Banco Macro Announces Results For the Third Quarter of 2008

BUENOS AIRES, Argentina, Nov. 3  /PRNewswire-FirstCall/ -- Banco Macro S.A. (NYSE: BMA; Buenos Aires: BMA) ("Banco Macro" or "BMA" or the "Bank") announced today its results for the third quarter period ended September 30, 2008 ("3Q08"). All figures are in Argentine pesos (Ps.) and have been prepared in accordance with Argentine GAAP.

SUMMARY

-- The Bank's net income totalled Ps.163.2 million. This result was 85%, or Ps.75.2 million higher than 3Q07's Ps.88.0 million, and 1%, or Ps.2.2 million above 2Q08. The annualized 3Q08 ROAE and ROAA were 24.2% and 2.9%, respectively.

-- The Bank's net financial income was Ps.367.4 million, increasing 58% year to year ("YoY"). Banco Macro's operating income of Ps.233.8 million jumped 148% YoY compared to the Ps.94.3 million posted in 3Q07.

-- Banco Macro's financing to the private sector grew 26% YoY, or Ps.2,427 million. Personal loans, which represent a strategic product for the Bank, once again led annual private loan portfolio growth while documents were the leading products for 3Q08.

-- Total deposits grew 13%, or Ps.1,878.3 million quarter on quarter ("QoQ"), totalling Ps.16.8 billion and representing 80% of the Bank's liabilities. Quarterly deposit growth was led by private sector deposits (11% or Ps. 1.4 billion) followed by public sector deposits (21% or Ps. 0.5 billion).

-- Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.1.6 billion (22.1% capitalization ratio). In addition, the Bank's liquid assets remained at a high level, reaching 53.7% of total deposits.

-- The Bank's non-performing lending to total lending ratio remained at 2.0% and the coverage ratio was 104.6%.

-- In 3Q08, the Bank repurchased 32.4 million shares, according to the Share Buy Back Program launched in January 8, 2008. In addition, the Bank repurchased nominal value US$ 10.85 million of Class 2 Notes.

A longer version of this press release with detailed information is available on our web site: http://www.macro.com.ar/

QUARTERLY CONFERENCE CALL

A conference call to discuss this press release will be held on November 4, 2008 at 1:00 p.m. Buenos Aires time (10:00 a.m., New York time), with the presence of Jorge Pablo Brito (Member of the Executive Committee), Guillermo Stanley (Board Member), Guillermo Goldberg (Deputy General Manager) and Jorge Scarinci, (Finance and Investor Relations Manager).

  Dial in information:
  [phone] (Within the U.S.)
  [phone] (Outside the U.S.)
  Conference ID: 6124572

  INVESTOR RELATIONS CONTACTS:
  In Buenos Aires:
  Jorge Scarinci, CFA
  Finance and Investor Relations Manager
  Tel: [phone]
  E-mail: 
  visit our website at: http://www.macro.com.ar/

DATASOURCE: Banco Macro S.A.



CONTACT:  In Buenos Aires: Jorge Scarinci, Finance and Investor Relations

Manager, Banco Macro, +011-5411-5222-6730, 



Web site:  http://www.macro.com.ar/ 

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