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Name | Symbol | Market | Type |
---|---|---|---|
Banco Macro SA | NYSE:BMA | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
2.60 | 4.63% | 58.71 | 58.805 | 56.27 | 57.00 | 231,050 | 17:33:12 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
April 21, 2016
Commission File Number: 001-32827
MACRO BANK INC.
(Translation of registrant’s name into English)
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 of Form 20-F or Form 40-F.
Form 20-F | x | Form 40-F | ¨ |
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 | ¨ | 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 | ¨ | 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 | ¨ | 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
1Q16 Earnings Release |
Banco Macro Announces Results for the First Quarter of 2016
Buenos Aires, Argentina, April 21, 2016 – Banco Macro S.A. (NYSE: BMA; BCBA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the first quarter ended March 31, 2016 (“1Q16”). All figures are in Argentine pesos (Ps.) and have been prepared in accordance with Argentine GAAP.
Summary
• The Bank’s net income totaled Ps.1.4 billion in 1Q16. This result was 26% higher than the Ps.1.1 billion posted in the first quarter of 2016 (“1Q15”). In 1Q16, the accumulated annualized return on average equity (“ROAE”) and the accumulated annualized return on average assets (“ROAA”) were 33.3% and 5.1%, respectively.
• In 1Q16, Banco Macro’s financing to the private sector decreased Ps.218.8 million quarter over quarter (“QoQ”) totaling Ps.62.7 billion but grew 30% year over year (“YoY”). Among consumer loans, growth was driven by personal loans and credit cards which grew 6% and 1% QoQ, respectively. Meanwhile within commercial loans, during 1Q16, Banco Macro granted Ps.1.9 billion loans regarding the “Credit Line for Productive Financing and Financial Inclusion” program.
• In 1Q16, Banco Macro’s total deposits grew 9% QoQ, totaling Ps.83.8 billion and representing 85% of the Bank’s total liabilities. Private sector deposits grew 11% QoQ.
• Banco Macro continued showing a strong solvency ratio, with excess capital of Ps.8.7 billion (23.5% capitalization ratio). In addition, the Bank’s liquid assets remained at an adequate level, reaching 44.4% of its total deposits in 1Q16.
• In 1Q16, the Bank’s non-performing to total financing ratio was 1.53% and the coverage ratio reached 151.47%.
1Q16 Earnings Release Conference Call
Monday, April 25, 2016 Time: 11:00 a.m. Eastern Time | 12:00 p.m. Buenos Aires Time |
IR Contacts in Buenos Aires :
Jorge Scarinci Finance & IR Manager |
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To participate, please dial: Argentine Participants: (0800) 444 2930 U.S. Participants: +1 (844) 839 2185 Participants from outside the U.S.: +1 (412) 317 2506
Conference ID: Banco Macro Webcast: click here |
Webcast Replay: click here
Available from 02/18/2016 through
|
Ines Lanusse Investor Relations Officer
Phone: (54 11) 5222 6682 E-mail: investorelations@macro.com.ar
Visit our website at: www.ri-macro.com.ar |
With the presence of: Jorge Pablo Brito (Member of the Executive Committee), Guillermo Goldberg (Financial Deputy General Manager), Jorge Scarinci (Finance and IR Manager) and Ines Lanusse (Investro Relations).
1Q16 Earnings Release |
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 and 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.gob.ar), the Securities and Exchange Commission (www.sec.gov), the Bolsa de Comercio de Buenos Aires (www.bolsar.com) 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.
2 |
1Q16 Earnings Release |
Results
Earnings per outstanding share were Ps.2.41 in 1Q16, 28% lower than in 4Q15´s levels and 26% higher than in 1Q15.
EARNINGS PER SHARE | MACRO consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | I15 | II15 | III15 | IV15 | I16 | Quarterly | Annualy | |||||||||||||||||||||
Net income (M $) | 1,114.2 | 822.7 | 1,104.6 | 1,966.9 | 1,407.6 | -28 | % | 26 | % | |||||||||||||||||||
Average shares outstanding (M) | 584.5 | 584.5 | 584.5 | 584.5 | 584.5 | 0 | % | 0 | % | |||||||||||||||||||
Average shares issued (M) | 584.5 | 584.5 | 584.5 | 584.5 | 584.5 | 0 | % | -2 | % | |||||||||||||||||||
Book value per issued share ($) | 21.57 | 21.91 | 23.80 | 27.16 | 30.20 | 11 | % | 30 | % | |||||||||||||||||||
Earnings per outstanding share ($) | 1.91 | 1.41 | 1.89 | 3.37 | 2.41 | -28 | % | 12 | % | |||||||||||||||||||
Book value per issued ADS (USD) | 24.45 | 24.11 | 26.19 | 20.89 | 20.71 | -1 | % | -15 | % | |||||||||||||||||||
Earnings per outstanding ADS (USD) | 2.16 | 1.55 | 2.08 | 2.59 | 1.65 | -36 | % | -24 | % |
Banco Macro’s 1Q16 net income of Ps.1.4 billion was 26% or Ps.293.4 million higher YoY. This result represented a ROAE and ROAA of 33.3% and 5.1%, respectively.
The operating result for 1Q16 was Ps.2.1 billion increasing 14% or Ps.253.2 million YoY.
It is important to emphasize that this result was obtained with the leverage of 6.6x assets to equity ratio.
