
During 4Q06, Banco Macro’s net fee income of $114 million rose by 68% from last year’s level of $68 million and climbed by 18%, or $17 million, QoQ. If we had not included NBB in our analysis, net fee income would have grown by 6% QoQ.
As we can see in the following table, all line items experienced an increase in fee income with deposit accounts and credit and debit cards fees showing the highest increase in fee income.
|
| MACRO consolidated |
| |||||||||||||
NET FEE INCOME |
|
| ||||||||||||||
| IV 05 |
| I 06 |
| II06 |
| III06 |
| IV06 |
| ||||||
|
|
|
|
|
| |||||||||||
Fee charges on deposit accounts |
|
| 56 |
|
| 57 |
|
| 65 |
|
| 81 |
|
| 98 |
|
Debit and credit card income |
|
| 3 |
|
| 7 |
|
| 10 |
|
| 11 |
|
| 23 |
|
Other fees related to foreign trade |
|
| 3 |
|
| 3 |
|
| 3 |
|
| 3 |
|
| 3 |
|
Credit-related fees |
|
| 6 |
|
| 6 |
|
| 7 |
|
| 8 |
|
| 12 |
|
Lease of safe-deposit boxes |
|
| 2 |
|
| 2 |
|
| 2 |
|
| 2 |
|
| -4 |
|
Other |
|
| 15 |
|
| 14 |
|
| 11 |
|
| 18 |
|
| 10 |
|
Total fee income |
|
| 85 |
|
| 89 |
|
| 98 |
|
| 123 |
|
| 142 |
|
Total fee expenses |
|
| 17 |
|
| 18 |
|
| 21 |
|
| 26 |
|
| 28 |
|
Net fee income |
|
| 68 |
|
| 71 |
|
| 77 |
|
| 97 |
|
| 114 |
|
In 4Q06, Banco Macro’s administrative expenses of $210 million grew by 24% compared to the previous quarter’s level of $169 million and 64% YoY. Had we excluded NBB from our comparison, administrative expenses would have increased by 15% or $21 million QoQ and 31% or $40 million YoY.
4Q06 Results | Page 4 of 19 |
A 71% increase of the quarterly administrative expenses is explained by personnel expenses and can be traced to the provision of the employees’ annual bonus, a one-time payment negotiated with the unions ($650 for each employee) and an extraordinary expense of $300 in lunch tickets for some employees. Had we excluded these one-time charges, administrative expenses would have grown 15% QoQ.
The above mentioned extraordinary expenses resulted in a slight deterioration in the Bank’s positive efficiency ratio trend. The efficiency ratio (cost to income) was 59.5%. Excluding these one-time charges, Banco Macro’s efficiency ratio would have been 55%.
|
| MACRO consolidated |
| |||||||||||||
ADMINISTRATIVE EXPENSES |
|
| ||||||||||||||
| IV 05 |
| I 06 |
| II06 |
| III06 |
| IV06 |
| ||||||
|
|
|
|
|
| |||||||||||
Personnel expenses |
|
| 75 |
|
| 79 |
|
| 82 |
|
| 103 |
|
| 132 |
|
Fees to directors & statutory auditors |
|
| 2 |
|
| 2 |
|
| 7 |
|
| 3 |
|
| 3 |
|
Other profesional fees |
|
| 9 |
|
| 8 |
|
| 10 |
|
| 10 |
|
| 12 |
|
Advertising & publicity |
|
| 9 |
|
| 5 |
|
| 8 |
|
| 9 |
|
| 10 |
|
Taxes |
|
| 1 |
|
| 2 |
|
| 2 |
|
| 2 |
|
| 3 |
|
Other operating expenses |
|
| 28 |
|
| 29 |
|
| 31 |
|
| 38 |
|
| 46 |
|
Other |
|
| 4 |
|
| 3 |
|
| 5 |
|
| 4 |
|
| 4 |
|
Total Administrative Expenses |
|
| 128 |
|
| 128 |
|
| 145 |
|
| 169 |
|
| 210 |
|
Total Employees |
|
| 5,054 |
|
| 5,051 |
|
| 5,570 |
|
| 7,244 |
|
| 7,585 |
|
Branches |
|
| 252 |
|
| 253 |
|
| 279 |
|
| 437 |
|
| 433 |
|
The Bank’s net other income totalled $53 million in 4Q06 was $38 million and $24 million higher QoQ and YoY, respectively. In 4Q06, there was an extraordinary income of $41 million from loans recovered in Banco Suquía that had been previously written-off. On the other hand, expenses from the perpetual bond issuance totalled $14 million.
FINANCIAL ASSETS
Private sector financing
The volume of “core” financing to the private sector continued growing at attractive rates (10%, or $498 million, QoQ and 85%, or $2.54 billion, YoY), netting the effects related to the Bank’s liquidity management policy (advances to AAA companies) and adding the Bank’s personal financial trust and leasing portfolio. Excluding them, Banco Macro’s loan book grew 97% YoY.
The expansion of the Bank’s lending portfolio was principally driven by consumer loans. Personal loans rose 30%, or $327 million, QoQ and 200%, or $954 million, YoY while credit card loans increased by 10%, or $45 million, QoQ and 107%, or $257 million, YoY. In addition, overdrafts increased by 22%, or $124 million, and 125%, or $376 million, YoY.
4Q06 Results | Page 5 of 19 |
Finally, leasing also evolved favourably (up 12% QoQ and 95% YoY) and financial trusts which rose 30% YoY.
