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Banco Macro S.A.

Banco Macro S.A.

NYSE•BMA
CEO: Mr. Jorge Francisco Scarinci C.F.A.
Sector: Financial Services
Industry: Banks - Regional
Listing Date: 2006-03-27
Banco Macro S.A. provides various banking products and services to retail and corporate customers in Argentina. It offers various retail banking products and services, such as savings and checking accounts, time deposits, credit and debit cards, consumer finance loans, mortgage loans, automobile loans, overdrafts, credit-related services, home and car insurance coverage, tax collection, utility payments, automated teller machines, and money transfers. The company also provides personal loans, document discounts, residential mortgages, overdrafts, pledged loans, and credit card loans to retail customers. In addition, it offers corporate banking products and services, including deposits, lending, check cashing advances and factoring, guaranteed loans, credit lines for financing foreign trade, and cash management services; and trust, payroll, and financial agency services, as well as corporate credit cards and other specialty products; and working capital facilities, credit for investment projects, and leasing and foreign trade transactions. Further, the company provides transaction services, such as cash management, collection services, payments to suppliers, payroll services, foreign exchange transactions, and foreign trade services; information services comprising Datanet and Interpymes services to corporate customers; and Internet and mobile banking services. Additionally, it offers short-term and medium-to-long-term corporate lending products. Banco Macro S.A. was incorporated in 1966 and is headquartered in Buenos Aires, Argentina.
Contact Information
Avenida Eduardo Madero 1172, Buenos Aires, Argentina
54-11-5222-6500
www.macro.com.ar
Market Cap
$5.81B
P/E (TTM)
18.3
13.9
Dividend Yield
2.0%
52W High
$118.42
52W Low
$38.30
52W Range
66%
3.6
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3.6 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q1 2025 Data

Revenue

$1.09B-46.54%
4-Quarter Trend

EPS

$0.66-83.72%
4-Quarter Trend

FCF

-$903.02M-10886902.63%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Net Income Plummets 74% Net income from continuing operations fell sharply to Ps. 326.5B in 2024, a 74% decrease year-over-year, primarily due to significant monetary loss impacts.
Net Interest Margin Improved NIM rose to 23.68% in 2024, up from 20.55% in 2023, driven by higher interest rates on assets despite lower average volumes.
Deposits Grew Substantially Total deposits increased to Ps. 8.42T in 2024 (constant currency), reflecting strong growth in private sector deposits despite high inflation.
Capital Ratios Remain Strong Regulatory Capital Ratio stood at 32.37% in 2024, maintaining strong capital adequacy above minimum requirements amid economic volatility.

Risk Factors

Argentine Economic Volatility Persists Business highly dependent on Argentine economic, political, and geopolitical developments, including persistent high inflation and currency devaluation risks.
Coverage Ratio Declined Significantly Allowance coverage ratio dropped to 185.15% in 2024 from 268.33% in 2023, indicating lower provisioning relative to non-performing loans.
Monetary Policy Impacts Margins Central Bank rate cuts and deregulation create uncertainty regarding future interest rate spreads and potential NIM compression in lending.
Credit Quality Monitoring Intensified Management closely monitors credit quality, expecting potential deterioration if inflation remains high, despite low NPL ratios currently.

Outlook

Stabilization Expected in 2025 Expect economic variables to normalize in 2025 with lower inflation forecasts, driven by fiscal surplus and expanded credit potential.
Focus on Digitalization and Retail Strategy emphasizes enhancing digital channels, growing the retail loan portfolio, and deepening customer relationships outside Buenos Aires.
Regulatory Adaptation Ongoing Commitment to adapting internal controls and risk management frameworks to evolving Central Bank regulations and IFRS updates.
Credit Growth Linked to Stability Future loan growth is contingent on sustained financial stability, lower interest rates, and improved purchasing power for the private sector.

Peer Comparison

Revenue (TTM)

Banco Macro S.A.BMA
$4.78B
-14.6%
Webster Financial CorporationWBS
$4.34B
+5.1%
BankUnited, Inc.BKU
$2.16B
+6.5%

Gross Margin (Latest Quarter)

WSFS Financial CorporationWSFS
73.3%
+4.7 pp
Webster Financial CorporationWBS
61.0%
+5.1 pp
WesBanco, Inc.WSBC
48.1%
-11.7 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
WBS$9.51B10.110.0%1.5%
BMA$5.81B18.311.5%0.0%
ASB$4.13B23.33.7%9.5%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
+3.4%
Moderate Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
50%
Cash Flow Needs Attention

Research & Insights

Reports
All Years
  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Apr 21, 2025|
    Revenue: $7.06B-33.3%
    |
    EPS: $5.56-44.6%
    Beat
  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 29, 2024|
    Revenue: $32.80B+80.5%
    |
    EPS: $31.08+1264.6%
    Beat
  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: Apr 28, 2023|
    Revenue: $41.05B+215.6%
    |
    EPS: $5.14+58.7%
    Beat
  • Form 20-F - FY 2021

    Period End: Dec 31, 2021|Filed: Apr 28, 2022|
    Revenue: $17.89B+189.4%
    |
    EPS: $4.46-10.4%
    Beat
  • Form 20-F - FY 2020

    Period End: Dec 31, 2020|Filed: Apr 29, 2021|
    Revenue: $8.33B+322.0%
    |
    EPS: $6.71-25.8%
    Beat