INCOME STATEMENT | MACRO consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | I15 | II15 | III15 | IV15 | I16 | Quarterly | Annualy | |||||||||||||||||||||
Net financial income | 2,694.7 | 2,117.1 | 2,743.8 | 3,710.8 | 3,265.3 | -12 | % | 21 | % | |||||||||||||||||||
Provision for loan losses | -201.7 | -217.3 | -138.1 | -320.0 | -178.2 | -44 | % | -12 | % | |||||||||||||||||||
Net fee income | 968.9 | 1,073.7 | 1,109.9 | 1,248.1 | 1,162.1 | -7 | % | 20 | % | |||||||||||||||||||
3,461.9 | 2,973.5 | 3,715.6 | 4,638.9 | 4,249.2 | -8 | % | 23 | % | ||||||||||||||||||||
Administrative expenses | -1,586.8 | -1,739.3 | -1,896.1 | -2,003.7 | -2,120.9 | 6 | % | 34 | % | |||||||||||||||||||
Operating result | 1,875.1 | 1,234.2 | 1,819.5 | 2,635.2 | 2,128.3 | -19 | % | 14 | % | |||||||||||||||||||
Minority interest in subsidiaries | -7.7 | -8.8 | -9.1 | -9.8 | -10.6 | 8 | % | 38 | % | |||||||||||||||||||
Net other income | -81.5 | 65.0 | -25.7 | 7.7 | 52.3 | 579 | % | -164 | % | |||||||||||||||||||
Net income before income tax | 1,785.9 | 1,290.4 | 1,784.7 | 2,633.1 | 2,170.0 | -18 | % | 22 | % | |||||||||||||||||||
Income tax | -671.7 | -467.7 | -680.1 | -666.2 | -762.4 | 14 | % | 14 | % | |||||||||||||||||||
NET INCOME | 1,114.2 | 822.7 | 1,104.6 | 1,966.9 | 1,407.6 | -28 | % | 26 | % |
The Bank’s 1Q16 financial income totaled Ps.6.4 billion, increasing 1% (Ps.78.1 million) compared to 4Q15 and increasing 41% (Ps.1.9 billion) YoY.
Interest on loans represented 77% of total financial income in 1Q16. Interest on loans was 14% or Ps.598,2 million higher than 4Q15’s level due to an increase in the average interest lending rates of 200bp and to a 7% increase of the average volume of the loan portfolio. On an annual basis, interest on loans grew 49% or Ps.1.6 billion.
In 1Q16, net income from government and private securities decreased 31% or Ps.449.6 million QoQ mainly due to a decrease in peso denominated government securities market prices, which, at the same time, was partially offset by LEBAC income increase. On an annual basis, net income from government and private securities decreased 8% or Ps.89.8 million.
3 |
1Q16 Earnings Release |
Also in this quarter, an increase of 127% or Ps.31.9 million in income from Guaranteed Loans and in CER Adjustment was observed. On an annual basis, income from Guaranteed Loans and in CER Adjustment also increased Ps.47.8 million.
Income from differences in quoted prices of gold and foreign currency decreased 32% or Ps.120.4 million QoQ mainly due to less foreign currency position tight to revaluation, which was partially offset by foreign exchange trading and government securities position. On an annual basis, an increase of 233% or Ps.181.1 million was experienced.
Other financial income increased 17% or Ps.16.7 million compared to 4Q15 mainly due to higher income from on shore forward foreign currency and higher premiums on reverse repurchase agreements. On an annual basis, an increase of 185% or Ps.76.4 million was experienced.
FINANCIAL INCOME | MACRO consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | I15 | II15 | III15 | IV15 | I16 | Quarterly | Annualy | |||||||||||||||||||||
Interest on cash and due from banks | 0.0 | 0.1 | 0.0 | 0.1 | 0.3 | 200 | % | 100 | % | |||||||||||||||||||
Interest on loans to the financial sector | 20.0 | 22.2 | 31.7 | 14.1 | 32.8 | 133 | % | 64 | % | |||||||||||||||||||
Interest on overdrafts | 350.2 | 309.3 | 350.4 | 397.1 | 520.3 | 31 | % | 49 | % | |||||||||||||||||||
Interest on documents | 248.9 | 259.8 | 286.8 | 350.7 | 395.4 | 13 | % | 59 | % | |||||||||||||||||||
Interest on mortgages loans | 120.6 | 124.3 | 142.3 | 169.4 | 184.9 | 9 | % | 53 | % | |||||||||||||||||||
Interest on pledges loans | 83.6 | 94.7 | 103.8 | 102.9 | 100.5 | -2 | % | 20 | % | |||||||||||||||||||
Interest on credit cards loans | 603.4 | 667.7 | 637.3 | 737.7 | 919.3 | 25 | % | 52 | % | |||||||||||||||||||