|
| MACRO consolidated |
| |||||||||||||||||||
PRIVATE SECTOR LOAN PORTFOLIO |
|
| ||||||||||||||||||||
| IV 05 |
| I 06 |
| II06 |
| III06 |
| IV06 |
| IV06/III06 |
| IV06/IV05 |
| ||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Overdrafts (total) |
|
| 433 |
|
| 455 |
|
| 948 |
|
| 1,150 |
|
| 1,103 |
|
| -4 | % |
| 155 | % |
Overdrafts |
|
| 300 |
|
| 313 |
|
| 297 |
|
| 552 |
|
| 676 |
|
| 0 | % |
| 0 | % |
AAA (liquidity administration) |
|
| 133 |
|
| 142 |
|
| 651 |
|
| 598 |
|
| 427 |
|
| 0 | % |
| 0 | % |
Discounted documents |
|
| 434 |
|
| 348 |
|
| 382 |
|
| 510 |
|
| 544 |
|
| 7 | % |
| 25 | % |
Mortgages |
|
| 298 |
|
| 295 |
|
| 347 |
|
| 417 |
|
| 426 |
|
| 2 | % |
| 43 | % |
Pledges |
|
| 230 |
|
| 245 |
|
| 256 |
|
| 299 |
|
| 301 |
|
| 1 | % |
| 31 | % |
Consumer |
|
| 477 |
|
| 587 |
|
| 834 |
|
| 1,104 |
|
| 1,431 |
|
| 30 | % |
| 200 | % |
Credit Cards |
|
| 241 |
|
| 274 |
|
| 306 |
|
| 453 |
|
| 498 |
|
| 10 | % |
| 107 | % |
Others |
|
| 779 |
|
| 869 |
|
| 996 |
|
| 1,172 |
|
| 1,132 |
|
| -4 | % |
| 45 | % |
Interests, adjustments and other |
|
| 56 |
|
| 64 |
|
| 73 |
|
| 95 |
|
| 90 |
|
| -5 | % |
| 61 | % |
Provisions |
|
| -248 |
|
| -190 |
|
| -178 |
|
| -216 |
|
| -209 |
|
| -3 | % |
| -16 | % |
Total loans |
|
| 2,700 |
|
| 2,947 |
|
| 3,964 |
|
| 4,984 |
|
| 5,316 |
|
| 7 | % |
| 97 | % |
Financial trusts |
|
| 288 |
|
| 357 |
|
| 391 |
|
| 404 |
|
| 374 |
|
| -8 | % |
| 30 | % |
Leasing |
|
| 145 |
|
| 173 |
|
| 204 |
|
| 252 |
|
| 282 |
|
| 12 | % |
| 95 | % |
Total credit to the private sector |
|
| 3,133 |
|
| 3,477 |
|
| 4,559 |
|
| 5,640 |
|
| 5,972 |
|
| 6 | % |
| 91 | % |
Total credit w/o liquidity administration |
|
| 3,000 |
|
| 3,335 |
|
| 3,955 |
|
| 5,046 |
|
| 5,544 |
|
| 10 | % |
| 85 | % |
PUBLIC SECTOR ASSETS
The Bank’s public sector assets (net of LEBAC / NOBAC) to total assets ratio narrowed 4 percentage points to 11% from last year’s level of 15% and is also lower than the system’s average of 13.6%.
|
| MACRO consolidated |
| ||||||||||||||||
PUBLIC SECTOR ASSETS |
|
| |||||||||||||||||
| IV 05 |
| I 06 |
| II06 |
| III06 |
| IV06 |
| Val |
| |||||||
|
|
|
|
|
|
| |||||||||||||
LEBAC / NOBAC B.C.R.A. |
|
| 2,240 |
|
| 1,643 |
|
| 1,880 |
|
| 2,533 |
|
| 2,374 |
|
| MV |
|
Secured bonds |
|
| 198 |
|
| 0 |
|
| 32 |
|
| 29 |
|
| 0 |
|
| MV |
|
Compensation receivable bond |
|
| 106 |
|
| 0 |
|
| 0 |
|
| 0 |
|
| 0 |
|
| TV |
|
Other |
|
| 161 |
|
| 308 |
|
| 465 |
|
| 317 |
|
| 286 |
|
| MV |
|
Government securities |
|
| 2,705 |
|
| 1,951 |
|
| 2,377 |
|
| 2,879 |
|
| 2,660 |
|
|
|
|
Guaranteed loans |
|
| 642 |
|
| 629 |
|
| 615 |
|
| 780 |
|
| 771 |
|
| A3911 |
|
Provincial loans |
|
| 4 |
|
| 2 |
|
| 1 |
|
| 1 |
|
| 0 |
|
| PV |
|
Government securities loans |
|
| 57 |
|
| 92 |
|
| 56 |
|
| 39 |
|
| 2 |
|
| MV |
|
Loans |
|
| 703 |
|
| 723 |
|
| 672 |
|
| 820 |
|
| 773 |
|
|
|
|
Compensation to be received |
|
| 0 |
|
| 0 |
|
| 8 |
|
| 0 |
|
| 0 |
|
| TV |
|
Purchase of government bonds |
|
| 246 |
|
| 198 |
|
| 287 |
|
| 175 |
|
| 548 |
|
| MV |
|
Other receivables for financial intermediation |
|
| 246 |
|
| 198 |
|
| 295 |
|
| 175 |
|
| 548 |
|
|
|
|
Boden purchased from clients (Swap II) |
|
| 2 |
|
| 0 |
|
| 0 |
|
| 0 |
|
| 0 |
|
| MV |
|
Boden 2005, 2007, 2008, 2012 & 2013 to collect |
|
| 16 |
|
| 26 |
|
| 25 |
|
| 16 |
|
| 17 |
|
| MV |
|
Other receivables |
|
| 18 |
|
| 26 |
|
| 25 |
|
| 16 |
|
| 17 |
|
|
|
|
TOTAL ASSETS |
|
| 3,672 |
|
| 2,898 |
|
| 3,369 |
|
| 3,890 |
|
| 3,998 |
|
|
|
|
TOTAL LIABILITIES |
|
| 888 |
|
| 920 |
|
| 928 |
|
| 727 |
|
| 551 |
|
|
|
|
Net exposure |
|
| 2,784 |
|
| 1,978 |
|
| 2,441 |
|
| 3,163 |
|
| 3,447 |
|
|
|
|
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC / NOBAC) |
|
| 1,432 |
|
| 1,255 |
|
| 1,489 |
|
| 1,357 |
|
| 1,624 |
|
|
|
|
TOTAL PUBLIC SECTOR ASSETS (net of LEB / NOB) / T. A. |
|
| 15 | % |
| 13 | % |
| 13 | % |
| 10 | % |
| 11 | % |
|
|
|
Net exposure (net of LEB/NOB) / TOTAL ASSETS |
|
| 6 | % |
| 3 | % |
| 5 | % |
| 5 | % |
| 7 | % |
|
|
|
4Q06 Results | Page 6 of 19 |
FUNDING
Banco Macro’s deposit base reached $10 billion being the most important source of funding for the Bank. Deposits grew by 4%, or $383 million, QoQ.
Private sector deposits grew 7%, or $545 million, QoQ. Savings accounts grew by 29% and checking accounts rose by 13%. Time deposits were down 3% or $133 million. Time deposits to total deposits ratio was 44% lower than last year’s level of 49%.
|
| MACRO consolidated |
| ||||||||||||||||
DEPOSITS |
|
| |||||||||||||||||
| IV 05 |
| I 06 |
| II 06 |
| III06 |
| IV 06 |
| IV06/III06 |
| |||||||
|
|
|
|
|
|
| |||||||||||||
Public sector |
|
| 823 |
|
| 659 |
|
| 1,328 |
|
| 1,452 |
|
| 1,296 |
|
| -11 | % |
Financial sector |
|
| 5 |
|
| 6 |
|
| 6 |
|
| 11 |
|
| 5 |
|
| -53 | % |
Private sector |
|
| 5,737 |
|
| 5,781 |
|
| 6,422 |
|
| 8,225 |
|
| 8,770 |
|
| 7 | % |
Current accounts |
|
| 1,036 |
|
| 1,150 |
|
| 1,235 |
|
| 1,668 |
|
| 1,876 |
|
| 13 | % |
Savings accounts |
|
| 1,101 |
|
| 1,040 |
|
| 1,189 |
|
| 1,624 |
|
| 2,097 |
|
| 29 | % |
Time deposits |
|
| 3,222 |
|
| 3,257 |
|
| 3,632 |
|
| 4,514 |
|
| 4,381 |
|
| -3 | % |
Other |
|
| 378 |
|
| 334 |
|
| 366 |
|
| 419 |
|
| 416 |
|
| -1 | % |
TOTAL |
|
| 6,565 |
|
| 6,446 |
|
| 7,756 |
|
| 9,688 |
|
| 10,071 |
|
| 4 | % |
Other sources of funds
The Bank’s other sources of funds increased by 22%, or $632 million, QoQ and 80%, or $1.54 billion, YoY. The quarterly increase can be principally explained by the issuance of the 30-year perpetual bond of USD150 million.
