Argentina · Delayed Price · Currency is ARS Banco Macro Earnings Call Transcripts
Fiscal Year 2025
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Q4 2025 saw a recovery in net income, with adjusted results boosted by cost-cutting and restructuring. 2026 guidance points to moderate loan and deposit growth, stable asset quality, and continued efficiency improvements, with mid-teen ROEs targeted by 2028.
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Q3 2025 saw a net loss driven by higher provisions, expenses, and lower securities income, with NPLs peaking and efficiency deteriorating. Guidance anticipates loan and deposit growth in 2026, ROE recovery, and stable capital ratios, with M&A and refinancing options under review.
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Q2 2025 saw net income surge 209% quarter-on-quarter, driven by higher interest and fee income, with efficiency and capital ratios improving. Asset quality is expected to deteriorate modestly, and net interest margins may compress in Q3 due to higher funding costs.
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Net income dropped 59% quarter-on-quarter due to lower fair value gains and higher inflation impact, but loan and deposit growth exceeded expectations. Guidance for 2025 was updated: loan growth at 60%, deposit growth at 45%, and ROE revised to 8%-10%.
Fiscal Year 2024
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Q4 2024 saw net income rise 4% sequentially, but full-year net income fell 74% year-over-year. 2025 guidance targets 12%-15% ROE, 60% real loan growth, and a cost of risk up to 2.5%, with capital ratios expected to decline as lending accelerates.
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Q3 2024 saw a strong net income rebound, driven by higher net interest income and easing inflation, despite a one-time ARS 50 billion loss from put options. Loan growth and NII are expected to remain robust in 2024–2025, with asset quality and capital ratios staying strong.
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Q2 2024 saw a sharp net loss due to mark-to-market losses on government securities, despite strong loan and deposit growth. Asset quality and capital remain robust, with stable NIMs and positive loan growth outlook for 2025.