Interest on financial leases | 18.8 | 19.3 | 21.0 | 22.6 | 23.5 | 4 | % | 25 | % | |||||||||||||||||||
Interest on other loans | 1,880.9 | 2,052.5 | 2,309.5 | 2,568.9 | 2,784.9 | 8 | % | 48 | % | |||||||||||||||||||
Net Income from government & private securities (1) | 1,105.4 | 483.4 | 931.9 | 1,465.2 | 1,015.6 | -31 | % | -8 | % | |||||||||||||||||||
Interest on other receivables from financial interm. | 1.3 | 1.1 | 1.2 | 0.5 | 1.2 | 140 | % | -8 | % | |||||||||||||||||||
Income from Guaranteed Loans - Decree 1387/01 | 7.1 | 5.1 | 6.3 | 6.6 | 7.0 | 6 | % | -1 | % | |||||||||||||||||||
CER adjustment | 9.3 | 1.2 | 23.1 | 24.9 | 56.9 | 129 | % | 512 | % | |||||||||||||||||||
CVS adjustment | 0.0 | 0.1 | 0.3 | 0.3 | 0.2 | -33 | % | 100 | % | |||||||||||||||||||
Difference in quoted prices of gold and foreign currency | 77.7 | 85.1 | 111.1 | 379.2 | 258.8 | -32 | % | 233 | % | |||||||||||||||||||
Other | 41.2 | 53.0 | 64.0 | 100.9 | 117.6 | 17 | % | 185 | % | |||||||||||||||||||
Total financial income | 4,568.4 | 4,178.9 | 5,020.7 | 6,341.1 | 6,419.2 | 1 | % | 41 | % | |||||||||||||||||||
(1) Net Income from government & private securities | ||||||||||||||||||||||||||||
LEBAC / NOBAC | 353.1 | 599.1 | 642.8 | 537.6 | 664.2 | 24 | % | 88 | % | |||||||||||||||||||
Other | 752.3 | -115.7 | 289.1 | 927.6 | 351.4 | -62 | % | -53 | % | |||||||||||||||||||
Total | 1,105.4 | 483.4 | 931.9 | 1,465.2 | 1,015.6 | -31 | % | -8 | % |
The Bank’s 1Q16 financial expense totaled Ps.3.2 billion, increasing 20% (Ps.523.6 million) compared to the previous quarter and increasing 68% (Ps.1.3 billion) compared to 1Q15.
In 1Q16, interest on deposits represented 78% of the Bank’s total financial expense. Interest on deposits increased 22% or Ps.449.6 million QoQ due to an increase of 22% of the average volume of time deposits and 40bp increase in the average time deposit interest rate. On a yearly basis, interest on deposits grew 76% or Ps.1.1 billion.
In 1Q16 the Contribution to Deposit Guarantee Fund decreased 18% or Ps.20.7 million. On a yearly basis, the result was 4% higher or Ps.3.4 million.
Other financial expense grew 16% or Ps.66.6 million QoQ mainly due to higher provincial taxes and increased 55% or Ps.172.5 million YoY.
4 |
1Q16 Earnings Release |
FINANCIAL EXPENSE | MACRO consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | I15 | II15 | III15 | IV15 | I16 | Quarterly | Annualy | |||||||||||||||||||||
Interest on saving accounts | 14.1 | 15.5 | 17.8 | 20.8 | 20.7 | 0 | % | 47 | % | |||||||||||||||||||
Interest on time deposits | 1,391.4 | 1,568.1 | 1,741.6 | 2,003.8 | 2,453.6 | 22 | % | 76 | % | |||||||||||||||||||
Interest on interfinancing received loans | 3.1 | 1.4 | 1.4 | 1.1 | 1.0 | -9 | % | -68 | % | |||||||||||||||||||
Interest on other financing from the finan. institu. | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0 | % | 0 | % | |||||||||||||||||||
Interest on subordinated bonds | 31.9 | 32.5 | 34.0 | 37.8 | 53.6 | 42 | % | 68 | % | |||||||||||||||||||
Other Interest | 0.7 | 0.7 | 0.6 | 0.6 | 0.9 | 50 | % | 29 | % | |||||||||||||||||||
Interest on other liabilities from fin intermediation | 22.4 | 23.1 | 24.1 | 26.4 | 35.7 | 35 | % | 59 | % | |||||||||||||||||||
CER adjustment | 1.2 | 1.4 | 1.1 | 0.9 | 3.5 | 289 | % | 192 | % | |||||||||||||||||||
Contribution to Deposit Guarantee Fund | 93.0 | 100.2 | 108.1 | 117.1 | 96.4 | -18 | % | 4 | % | |||||||||||||||||||
Other | 315.9 | 318.9 | 348.2 | 421.8 | 488.4 | 16 | % | 55 | % | |||||||||||||||||||
Total financial expense | 1,873.7 | 2,061.8 | 2,276.9 | 2,630.3 | 3,153.9 | 20 | % | 68 | % |
As of 1Q16, the Bank’s net interest margin was 16.7%, lower than the 19.6% posted in 4Q15 and the 20.8% posted in 1Q15. Had income from government and private securities and guaranteed loans been excluded, the Bank’s net interest margin would have been 15.2% in 1Q16, relatively lower than the 15.4% posted in 4Q15 and the 16.4% posted in 1Q15.