|
| MACRO consolidated |
| |||||||||||||
OTHER FUNDING |
|
| ||||||||||||||
| IV 05 |
| I 06 |
| II 06 |
| III06 |
| IV06 |
| ||||||
|
|
|
|
|
| |||||||||||
Central Bank |
|
| 217 |
|
| 223 |
|
| 230 |
|
| 375 |
|
| 386 |
|
Banks and international institutions |
|
| 159 |
|
| 160 |
|
| 164 |
|
| 180 |
|
| 182 |
|
Financing received from Argentine financial institutions |
|
| 42 |
|
| 43 |
|
| 44 |
|
| 47 |
|
| 68 |
|
Subordinated corporate bonds |
|
| 12 |
|
| 12 |
|
| 13 |
|
| 57 |
|
| 508 |
|
Shareholders´ equity |
|
| 1,490 |
|
| 2,032 |
|
| 2,062 |
|
| 2,168 |
|
| 2,315 |
|
Total Funding |
|
| 1,920 |
|
| 2,470 |
|
| 2,513 |
|
| 2,827 |
|
| 3,459 |
|
4Q06 Results | Page 7 of 19 |
LIQUID ASSETS
The Bank’s liquid assets increased by 14%, or $828 million, QoQ. It is worth mentioning that the Bank received USD150 million from the bond issuance in December 2006 and part of these funds remained as liquid assets until they are transformed into loans.
Banco Macro’s liquid assets to deposits ratio of 65.2% was higher than the 40% average of Argentina’s banking sector. This high liquidity level is Banco Macro’s strategic policy.
LIQUID ASSETS |
| MACRO consolidated |
| |||||||||||||
|
| |||||||||||||||
| IV 05 |
| I 06 |
| II06 |
| III06 |
| IV06 |
| ||||||
|
|
|
|
|
| |||||||||||
Cash |
|
| 1,189 |
|
| 2,127 |
|
| 1,783 |
|
| 2,050 |
|
| 2,627 |
|
Guarantees for compensating chambers |
|
| 95 |
|
| 97 |
|
| 123 |
|
| 139 |
|
| 116 |
|
Loans to AAA companies |
|
| 133 |
|
| 142 |
|
| 604 |
|
| 598 |
|
| 427 |
|
Call |
|
| 81 |
|
| 103 |
|
| 115 |
|
| 237 |
|
| 395 |
|
Repos |
|
| 61 |
|
| 90 |
|
| 218 |
|
| 28 |
|
| 214 |
|
LEBAC / NOBAC |
|
| 2,463 |
|
| 1,688 |
|
| 1,975 |
|
| 2,686 |
|
| 2,787 |
|
TOTAL |
|
| 4,022 |
|
| 4,247 |
|
| 4,818 |
|
| 5,738 |
|
| 6,566 |
|
Liquid assets to total deposits |
|
| 61.26 | % |
| 65.88 | % |
| 62.12 | % |
| 59.23 | % |
| 65.20 | % |
SOLVENCY
In this quarter, Banco Macro has considerably increased its solvency ratio mainly due to the incorporation to its capital base of the USD150 million perpetual bond based on the new Central Bank regulations. The Bank’s excess capital rose 31% QoQ reaching $1.92 billion (258% higher than the required capital of $741 million).
The capitalization ratio increased to 31.3% compared to 3Q06’s level of 27.7%.
|
| MACRO consolidated |
| |||||||||||||
MIN.CAP.REQUIREMENT |
|
| ||||||||||||||
| IV 05 |
| I 06 |
| II 06 |
| III 06 |
| IV06 |
| ||||||
|
|
|
|
|
| |||||||||||
Credit requirements |
|
| 330 |
|
| 379 |
|
| 487 |
|
| 582 |
|
| 651 |
|
Market risk requirements |
|
| 21 |
|
| 21 |
|
| 51 |
|
| 56 |
|
| 61 |
|
Interest rate requirements |
|
| 15 |
|
| 46 |
|
| 8 |
|
| 4 |
|
| 16 |
|
Incremental requirements |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 13 |
|
Integrated capital |
|
| 1,492 |
|
| 1,946 |
|
| 2,012 |
|
| 2,104 |
|
| 2,656 |
|
Excess capital |
|
| 1,126 |
|
| 1,500 |
|
| 1,466 |
|
| 1,462 |
|
| 1,915 |
|
4Q06 Results | Page 8 of 19 |
ASSET QUALITY
Banco Macro continued improving its asset quality ratios, being one of the banks in Argentina with the highest asset quality.
Non-performing financing to total financing ratio was 1.98% in 4Q06 better than 3Q06’s level of 2.3%. The obtained asset quality standard is highly valued considering that Banco Macro’s has incorporated two regional banks (Suquia and Bisel) in the last two years.
The coverage ratio was 156% or 10% higher than the previous quarter.
