Banco Macro Announces Results for the Fourth Quarter of 2023

Feb 28 2024 22:17 GMT

BUENOS AIRES, Argentina , Feb. 28, 2024 /PRNewswire/ -- Banco Macro S.A. (NYSE: BMA; BYMA: BMA) ("Banco Macro" or "BMA" or the "Bank") announced today its results for the fourth quarter ended December 31, 2023 ("4Q23"). 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. For ease of comparison, figures of previous quarters of 2022 and 2023 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through December 31, 2023.

THE BANK'S NET INCOME totaled Ps.460 billion in 4Q23. This result was 3894% higher than the Ps.11.5 billion posted in 3Q23 and 789% higher than the Ps.51.7 billion posted in 4Q22. In FY203 net income totaled Ps.588 billion, 338% higher than in FY2022. In 4Q23, the accumulated annualized return on average equity ("ROAE") and the accumulated annualized return on average assets ("ROAA") were 33.2% and 8.7%, respectively.
In 4Q23, OPERATING INCOME (before G&A and personnel expenses) totaled Ps.1.3 trillion, 142% or Ps.778 billion higher than in 3Q23 and 224% or Ps.915.5 billion higher than the same period of last year.
In 4Q23, OPERATING INCOME (after G&A and personnel expenses) totaled Ps.1 trillion, 189% or Ps.679 billion higher than in 3Q23 and 327% or Ps.796 billion higher than the same period of last year.
In 4Q23, BANCO MACRO'S TOTAL FINANCING increased 4% or Ps.66 billion quarter over quarter ("QoQ") totaling Ps.1.8 trillion and decreased 2% or Ps.30.4 billion year over year ("YoY"). In FY203 both peso an USD financing decreased 6% and 78% respectively.
In 4Q23, BANCO MACRO'S TOTAL DEPOSITS increased 9% or Ps.290.4 billion QoQ and decreased 16% or Ps.663.7 billion YoY, totaling Ps.3.37 trillion and representing 72% of the Bank's total liabilities. Private sector deposits increased 13% or Ps.360.8 billion QoQ. In FY2023, both Peso and USD deposits decreased, 33% and 58% respectively.
Banco Macro continued showing a strong solvency ratio, with an EXCESS CAPITAL of Ps.1.35 trillion, 35.4% Capital Adequacy Ratio – Basel III and 32.8 % Tier 1 Ratio. In addition, the Bank's LIQUID ASSETS remained at an adequate level, reaching 118% of its total deposits in 4Q23.
In 4Q23, the Bank's NON-PERFORMING TO TOTAL FINANCING RATIO was 1.29% and the COVERAGE RATIO reached 200.91%.
As of 4Q23, through its 519 branches and 9.192 employeesBanco Macro serves 4.96 million retail customers (2.1 million digital customers) across 23 of the 24 Provinces in Argentina and over 139,356 corporate customers.