ASSETS & LIABILITIES PERFORMANCE | MACRO consolidated | |||||||||||||||||||||||||||||||||||||||
In MILLON $ | I15 | II15 | III15 | IV15 | I16 | |||||||||||||||||||||||||||||||||||
AVERAGE | AVERAGE | AVERAGE | AVERAGE | AVERAGE | ||||||||||||||||||||||||||||||||||||
Yields & rates in annualized nominal % | BALANCE | INT | BALANCE | INT | BALANCE | INT | BALANCE | INT | BALANCE | INT | ||||||||||||||||||||||||||||||
Interest-earning assets | ||||||||||||||||||||||||||||||||||||||||
Goverment Securities | 9,944.3 | 33.5 | % | 14,420.0 | 15.2 | % | 16,357.7 | 24.8 | % | 15,031.4 | 31.1 | % | 17,185.8 | 20.9 | % | |||||||||||||||||||||||||
Loans | 45,633.1 | 29.7 | % | 48,151.7 | 29.6 | % | 53,017.2 | 29.3 | % | 58,579.2 | 29.8 | % | 63,168.6 | 32.0 | % | |||||||||||||||||||||||||
Private Sector | 45,088.3 | 29.8 | % | 47,637.1 | 29.8 | % | 52,524.2 | 29.3 | % | 58,079.2 | 29.8 | % | 62,398.6 | 31.8 | % | |||||||||||||||||||||||||
Public Sector | 544.8 | 20.5 | % | 514.6 | 11.7 | % | 493.0 | 28.2 | % | 500.0 | 28.0 | % | 770.0 | 48.2 | % | |||||||||||||||||||||||||
Financial trusts | 225.7 | 23.5 | % | 250.7 | 24.2 | % | 198.3 | 25.2 | % | 207.9 | 28.1 | % | 364.3 | 30.7 | % | |||||||||||||||||||||||||
Other interest-earning assets | 3,125.3 | 40.7 | % | 3,358.4 | -3.2 | % | 3,088.3 | -5.8 | % | 3,524.4 | 37.6 | % | 4,385.6 | 15.2 | % | |||||||||||||||||||||||||
Total interest-earning assets | 58,928.4 | 30.9 | % | 66,180.8 | 24.8 | % | 72,661.5 | 26.8 | % | 77,342.9 | 30.4 | % | 85,104.3 | 28.9 | % | |||||||||||||||||||||||||
Non interest-earning assets | 17,046.2 | 16,261.1 | 16,706.0 | 20,573.3 | 25,301.3 | |||||||||||||||||||||||||||||||||||
Total Average Assets | 75,974.6 | 82,441.9 | 89,367.5 | 97,916.2 | 110,405.6 | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||
Checking accounts (*) | 1,426.2 | 0.0 | % | 1,743.4 | 0.0 | % | 1,745.0 | 0.0 | % | 2,037.7 | 0.0 | % | 2,802.8 | 0.0 | % | |||||||||||||||||||||||||
Saving accounts (*) | 9,796.6 | 0.6 | % | 10,422.0 | 0.6 | % | 12,083.7 | 0.6 | % | 13,230.6 | 0.6 | % | 14,109.8 | 0.6 | % | |||||||||||||||||||||||||
Time deposits (*) | 27,231.9 | 20.7 | % | 30,389.7 | 20.7 | % | 32,892.3 | 21.0 | % | 34,920.2 | 22.8 | % | 42,577.3 | 23.2 | % | |||||||||||||||||||||||||
Corporate Bonds | 2,227.6 | 9.4 | % | 2,294.8 | 9.2 | % | 2,371.0 | 9.2 | % | 2,608.4 | 9.3 | % | 3,700.1 | 9.4 | % | |||||||||||||||||||||||||
BCRA | 11.5 | 8.6 | % | 10.1 | 8.6 | % | 8.5 | 8.6 | % | 6.9 | 8.6 | % | 5.4 | 8.4 | % | |||||||||||||||||||||||||
Other interest-bearing liabilities | 209.5 | 15.2 | % | 202.4 | 12.2 | % | 188.6 | 12.8 | % | 226.1 | 13.7 | % | 154.5 | 21.2 | % | |||||||||||||||||||||||||
Total interest-bearing liabilities | 40,903.3 | 14.5 | % | 45,062.4 | 14.6 | % | 49,289.1 | 14.7 | % | 53,029.9 | 15.7 | % | 63,349.9 | 16.3 | % | |||||||||||||||||||||||||
Non interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||
Demand deposits (*) | 19,156.9 | 20,740.5 | 22,705.8 | 23,656.5 | 22,650.6 | |||||||||||||||||||||||||||||||||||
Other non interest-bearing libilities | 15,914.4 | 16,639.0 | 17,372.6 | 21,229.8 | 24,405.1 | |||||||||||||||||||||||||||||||||||
Total non interest-bearing liabilities | 35,071.3 | 37,379.5 | 40,078.4 | 44,886.3 | 47,055.7 | |||||||||||||||||||||||||||||||||||
Total Average Liabilities | 75,974.6 | 82,441.9 | 89,367.5 | 97,916.2 | 110,405.6 |
(*) The average cost of funds is calculated only considering deposits with and without interest-bearnig cost.
In 1Q16, Banco Macro’s net fee income totaled Ps.1.2 billion, 7% or Ps.86 million lower than 4Q15, and 20% or Ps.193.2 million higher than in 1Q15. In the quarter, fee charged on deposit accounts and other fees related to foreign trade, which increased 3% and 30%, respectively, stand out. This growth was offset with the decrease of debit and credit card fees and credit related fees. On a yearly basis, fee charged on deposit accounts and debit and credit card fees stand out, growing 32% and 40%, respectively.