|
| MACRO consolidated |
| |||||||||||||
ASSET QUALITY |
|
| ||||||||||||||
| IV 05 |
| I 06 |
| II06 |
| III06 |
| IV06 |
| ||||||
|
|
|
|
|
| |||||||||||
Commercial portfolio |
|
| 2,503 |
|
| 2,700 |
|
| 3,422 |
|
| 4,088 |
|
| 4,097 |
|
Irregular |
|
| 133 |
|
| 84 |
|
| 62 |
|
| 79 |
|
| 65 |
|
Consumer portfolio |
|
| 1,574 |
|
| 1,764 |
|
| 2,138 |
|
| 2,900 |
|
| 3,351 |
|
Irregular |
|
| 75 |
|
| 62 |
|
| 67 |
|
| 82 |
|
| 82 |
|
Total portfolio |
|
| 4,077 |
|
| 4,464 |
|
| 5,560 |
|
| 6,988 |
|
| 7,448 |
|
Irregular |
|
| 208 |
|
| 146 |
|
| 129 |
|
| 161 |
|
| 147 |
|
Irregular / total portfolio |
|
| 5.10 | % |
| 3.27 | % |
| 2.32 | % |
| 2.30 | % |
| 1.98 | % |
Total provisions |
|
| 266 |
|
| 209 |
|
| 198 |
|
| 236 |
|
| 230 |
|
Coverage ratio |
|
| 127.88 | % |
| 143.15 | % |
| 153.49 | % |
| 146.41 | % |
| 156.34 | % |
CER EXPOSURE AND FOREIGN CURRENCY POSITION
|
| MACRO consolidated | ||||||||||||||
CER EXPOSURE |
| |||||||||||||||
| IV 05 |
| I 06 |
| II 06 |
| III 06 |
| IV 06 |
| ||||||
|
|
|
|
|
| |||||||||||
CER adjustable ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government securities |
|
| 209 |
|
| 0 |
|
| 210 |
|
| 309 |
|
| 116 |
|
Guaranteed loans |
|
| 646 |
|
| 628 |
|
| 617 |
|
| 779 |
|
| 770 |
|
Loans to the private sector |
|
| 193 |
|
| 96 |
|
| 99 |
|
| 139 |
|
| 94 |
|
Other loans |
|
| 91 |
|
| 92 |
|
| 75 |
|
| 80 |
|
| 19 |
|
Loans |
|
| 930 |
|
| 817 |
|
| 791 |
|
| 998 |
|
| 883 |
|
Leasing |
|
| 0 |
|
| 0 |
|
| 1 |
|
| 5 |
|
| 5 |
|
Other loans |
|
| 0 |
|
| 9 |
|
| 10 |
|
| 10 |
|
| 13 |
|
Total CER adjustable assets |
|
| 1,139 |
|
| 826 |
|
| 1,012 |
|
| 1,322 |
|
| 1,017 |
|
CER adjustable LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
| 560 |
|
| 303 |
|
| 262 |
|
| 155 |
|
| 133 |
|
Other liabilities for financial intermediation |
|
| 261 |
|
| 262 |
|
| 269 |
|
| 415 |
|
| 424 |
|
Subordinated debt |
|
| 8 |
|
| 6 |
|
| 7 |
|
| 6 |
|
| 3 |
|
Total CER adjustable liabilities |
|
| 829 |
|
| 571 |
|
| 538 |
|
| 576 |
|
| 560 |
|
NET ASSET CER EXPOSURE |
|
| 310 |
|
| 255 |
|
| 474 |
|
| 746 |
|
| 457 |
|
4Q06 Results | Page 9 of 19 |
|
| MACRO consolidated |
| |||||||||||||
FX CURRENCY POSITION |
|
| ||||||||||||||
| IV 05 |
| I 06 |
| II06 |
| III06 |
| IV06 |
| ||||||
|
|
|
|
|
| |||||||||||
Cash |
|
| 692 |
|
| 818 |
|
| 629 |
|
| 746 |
|
| 1,029 |
|
Government Securities |
|
| 232 |
|
| 211 |
|
| 492 |
|
| 371 |
|
| 248 |
|
Loans |
|
| 542 |
|
| 583 |
|
| 658 |
|
| 810 |
|
| 776 |
|
Other receivables from financial intermediation |
|
| 355 |
|
| 337 |
|
| 545 |
|
| 298 |
|
| 274 |
|
Other Loans |
|
| 12 |
|
| 11 |
|
| 12 |
|
| 12 |
|
| 14 |
|
Other assets |
|
| 0 |
|
| 0 |
|
| 6 |
|
| 0 |
|
| 0 |
|
TOTAL ASSETS |
|
| 1,833 |
|
| 1,960 |
|
| 2,342 |
|
| 2,239 |
|
| 2,343 |
|
Deposits |
|
| 1,093 |
|
| 1,333 |
|
| 1,399 |
|
| 1,665 |
|
| 1,592 |
|
Other liabilities from financial intermediation |
|
| 393 |
|
| 441 |
|
| 677 |
|
| 443 |
|
| 426 |
|
Other liabilities |
|
| 3 |
|
| 5 |
|
| 3 |
|
| 4 |
|
| 4 |
|
Subordinated notes |
|
| 0 |
|
| 0 |
|
| 0 |
|
| 50 |
|
| 505 |
|
Provisions |
|
| 0 |
|
| 6 |
|
| 6 |
|
| 0 |
|
| 0 |
|
TOTAL LIABILITIES |
|
| 1,489 |
|
| 1,785 |
|
| 2,085 |
|
| 2,162 |
|
| 2,527 |
|
NET FX POSITION |
|
| 344 |
|
| 175 |
|
| 257 |
|
| 77 |
|
| -184 |
|
RELEVANT AND RECENT EVENTS AND RECENT EVENTS
| • | In November 2006, Banco de Tucuman’s shareholders meeting approved a capital increase through the issuance of shares. In January 2007, Banco Macro subscribed to these shares and, as a result, the Bank’s stake in Banco de Tucuman has grown to 89.92%. |
|
|
|
| • | In December 2006, Banco Macro issued USD150 million in a 30-year Tier-1 perpetual bond. Banco Macro was the first Argentine company to issue this type of bond. |
|
|
|
| • | In December 27th 2006, the Argentine Supreme Court ruled on a specific “amparo” trial of a depositor stating that the involved bank had to give back the deposit converted into pesos at $1.40 rate, adjusted by inflation plus a 4% annual interest. This statement could be used by other depositors in the system. Banco Macro has an “intangible asset” account of $54.4 million related to both: former “amparos” and the estimates for the probable consequences of the abovementioned Court decision. |
|
|
|
| • | In January 2007, Banco Macro issued a USD150 million 10-year senior bond at a rate of 8.5%. |
4Q06 Results | Page 10 of 19 |
QUARTERLY CONFERENCE CALL
A conference call to discuss this press release will be held tomorrow February 28, 2007 at 2:00p.m. Buenos Aires time (12:00 p.m., New York time), with the presence of Jorge Pablo Brito (Board member), Guillermo Goldberg (Deputy General Manager) and Jorge Scarinci, Financial and Investor Relations Manager. Dial in information:
(877) 704-5379 (Within de U.S.)
(913) 312-1293 (Outside de U.S.)
Conference ID: 2349771
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, 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.gov.ar), the Securities and Exchange Commission (www.sec.gov), the Bolsa de Comercio de Buenos Aires (www.bolsar.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.