5 |
1Q16 Earnings Release |
NET FEE INCOME | MACRO consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | I15 | II15 | III15 | IV15 | I16 | Quarterly | Annualy | |||||||||||||||||||||
Fee charges on deposit accounts | 779.7 | 866.3 | 923.1 | 992.1 | 1,026.4 | 3 | % | 32 | % | |||||||||||||||||||
Debit and credit card fees | 336.6 | 369.2 | 408.3 | 514.5 | 470.0 | -9 | % | 40 | % | |||||||||||||||||||
Other fees related to foreign trade | 18.5 | 27.4 | 24.9 | 29.8 | 38.8 | 30 | % | 110 | % | |||||||||||||||||||
Credit-related fees | 21.0 | 35.5 | 25.3 | 42.8 | 17.4 | -59 | % | -17 | % | |||||||||||||||||||
Lease of safe-deposit boxes | 22.0 | 22.3 | 24.7 | 26.6 | 26.7 | 0 | % | 21 | % | |||||||||||||||||||
Other | 130.8 | 137.2 | 169.7 | 167.1 | 158.6 | -5 | % | 21 | % | |||||||||||||||||||
Total fee income | 1,308.6 | 1,457.9 | 1,576.0 | 1,772.9 | 1,737.9 | -2 | % | 33 | % | |||||||||||||||||||
Total fee expense | 339.7 | 384.2 | 466.1 | 524.8 | 575.8 | 10 | % | 70 | % | |||||||||||||||||||
Net fee income | 968.9 | 1,073.7 | 1,109.9 | 1,248.1 | 1,162.1 | -7 | % | 20 | % |
In 1Q16 Banco Macro’s administrative expenses reached Ps.2.1 billion, 6% or Ps.117.2 million higher than the previous quarter mainly due to higher personnel expenses and other operating expenses. Administrative expenses increased 34% or Ps.534.1 million YoY due to an increase in personnel expenses (mainly salaries increases and other concepts) and other operating expenses.
Personnel expenses grew 4% or Ps.50.2 million QoQ, basically due to the provision accounted for future salary increases. Personal expenses increased 32% or Ps.300.1 million compared to 1Q15.
As of March 2016, the accumulated efficiency ratio reached 47.9%, slightly higher from the 46.1% posted in 4Q15. Administrative expenses grew 6%, while net financial income and net fee income decreased 11% as a whole.
In 1Q16, the Bank’s net other income/losses totaled a gain of Ps.52.3 million, improving from the previous quarter in Ps.44.6 million. An increase in total other income of Ps.41.9 million (mainly higher results on the contribution to credit cards guarantee fund in foreign currency) and a decrease in total other expenses of Ps.2.8 million was experienced.
6 |
1Q16 Earnings Release |
NET OTHER INCOME/LOSSES | MACRO consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | I15 | II15 | III15 | IV15 | I16 | Quarterly | Annualy | |||||||||||||||||||||
Other Income | ||||||||||||||||||||||||||||
Penalty interest | 15.2 | 19.8 | 22.6 | 15.2 | 20.5 | 35 | % | 35 | % | |||||||||||||||||||
Recovered loans and reversed allowances | 25.8 | 29.5 | 51.8 | 44.7 | 39.9 | -11 | % | 55 | % | |||||||||||||||||||
Other | 19.2 | 81.7 | 46.4 | 37.4 | 78.8 | 111 | % | 310 | % | |||||||||||||||||||
Total Other Income | 60.2 | 131.0 | 120.8 | 97.3 | 139.2 | 43 | % | 131 | % | |||||||||||||||||||
Other Expense | ||||||||||||||||||||||||||||
Charges for other receivables uncollectibility and other allowances | 12.5 | 56.7 | 64.8 | 51.7 | 32.8 | -37 | % | 162 | % | |||||||||||||||||||
Goodwill amortization | 3.5 | 3.5 | 3.5 | 3.6 | 3.5 | -3 | % | 0 | % | |||||||||||||||||||
Other Expense | 125.7 | 5.8 | 78.2 | 34.3 | 50.5 | 47 | % | -60 | % | |||||||||||||||||||
Total Other Expense | 141.7 | 66.0 | 146.5 | 89.6 | 86.8 | -3 | % | -39 | % | |||||||||||||||||||
Net Other Income/Losses | -81.5 | 65.0 | -25.7 | 7.7 | 52.3 | 579 | % | -164 | % |
In 1Q16, Banco Macro's effective income tax rate was 35.1%, compared to 37.6% in 1Q15.
Financial Assets
Private sector financing
The volume of “core” financing to the private sector (including loans, financial trust and leasing portfolio) totaled Ps.62.7 billion, decreasing Ps.218.8 million QoQ and increasing 30% or Ps.14.6 billion YoY.
The main growth in consumer loans was driven by personal loans and credit card loans which grew 6% and 1% QoQ, respectively.
Banco Macro continues supporting the Argentine productive sector through the “Credit Line for Productive Financing and Financial Inclusion”. As of 1Q16, Ps.1.9 billion loans have been granted.
FINANCING TO THE PRIVATE SECTOR | MACRO consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | I15 | II15 | III15 | IV15 | I16 | Quarterly | Annualy | |||||||||||||||||||||
Overdrafts | 5,670.1 | 4,458.4 | 5,473.6 | 4,707.9 | 4,478.3 | -5 | % | -21 | % | |||||||||||||||||||
Discounted documents | 4,633.9 | 5,251.6 | 5,818.0 | 6,550.2 | 5,401.8 | -18 | % | 17 | % | |||||||||||||||||||
Mortgages loans | 2,401.3 | 2,639.6 | 2,898.2 | 3,508.5 | 3,286.3 | -6 | % | 37 | % | |||||||||||||||||||
Pledges loans | 1,924.2 | 2,230.1 | 2,172.7 | 2,152.6 | 1,958.2 | -9 | % | 2 | % | |||||||||||||||||||
Personal loans | 17,243.9 | 18,890.4 | 21,370.8 | 23,231.6 | 24,566.1 | 6 | % | 42 | % | |||||||||||||||||||
Credit Card loans | 9,702.8 | 10,423.8 | 11,406.2 | 14,793.3 | 14,896.4 | 1 | % | 54 | % | |||||||||||||||||||
Others | 5,637.3 | 6,755.7 | 6,732.3 | 7,078.5 | 6,868.4 | -3 | % | 22 | % | |||||||||||||||||||
Total loan portfolio | 47,213.5 | 50,649.6 | 55,871.8 | 62,022.6 | 61,455.5 | -1 | % | 30 | % | |||||||||||||||||||
Financial trusts | 500.6 | 399.3 | 455.3 | 429.9 | 794.2 | 85 | % | 59 | % | |||||||||||||||||||
Leasing | 391.5 | 416.5 | 430.4 | 432.5 | 416.5 | -4 | % | 6 | % | |||||||||||||||||||
Total financing to the private sector | 48,105.6 | 51,465.4 | 56,757.5 | 62,885.0 | 62,666.2 | 0 | % | 30 | % |
Public Sector Assets
In 1Q16, the Bank’s public sector assets (excluding LEBAC / NOBAC) to total assets ratio was 4.7%, lower than the 5% posted in 4Q15 and higher than the 4.4% posted in 1Q15.
In 1Q16, LEBACS from BCRA stand out with a 50% increase.
7 |
1Q16 Earnings Release |
PUBLIC SECTOR ASSETS | MACRO consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | I15 | II15 | III15 | IV15 | I16 | Quarterly | Annualy | |||||||||||||||||||||
LEBAC / NOBAC B.C.R.A. | 8,531.5 | 12,011.8 | 11,904.3 | 8,303.0 | 12,433.6 | 50 | % | 46 | % | |||||||||||||||||||
Other | 2,894.9 | 3,400.1 | 3,584.7 | 4,507.4 | 4,541.6 | 1 | % | 57 | % | |||||||||||||||||||
Government securities | 11,426.4 | 15,411.9 | 15,489.0 | 12,810.4 | 16,975.2 | 33 | % | 49 | % | |||||||||||||||||||
Guaranteed loans | 418.0 | 417.6 | 440.7 | 465.2 | 522.0 | 12 | % | 25 | % | |||||||||||||||||||
Provincial loans | 152.3 | 108.2 | 63.8 | 282.9 | 283.2 | 0 | % | 86 | % | |||||||||||||||||||
Government securities loans | 0.0 | 0.0 | 0.0 | 0.0 | 5.9 | 0 | % | 0 | % | |||||||||||||||||||
Loans | 570.3 | 525.8 | 504.5 | 748.1 | 811.1 | 8 | % | 42 | % | |||||||||||||||||||
Purchase of government bonds | 24.7 | 25.2 | 25.8 | 32.1 | 32.1 | 0 | % | 30 | % | |||||||||||||||||||
Other receivables | 24.7 | 25.2 | 25.8 | 32.1 | 32.1 | 0 | % | 30 | % | |||||||||||||||||||
TOTAL PUBLIC SECTOR ASSETS | 12,021.4 | 15,962.9 | 16,019.3 | 13,590.6 | 17,818.4 | 31 | % | 48 | % | |||||||||||||||||||
TOTAL PUBLIC SECTOR LIABILITIES | 38.4 | 55.6 | 34.3 | 31.6 | 32.2 | 2 | % | -16 | % | |||||||||||||||||||
Net exposure | 11,983.0 | 15,907.3 | 15,985.0 | 13,559.0 | 17,786.2 | 31 | % | 48 | % | |||||||||||||||||||
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC / NOBAC ) | 3,489.9 | 3,951.1 | 4,115.0 | 5,287.6 | 5,384.8 | 2 | % | 54 | % | |||||||||||||||||||
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC / NOBAC) /TOTAL ASSETS | 4.4 | % | 4.6 | % | 4.4 | % | 5.0 | % | 4.7 | % | ||||||||||||||||||
Net exposure (net of LEBAC/NOBAC) / TOTAL ASSETS | 4.3 | % | 4.5 | % | 4.4 | % | 5.0 | % | 4.7 | % |
Funding
Deposits
Banco Macro’s deposit base totaled Ps.83.8 billion in 1Q16, increasing 9% or Ps.7.3 billion QoQ and 43% or Ps.25.4 billion YoY and representing 85% of the Bank’s total liabilities.
On a quarterly basis, private sector deposits increased 11% or Ps.7.6 billion while public sector deposits decreased 4% or Ps.390.5 million. Within private sector deposits, an increase in foreign currency deposits of 30% or USD189.3 million was observed, while peso deposits increased 7% or Ps.3.9 billion.
The increase in private sector deposits was led by time deposits, which grew 16% or Ps.5.6 billion QoQ. In addition, sight deposits increased 6% or Ps.1.6 billion QoQ.