4Q06 Results | Page 11 of 19 |
INVESTOR RELATIONS CONTACTS:
In Buenos Aires:
Jorge Scarinci, CFA
Financial and IR Manager
Tel: +5411-5222-6730
E-mail: investorelations@macro.com.ar
Visit the Bank’s website at http://www.macro.com.ar
4Q06 Results | Page 12 of 19 |
BALANCE
|
| MACRO consolidated |
| |||||||||||||
BALANCE SHEET |
|
| ||||||||||||||
| IV 05 |
| I 06 |
| II06 |
| III06 |
| IV06 |
| ||||||
|
|
|
|
|
| |||||||||||
ASSETS |
|
| 9,488 |
|
| 9,828 |
|
| 11,496 |
|
| 13,578 |
|
| 14,505 |
|
Cash |
|
| 1,189 |
|
| 2,127 |
|
| 1,783 |
|
| 2,050 |
|
| 2,627 |
|
Government Securities |
|
| 2,992 |
|
| 2,124 |
|
| 2,685 |
|
| 3,227 |
|
| 3,223 |
|
Loans |
|
| 3,427 |
|
| 3,680 |
|
| 4,696 |
|
| 6,005 |
|
| 6,527 |
|
To the non-Financial Government Sector |
|
| 645 |
|
| 631 |
|
| 617 |
|
| 784 |
|
| 774 |
|
To the Financial Sector |
|
| 81 |
|
| 103 |
|
| 115 |
|
| 237 |
|
| 437 |
|
To the non-financial private sector |
|
| 2,701 |
|
| 2,946 |
|
| 3,964 |
|
| 5,200 |
|
| 5,525 |
|
-Overdrafts |
|
| 433 |
|
| 455 |
|
| 948 |
|
| 1,150 |
|
| 1,103 |
|
-Discounted documents |
|
| 434 |
|
| 348 |
|
| 382 |
|
| 510 |
|
| 544 |
|
-Mortgages |
|
| 298 |
|
| 295 |
|
| 347 |
|
| 417 |
|
| 426 |
|
-Pledges |
|
| 230 |
|
| 245 |
|
| 256 |
|
| 299 |
|
| 301 |
|
-Consumer |
|
| 477 |
|
| 587 |
|
| 834 |
|
| 1,104 |
|
| 1,431 |
|
-Credit cards |
|
| 241 |
|
| 274 |
|
| 306 |
|
| 453 |
|
| 498 |
|
- Other |
|
| 779 |
|
| 869 |
|
| 996 |
|
| 1,172 |
|
| 1,132 |
|
- Less: int. doc., cotiz dif. |
|
| 57 |
|
| 63 |
|
| 73 |
|
| 95 |
|
| 90 |
|
Provisions |
|
| -248 |
|
| -190 |
|
| -178 |
|
| -216 |
|
| -209 |
|
Other receivables from financial intermediation |
|
| 1,080 |
|
| 1,066 |
|
| 1,428 |
|
| 1,153 |
|
| 915 |
|
Investments in other companies |
|
| 14 |
|
| 14 |
|
| 14 |
|
| 15 |
|
| 10 |
|
Other receivables |
|
| 172 |
|
| 175 |
|
| 157 |
|
| 186 |
|
| 193 |
|
Other assets |
|
| 614 |
|
| 642 |
|
| 733 |
|
| 942 |
|
| 1,010 |
|
LIABILITIES |
|
| 7,998 |
|
| 7,796 |
|
| 9,434 |
|
| 11,410 |
|
| 12,190 |
|
Deposits |
|
| 6,565 |
|
| 6,446 |
|
| 7,756 |
|
| 9,688 |
|
| 10,071 |
|
From the non-financial government sector |
|
| 823 |
|
| 659 |
|
| 1,328 |
|
| 1,452 |
|
| 1,296 |
|
From the financial sector |
|
| 5 |
|
| 6 |
|
| 6 |
|
| 11 |
|
| 5 |
|
From the non-financial private sector |
|
| 5,737 |
|
| 5,781 |
|
| 6,422 |
|
| 8,225 |
|
| 8,770 |
|
-Checking accounts |
|
| 1,036 |
|
| 1,150 |
|
| 1,235 |
|
| 1,668 |
|
| 1,876 |
|
-Savings accounts |
|
| 1,101 |
|
| 1,040 |
|
| 1,189 |
|
| 1,624 |
|
| 2,097 |
|
-Time deposits |
|
| 3,222 |
|
| 3,257 |
|
| 3,632 |
|
| 4,514 |
|
| 4,381 |
|
- Other |
|
| 378 |
|
| 334 |
|
| 366 |
|
| 419 |
|
| 416 |
|
Other liabilities from financial intermediation |
|
| 1,143 |
|
| 1,064 |
|
| 1,418 |
|
| 1,352 |
|
| 1,237 |
|
Subordinated corporate bonds |
|
| 12 |
|
| 12 |
|
| 13 |
|
| 57 |
|
| 508 |
|
Other liabilities |
|
| 278 |
|
| 274 |
|
| 247 |
|
| 313 |
|
| 374 |
|
STOCKHOLDERS´ EQUITY |
|
| 1,490 |
|
| 2,032 |
|
| 2,062 |
|
| 2,168 |
|
| 2,315 |
|
LIABILITIES + STOCKHOLDERS´ EQUITY |
|
| 9,488 |
|
| 9,828 |
|
| 11,496 |
|
| 13,578 |
|
| 14,505 |
|
4Q06 Results | Page 13 of 19 |
|
| SUQUIA |
| |||||||||||||
BALANCE SHEET |
|
| ||||||||||||||
| IV 05 |
| I 06 |
| II06 |
| III06 |
| IV06 |
| ||||||
|
|
|
|
|
| |||||||||||
ASSETS |
|
| 2,855 |
|
| 3,034 |
|
| 3,277 |
|
| 3,386 |
|
| 3,702 |
|
Cash |
|
| 406 |
|
| 625 |
|
| 468 |
|
| 514 |
|
| 518 |
|
Government Securities |
|
| 1,105 |
|
| 955 |
|
| 974 |
|
| 831 |
|
| 726 |
|
Loans |
|
| 1,154 |
|
| 1,210 |
|
| 1,526 |
|
| 1,580 |
|
| 1,789 |
|
To the non-Financial Government Sector |
|
| 243 |
|
| 249 |
|
| 227 |
|
| 229 |
|
| 233 |
|
To the Financial Sector |
|
| 0 |
|
| 26 |
|
| 48 |
|
| 25 |
|
| 196 |
|
To the non-financial private sector |
|
| 911 |
|
| 935 |
|
| 1,251 |
|
| 1,368 |
|
| 1,403 |
|
-Overdrafts |
|
| 153 |
|
| 121 |
|
| 263 |
|
| 213 |
|
| 191 |
|
-Discounted documents |
|
| 122 |
|
| 128 |
|
| 141 |
|
| 152 |
|
| 172 |
|
-Mortgages |
|
| 158 |
|
| 165 |
|
| 169 |
|
| 176 |
|
| 190 |
|
-Pledges |
|
| 163 |
|
| 172 |
|
| 180 |
|
| 175 |
|
| 173 |
|
-Consumer |
|
| 91 |
|
| 107 |
|
| 129 |
|
| 159 |
|
| 205 |
|
-Credit cards |
|
| 79 |
|
| 91 |
|