DEPOSITS | MACRO consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | I15 | II15 | III15 | IV15 | I16 | Quarterly | Annualy | |||||||||||||||||||||
Public sector | 8,712.0 | 9,224.0 | 10,691.9 | 9,588.4 | 9,197.9 | -4 | % | 6 | % | |||||||||||||||||||
Financial sector | 30.1 | 28.9 | 29.6 | 40.1 | 41.1 | 2 | % | 37 | % | |||||||||||||||||||
Private sector | 49,655.8 | 55,322.2 | 58,737.2 | 66,893.1 | 74,533.0 | 11 | % | 50 | % | |||||||||||||||||||
Checking accounts | 12,047.9 | 12,831.0 | 13,578.0 | 14,062.9 | 15,381.4 | 9 | % | 28 | % | |||||||||||||||||||
Savings accounts | 10,691.8 | 13,157.8 | 13,150.0 | 15,507.9 | 15,836.7 | 2 | % | 48 | % | |||||||||||||||||||
Time deposits | 24,610.8 | 27,228.3 | 29,634.6 | 34,719.8 | 40,359.4 | 16 | % | 64 | % | |||||||||||||||||||
Other | 2,305.3 | 2,105.1 | 2,374.6 | 2,602.5 | 2,955.5 | 14 | % | 28 | % | |||||||||||||||||||
Total | 58,397.9 | 64,575.1 | 69,458.7 | 76,521.6 | 83,772.0 | 9 | % | 43 | % |
8 |
1Q16 Earnings Release |
Other sources of funds
In 1Q16, the total amount of other sources of funds increased 11% or Ps.2.1 billion compared to 4Q15, as a result of an 11% or Ps.1.8 billion increase in the shareholder’s equity which was driven by 1Q16 positive results.
OTHER SOURCE OF FUNDS | MACRO consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | I15 | II15 | III15 | IV15 | I16 | Quarterly | Annualy | |||||||||||||||||||||
Central Bank of Argentina | 16.1 | 15.5 | 12.7 | 12.9 | 10.3 | -20 | % | -36 | % | |||||||||||||||||||
Banks and international institutions | 39.2 | 113.1 | 126.4 | 98.6 | 29.7 | -70 | % | -24 | % | |||||||||||||||||||
Financing received from Argentine financial institutions | 176.1 | 52.9 | 44.3 | 85.9 | 42.7 | -50 | % | -76 | % | |||||||||||||||||||
Subordinated corporate bonds | 1,359.9 | 1,367.4 | 1,451.9 | 1,957.6 | 2,248.3 | 15 | % | 65 | % | |||||||||||||||||||
Non-subordinated corporate bonds | 951.7 | 1,000.8 | 1,016.1 | 1,432.7 | 1,573.4 | 10 | % | 65 | % | |||||||||||||||||||
Shareholders´ equity | 12,606.1 | 12,804.5 | 13,909.2 | 15,876.1 | 17,652.2 | 11 | % | 40 | % | |||||||||||||||||||
Total other source of funds | 15,149.1 | 15,354.2 | 16,560.6 | 19,463.8 | 21,556.6 | 11 | % | 42 | % |
As of March 2016, Banco Macro’s average cost of funds reached 12%. Banco Macro’s transactional deposits represented approximately 42% of its deposit base. These accounts are low cost and are not sensitive to interest rate increases.
Liquid Assets
In 1Q16, the Bank’s liquid assets amounted to Ps.37.2 billion, showing an increase of 26% or Ps.7.8 billion QoQ and an increase of 61% or Ps.14.1 billion on a yearly basis.
In 1Q16, Banco Macro experienced an increase in LEBACS, from both, own portfolio and reverse repos, of 64% and a 9% increase in Cash.
In 1Q16 Banco Macro’s liquid assets to total deposits ratio reached 44.4%.
Solvency
Banco Macro continued showing high solvency levels in 1Q16 with an integrated capital (RPC) of Ps.17.3 billion over a total capital requirement of Ps.8.6 billion. Banco Macro´s excess capital in 1Q16 was 101% or Ps.8.7 billion.
The capitalization ratio (as a percentage of risk-weighted assets- RWA) was 23.5% in 1Q16, above the minimum required by the Central Bank.
9 |
1Q16 Earnings Release |
The Bank´s aim is to make the best use of this excess capital.
MINIMUM CAPITAL REQUIREMENT MACRO consolidated | Variation | |||||||||||||||||||||||||||
In MILLION $ | I15 | II15 | III15 | IV15 | I16 | Quarterly | Annualy | |||||||||||||||||||||
Credit risk requirement | 4,336.5 | 4,673.1 | 5,192.7 | 6,088.4 | 6,103.9 | 0 | % | 41 | % | |||||||||||||||||||
Market risk requirement | 452.2 | 449.3 | 487.2 | 568.8 | 642.1 | 13 | % | 42 | % | |||||||||||||||||||
Operational risk requirement | 1,370.8 | 1,467.7 | 1,570.1 | 1,734.9 | 1,887.7 | 9 | % | 38 | % | |||||||||||||||||||
Total capital requirement | 6,159.5 | 6,590.1 | 7,250.0 | 8,392.1 | 8,633.7 | 3 | % | 40 | % | |||||||||||||||||||
Ordinary Capital Level 1 (COn1) | 12,048.9 | 12,337.1 | 13,334.7 | 14,892.6 | 16,948.4 | 14 | % | 41 | % | |||||||||||||||||||
Deductible concepts COn1 | -446.7 | -454.2 | -477.7 | -535.1 | -526.7 | -2 | % | 18 | % | |||||||||||||||||||
Aditional Capital Level 1 (CAn1) | 321.0 | 321.0 | 321.0 | 321.0 | 275.1 | -14 | % | -14 | % | |||||||||||||||||||
Capital level 2 (COn2) | 476.7 | 509.8 | 563.9 | 629.2 | 626.5 | 0 | % | 31 | % | |||||||||||||||||||
Integrated capital - RPC (*) (i) | 12,399.9 | 12,713.6 | 13,741.9 | 15,307.7 | 17,323.4 | 13 | % | 40 | % | |||||||||||||||||||
Risk-weighted assets - RWA (ii) | 52,449.0 | 56,687.2 | 62,954.0 | 73,636.8 | 73,793.0 | 0 | % | 41 | % | |||||||||||||||||||
Excess capital | 6,240.4 | 6,123.5 | 6,491.9 | 6,915.6 | 8,689.7 | 26 | % | 39 | % | |||||||||||||||||||
Capitalization ratio [(i)/(ii)] | 23.6 | % | 22.4 | % | 21.8 | % | 20.8 | % | 23.5 | % | ||||||||||||||||||
Ratio TIER 1 | 22.7 | % | 21.5 | % | 20.9 | % | 19.9 | % | 22.6 | % |
(*) Aditionally, the RPC of the Bank, acting as custodian of securties representing investments of FGS, must also exceed an equivalent of 0.25% of the total securities under custody, based in which, the Bank has successully fullfilled with this requirement.