| 98 |
|
| 110 |
|
| 119 |
|
-Other |
|
| 149 |
|
| 156 |
|
| 276 |
|
| 347 |
|
| 320 |
|
- Less: int. doc., cotiz dif. |
|
| 36 |
|
| 37 |
|
| 38 |
|
| 37 |
|
| 33 |
|
Provisions |
|
| -40 |
|
| -42 |
|
| -43 |
|
| -43 |
|
| -43 |
|
Other receivables from financial intermediation |
|
| 40 |
|
| 77 |
|
| 117 |
|
| 51 |
|
| 232 |
|
Investments in other companies |
|
| 0 |
|
| 0 |
|
| 0 |
|
| 185 |
|
| 195 |
|
Other receivables |
|
| 37 |
|
| 31 |
|
| 41 |
|
| 42 |
|
| 40 |
|
Other assets |
|
| 113 |
|
| 136 |
|
| 151 |
|
| 182 |
|
| 202 |
|
LIABILITIES |
|
| 2,383 |
|
| 2,515 |
|
| 2,703 |
|
| 2,753 |
|
| 2,971 |
|
Deposits |
|
| 2,070 |
|
| 2,156 |
|
| 2,296 |
|
| 2,437 |
|
| 2,482 |
|
From the non-financial government sector |
|
| 1 |
|
| 2 |
|
| 3 |
|
| 2 |
|
| 3 |
|
From the financial sector |
|
| 3 |
|
| 3 |
|
| 3 |
|
| 3 |
|
| 1 |
|
From the non-financial private sector |
|
| 2,066 |
|
| 2,151 |
|
| 2,290 |
|
| 2,432 |
|
| 2,478 |
|
-Checking accounts |
|
| 522 |
|
| 549 |
|
| 586 |
|
| 606 |
|
| 634 |
|
-Savings accounts |
|
| 410 |
|
| 417 |
|
| 449 |
|
| 444 |
|
| 464 |
|
-Time deposits |
|
| 948 |
|
| 1,020 |
|
| 1,099 |
|
| 1,224 |
|
| 1,228 |
|
-Other |
|
| 186 |
|
| 165 |
|
| 156 |
|
| 159 |
|
| 152 |
|
Other liabilities from financial intermediation |
|
| 256 |
|
| 297 |
|
| 349 |
|
| 257 |
|
| 426 |
|
Subordinated corporate bonds |
|
| 0 |
|
| 0 |
|
| 0 |
|
| 0 |
|
| 0 |
|
Other liabilities |
|
| 57 |
|
| 62 |
|
| 58 |
|
| 59 |
|
| 63 |
|
STOCKHOLDERS´ EQUITY |
|
| 472 |
|
| 519 |
|
| 574 |
|
| 633 |
|
| 731 |
|
LIABILITIES + STOCKHOLDERS´ EQUITY |
|
| 2,855 |
|
| 3,034 |
|
| 3,277 |
|
| 3,386 |
|
| 3,702 |
|
4Q06 Results | Page 14 of 19 |
|
| NBB |
| ||||
BALANCE SHEET |
|
| |||||
| III06 |
| IV06 |
| |||
|
|
| |||||
ASSETS |
|
| 2,633 |
|
| 2,868 |
|
Cash |
|
| 308 |
|
| 349 |
|
Government Securities |
|
| 895 |
|
| 804 |
|
Loans |
|
| 1,145 |
|
| 1,177 |
|
To the non-Financial Government Sector |
|
| 175 |
|
| 179 |
|
To the Financial Sector |
|
| 70 |
|
| 80 |
|
To the non-financial private sector |
|
| 929 |
|
| 946 |
|
- Overdrafts |
|
| 418 |
|
| 336 |
|
-Discounted documents |
|
| 111 |
|
| 131 |
|
-Mortgages |
|
| 66 |
|
| 66 |
|
-Pledges |
|
| 50 |
|
| 60 |
|
-Consumer |
|
| 67 |
|
| 103 |
|
-Credit cards |
|
| 124 |
|
| 143 |
|
-Other |
|
| 73 |
|
| 83 |
|
- Less: int. doc., cotiz dif. |
|
| 21 |
|
| 24 |
|
Provisions |
|
| -29 |
|
| -28 |
|
Other receivables from financial intermediation |
|
| 144 |
|
| 383 |
|
Investments in other companies |
|
| 1 |
|
| 1 |
|
Other receivables |
|
| 16 |
|
| 22 |
|
Other assets |
|
| 124 |
|
| 132 |
|
LIABILITIES |
|
| 1,761 |
|
| 1,953 |
|
Deposits |
|
| 1,431 |
|
| 1,409 |
|
From the non-financial government sector |
|
| 14 |
|
| 13 |
|
From the financial sector |
|
| 4 |
|
| 1 |
|
From the non-financial private sector |
|
| 1,413 |
|
| 1,395 |
|
-Checking accounts |
|
| 354 |
|
| 338 |
|
-Savings accounts |
|
| 359 |
|
| 376 |
|
-Time deposits |
|
| 631 |
|
| 601 |
|
-Other |
|
| 69 |
|
| 80 |
|
Other liabilities from financial intermediation |
|
| 299 |
|
| 507 |
|
Subordinated corporate bonds |
|
| 0 |
|
| 0 |
|
Other liabilities |
|
| 31 |
|
| 37 |
|
STOCKHOLDERS´ EQUITY |
|
| 872 |
|
| 915 |
|
LIABILITIES + STOCKHOLDERS´ EQUITY |
|
| 2,633 |
|
| 2,868 |
|
4Q06 Results | Page 15 of 19 |
RESULTS
|
| MACRO consolidated |
| |||||||||||||
INCOME STATEMENT |
|
| ||||||||||||||
In MILLION $ |
| IV05 |
| I06 |
| II06 |
| III06 |
| IV06 |
| |||||
|
|
|
|
|
| |||||||||||
Financial income |
|
| 218 |
|
| 211 |
|
| 261 |
|
| 318 |
|
| 365 |
|
Interest on cash and due from banks |
|
| 2 |
|
| 2 |
|
| 2 |
|
| 4 |
|
| 3 |
|
Interest on loans to the financial sector |
|
| 2 |
|
| 3 |
|
| 4 |
|
| 4 |
|
| 6 |
|
Interest on overdrafts |
|
| 15 |
|
| 16 |
|
| 24 |
|
| 37 |
|
| 43 |
|
Interest on documents |
|
| 10 |
|
| 10 |
|
| 10 |
|
| 15 |
|
| 22 |
|
Interest on mortgages |
|
| 10 |
|
| 9 |
|
| 11 |
|
| 13 |
|
| 15 |
|
Interest on pledges |
|
| 8 |
|
| 9 |
|
| 10 |
|
| 12 |
|
| 13 |
|
Interest on credit cards |
|
| 5 |
|
| 5 |
|
| 7 |
|
| 8 |
|
| 10 |
|
Interest on other loans |
|
| 36 |
|
| 45 |
|
| 57 |
|
| 70 |
|
| 88 |
|
Income from government & private securities |
|
| 64 |
|
| 50 |
|
| 77 |
|
| 99 |
|
| 98 |
|
Results of guaranteed loans |
|
| 7 |
|
| 6 |
|
| 7 |
|
| 8 |
|
| 9 |
|
Interest on other receivables from fin. intermediation |
|
| 4 |
|
| 4 |
|
| 3 |
|
| 4 |
|
| 4 |
|
CER adjustment |
|
| 30 |
|
| 29 |
|
| 19 |
|
| 15 |
|
| 22 |
|
CVS adjustment |
|
| 1 |
|
| 0 |
|
| 0 |
|
| 0 |
|
| 1 |
|
Other |
|
| 26 |
|
| 22 |
|
| 30 |
|
| 29 |
|
| 31 |
|
Financial expense |
|
| -76 |
|
| -76 |
|
| -86 |
|
| -107 |
|
| -126 |
|
Interest on checking accounts |
|
| -1 |
|
| -1 |
|
| -2 |
|
| -3 |
|
| -5 |
|
Interest on saving accounts |
|
| -1 |
|
| -2 |
|
| -1 |
|
| -2 |
|
| -2 |
|
Interest on time deposits |
|
| -33 |
|
| -36 |
|
| -49 |
|
| -70 |
|
| -78 |
|
Interest on loans from the financial sector |
|
| -0 |
|
| -0 |
|
| -0 |
|
| -0 |
|
| -0 |
|
Other Interest |
|
| -4 |
|
| -3 |
|
| -3 |
|
| -5 |
|
| -4 |
|
Interest on other receivables from fin. intermediation |
|
| -3 |
|
| -4 |
|
| -3 |
|
| -4 |
|
| -4 |
|
CER adjustments |
|
| -24 |
|
| -19 |
|
| -14 |
|
| -9 |
|
| -13 |
|
Other Interest |
|
| -9 |
|
| -12 |
|
| -13 |
|
| -14 |
|
| -20 |
|
Net financial income |
|
| 142 |
|
| 135 |
|
| 175 |
|
| 211 |
|
| 239 |
|
Provision for loan losses |
|
| -13 |
|
| -9 |
|
| -14 |
|
| -19 |
|
| -17 |
|
Fee income |
|
| 85 |
|
| 89 |
|
| 98 |
|
| 123 |
|
| 142 |
|
Fee expense |
|
| -17 |
|
| -18 |
|
| -21 |
|
| -26 |
|
| -28 |
|
Net fee income |
|
| 68 |
|
| 71 |
|
| 77 |
|
| 97 |
|
| 114 |
|
Administrative expenses |
|
| -128 |
|
| -128 |
|
| -145 |
|
| -169 |
|
| -210 |
|
Minority interest |
|
| 0 |
|
| 0 |
|
| 0 |
|
| -2 |
|
| -1 |
|
Net other income |
|
| 29 |
|
| 13 |
|
| 16 |
|
| 15 |
|
| 53 |
|
Earnings before income tax |
|
| 98 |
|
| 82 |
|
| 109 |
|
| 134 |
|
| 178 |
|
Income tax |
|
| -23 |
|
| -9 |
|
| -10 |
|
| -27 |
|
| -31 |
|
Net income |
|
| 75 |
|
| 73 |
|
| 99 |
|
| 106 |
|
| 147 |
|
4Q06 Results | Page 16 of 19 |
|
| SUQUIA |
| |||||||||||||
INCOME STATEMENT |
|
| ||||||||||||||
In MILLION $ |
| IV05 |
| I06 |
| II06 |
| III06 |
| IV06 |
| |||||
|
|
|
|
|
| |||||||||||
Financial income |
|
| 77 |
|
| 89 |
|
| 86 |
|
| 92 |
|
| 91 |
|
Interest on cash and due from banks |
|
| 1 |
|
| 1 |
|
| 1 |
|
| 0 |
|
| 1 |
|
Interest on loans to the financial sector |
|
| 1 |
|
| 2 |
|
| 1 |
|
| 0 |
|
| 2 |
|
Interest on overdrafts |
|
| 8 |
|
| 7 |
|
| 9 |
|
| 11 |
|
| 10 |
|
Interest on documents |
|
| 6 |
|
| 5 |
|
| 5 |
|
| 5 |
|
| 5 |
|
Interest on mortgages |
|
| 6 |
|
| 5 |
|
| 5 |
|
| 6 |
|
| 7 |
|
Interest on pledges |
|
| 5 |
|
| 6 |
|
| 7 |
|
| 7 |
|
| 7 |
|
Interest on credit cards |
|
| 1 |
|
| 1 |
|
| 2 |
|
| 2 |
|
| 3 |
|
Interest on other loans |
|
| 7 |
|
| 9 |
|
| 10 |
|
| 12 |
|
| 15 |
|
Income from government & private securities |
|
| 15 |
|
| 33 |
|
| 27 |
|
| 30 |
|
| 20 |
|
Net income from options |
|
| 0 |
|
| 0 |
|
| 0 |
|
| 0 |
|
| 0 |
|
Results of guaranteed loans |
|
| 2 |
|
| 2 |
|
| 2 |
|
| 2 |
|
| 3 |
|
Interest on other receivables from fin. intermediation |
|
| 0 |
|
| 0 |
|
| 0 |
|
| 3 |
|
| 1 |
|
CER adjustment |
|
| 16 |
|
| 12 |
|
| 7 |
|
| 4 |
|
| 6 |
|
CVS adjustment |
|
| 1 |
|
| 0 |
|
| 0 |
|
| 0 |
|
| 0 |
|
Other |
|
| 7 |
|
| 6 |
|
| 10 |
|
| 10 |
|
| 11 |
|
Financial expense |
|
| -22 |
|
| -25 |
|
| -25 |
|
| -27 |
|
| -33 |
|
Interest on checking accounts |
|
| -0 |
|
| -0 |
|
| -0 |
|
| -0 |
|
| -0 |
|
Interest on saving accounts |
|
| -1 |
|
| -0 |
|
| -0 |
|
| -1 |
|
| -1 |
|
Interest on time deposits |
|
| -10 |
|
| -12 |
|
| -14 |
|
| -18 |
|
| -20 |
|
Interest on loans from the financial sector |
|
| -0 |
|
| -0 |
|
| -0 |
|
| -0 |
|
| -0 |
|
Other Interest |
|
| -1 |
|
| -1 |
|
| -1 |
|
| -1 |
|
| -1 |
|
CER adjustments |
|
| -8 |
|
| -9 |
|
| -7 |
|
| -4 |
|
| -6 |
|
Other Interest |
|
| -2 |
|
| -3 |
|
| -2 |
|
| -3 |
|
| -5 |
|
Net financial income |
|
| 55 |
|
| 64 |
|
| 61 |
|
| 65 |
|
| 58 |
|
Provision for loan losses |
|
| 9 |
|
| -4 |
|
| -2 |
|
| -1 |
|
| -7 |
|
Fee income |
|
| 32 |
|
| 32 |
|
| 33 |
|
| 35 |
|
| 36 |
|
Fee expense |
|
| -9 |
|
| -9 |
|
| -9 |
|
| -10 |
|
| -10 |
|
Net fee income |
|
| 23 |
|
| 23 |
|
| 24 |
|
| 25 |
|
| 26 |
|
Administrative expenses |
|
| -38 |
|
| -41 |
|
| -40 |
|
| -39 |
|
| -41 |
|
Net other income |
|
| 25 |
|
| 7 |
|
| 8 |
|
| 9 |
|
| 61 |
|
Earnings before income tax |
|
| 74 |
|
| 49 |
|
| 51 |
|
| 59 |
|
| 97 |
|
Income tax |
|
| 0 |
|
| 0 |
|
| 0 |
|
| 0 |
|
| 0 |
|
Net income |
|
| 74 |
|
| 49 |
|
| 51 |
|
| 59 |
|
| 97 |
|
4Q06 Results | Page 17 of 19 |
|
| BISEL |
| ||||
INCOME STATEMENT |
|
| |||||
In MILLION $ |
| III06 |
| IV06 |
| ||
|
|
| |||||
Financial income |
|
| 42 |
|
| 74 |
|
Interest on cash and due from banks |
|
| 0 |
|
| 0 |
|
Interest on loans to the financial sector |
|
| 1 |
|
| 1 |
|
Interest on overdrafts |
|
| 7 |
|
| 16 |
|
Interest on documents |
|
| 4 |
|
| 9 |
|
Interest on mortgages |
|
| 1 |
|
| 2 |
|
Interest on pledges |
|
| 1 |
|
| 2 |
|
Interest on credit cards |
|
| 1 |
|
| 2 |
|
Interest on other loans |
|
| 0 |
|
| 0 |
|
Income from government & private securities |
|
| 20 |
|
| 31 |
|
Net income from options |
|
| 0 |
|
| 0 |
|
Results of guaranteed loans |
|
| 1 |
|
| 2 |
|
Interest on other receivables from fin. intermediation |
|
| 0 |
|
| 1 |
|
CER adjustment |
|
| 3 |
|
| 5 |
|
CVS adjustment |
|
| 0 |
|
| 0 |
|
Other |
|
| 3 |
|
| 3 |
|
Financial expense |
|
| -10 |
|
| -21 |
|
Interest on checking accounts |
|
| -0 |
|
| -0 |
|
Interest on saving accounts |
|
| -0 |
|
| -1 |
|
Interest on time deposits |
|
| -5 |
|
| -10 |
|
Interest on loans from the financial sector |
|
| 0 |
|
| -0 |
|
Other Interest |
|
| -1 |
|
| -1 |
|
Income from government & private securities |
|
| 0 |
|
| 0 |
|
Net income from options |
|
| 0 |
|
| 0 |
|
Interest on other receivables from fin. intermediation |
|
| -0 |
|
| -0 |
|
CER adjustments |
|
| -3 |
|
| -6 |
|
Other Interest |
|
| -1 |
|
| -3 |
|
Net financial income |
|
| 32 |
|
| 53 |
|
Provision for loan losses |
|
| -4 |
|
| -6 |
|
Fee income |
|
| 12 |
|
| 26 |
|
Fee expense |
|
| -2 |
|
| -3 |
|
Net fee income |
|
| 10 |
|
| 23 |
|
Administrative expenses |
|
| -22 |
|
| -42 |
|
Minority interest |
|
| 0 |
|
| 0 |
|
Net other income |
|
| 6 |
|
| 15 |
|
Earnings before income tax |
|
| 22 |
|
| 43 |
|
Income tax |
|
| 0 |
|
| 0 |
|
Net income |
|
| 22 |
|
| 43 |
|
4Q06 Results | Page 18 of 19 |
RELEVANT RATIOS
|
| MACRO consolidated |
| |||||||||||||
|
|
| ||||||||||||||
RATIOS |
| IV 05 |
| I 06 |
| II 06 |
| III 06 |
| IV 06 |
| |||||
|
|
|
|
|
| |||||||||||
Profitability & performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (*) |
|
| 6.2 | % |
| 6.3 | % |
| 7.4 | % |
| 7.0 | % |
| 7.1 | % |
Fee income ratio |
|
| 32.5 | % |
| 34.4 | % |
| 30.5 | % |
| 31.5 | % |
| 32.4 | % |
Efficiency ratio |
|
| 60.7 | % |
| 62.5 | % |
| 57.9 | % |
| 54.7 | % |
| 59.5 | % |
Fee income as a percentage of adm expenses |
|
| 53.5 | % |
| 55.0 | % |
| 53.0 | % |
| 57.6 | % |
| 54.5 | % |
Return on average assets (*) |
|
| 2.8 | % |
| 3.1 | % |
| 3.2 | % |
| 2.8 | % |
| 3.6 | % |
Return on average equity (*) |
|
| 19.7 | % |
| 19.4 | % |
| 19.5 | % |
| 21.0 | % |
| 22.2 | % |
Liquidity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans as a percentage of total deposits |
|
| 56.0 | % |
| 60.0 | % |
| 62.8 | % |
| 64.2 | % |
| 66.9 | % |
Liquid assets as a percentage of total deposits |
|
| 61.3 | % |
| 65.9 | % |
| 62.1 | % |
| 59.2 | % |
| 65.2 | % |
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity as a percentage of total assets |
|
| 15.7 | % |
| 20.7 | % |
| 17.9 | % |
| 16.0 | % |
| 16.0 | % |
Regulatory capital as a percentage of risk weighted assets |
|
| 31.0 | % |
| 38.8 | % |
| 31.6 | % |
| 27.7 | % |
| 31.3 | % |
Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses over total loans |
|
| 6.7 | % |
| 4.9 | % |
| 3.7 | % |
| 3.5 | % |
| 3.1 | % |
Non performing loans as a percentage of total loans |
|
| 5.3 | % |
| 3.5 | % |
| 2.4 | % |
| 2.4 | % |
| 2.0 | % |
Allowances as a percentage of non performing loans |
|
| 126.2 | % |
| 141.0 | % |
| 154.2 | % |
| 186.1 | % |
| 154.3 | % |
Amparos as a percentage of equity |
|
| 2.9 | % |
| 2.0 | % |
| 2.5 | % |
| 2.3 | % |
| 3.2 | % |
(*) Calculated annualizing acumulated earnings. |
4Q06 Results | Page 19 of 19 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
Date: February 27, 2007
| MACRO BANK INC. | |
|
| |
|
| |
| By: | /s/ Luis Cerolini |
|
| |
| Name: | Luis Cerolini |
| Title: | Attorney-in-fact |