Asset Quality
In 1Q16, Banco Macro’s non-performing to total financing ratio reached a level of 1.53% similar to 4Q15 levels.
The coverage ratio reached 151.47% in 1Q16.
The Bank is committed to continue working in this area to maintain excellent asset quality standards.
ASSET QUALITY | MACRO consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | I15 | II15 | III15 | IV15 | I16 | Quarterly | Annualy | |||||||||||||||||||||
Commercial portfolio | 18,780.0 | 20,228.1 | 22,175.5 | 23,162.8 | 22,917.1 | -1 | % | 22 | % | |||||||||||||||||||
Non-performing | 388.6 | 451.6 | 490.9 | 405.7 | 377.5 | -7 | % | -3 | % | |||||||||||||||||||
Consumer portfolio | 31,783.4 | 34,409.0 | 38,089.1 | 43,516.7 | 44,506.9 | 2 | % | 40 | % | |||||||||||||||||||
Non-performing | 580.4 | 596.9 | 573.2 | 605.0 | 654.0 | 8 | % | 13 | % | |||||||||||||||||||
Total portfolio | 50,563.4 | 54,637.1 | 60,264.6 | 66,679.5 | 67,424.0 | 1 | % | 33 | % | |||||||||||||||||||
Non-performing | 969.0 | 1,048.5 | 1,064.1 | 1,010.7 | 1,031.5 | 2 | % | 6 | % | |||||||||||||||||||
Total non-performing/ Total portfolio | 1.92 | % | 1.92 | % | 1.77 | % | 1.52 | % | 1.53 | % | ||||||||||||||||||
Total allowances | 1,278.5 | 1,375.9 | 1,382.5 | 1,526.6 | 1,562.4 | 2 | % | 22 | % | |||||||||||||||||||
Coverage ratio w/allowances | 131.94 | % | 131.23 | % | 129.92 | % | 151.04 | % | 151.47 | % |
10 |
1Q16 Earnings Release |
CER Exposure and Foreign Currency Position
CER EXPOSURE | MACRO consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | I15 | II15 | III15 | IV15 | I16 | Quarterly | Annualy | |||||||||||||||||||||
CER adjustable ASSETS | ||||||||||||||||||||||||||||
Guaranteed loans | 400.3 | 417.6 | 440.7 | 465.2 | 522.0 | 12 | % | 30 | % | |||||||||||||||||||
Private sector loans | 2.2 | 1.7 | 1.3 | 1.0 | 0.7 | -30 | % | -68 | % | |||||||||||||||||||
Other loans | 0.3 | 0.1 | 0.1 | 0.3 | 0.2 | -33 | % | -33 | % | |||||||||||||||||||
Loans | 402.8 | 419.4 | 442.1 | 466.5 | 522.9 | 12 | % | 30 | % | |||||||||||||||||||
Other receivables | 0.8 | 0.4 | 0.2 | 0.0 | 0.0 | 0 | % | -100 | % | |||||||||||||||||||
Total CER adjustable assets | 403.6 | 419.8 | 442.3 | 466.5 | 522.9 | 12 | % | 30 | % | |||||||||||||||||||
CER adjustable LIABILITIES | ||||||||||||||||||||||||||||
Deposits | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | 33 | % | 33 | % | |||||||||||||||||||
Other liabilities from financial intermediation | 38.3 | 36.3 | 34.1 | 31.4 | 31.1 | -1 | % | -19 | % | |||||||||||||||||||
Total CER adjustable liabilities | 38.6 | 36.6 | 34.4 | 31.7 | 31.5 | -1 | % | -18 | % | |||||||||||||||||||
NET CER EXPOSURE | 365.0 | 383.2 | 407.9 | 434.8 | 491.4 | 13 | % | 35 | % |
FOREIGN CURRENCY POSITION | MACRO consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | I15 | II15 | III15 | IV15 | I16 | Quarterly | Annualy | |||||||||||||||||||||
Cash | 5,201.4 | 4,124.7 | 4,590.8 | 10,102.6 | 12,521.0 | 24 | % | 141 | % | |||||||||||||||||||
Government and private securities | 2,316.7 | 3,173.5 | 3,446.7 | 3,837.3 | 3,198.2 | -17 | % | 38 | % | |||||||||||||||||||
Loans | 2,002.4 | 3,035.7 | 2,439.0 | 1,797.2 | 2,451.0 | 36 | % | 22 | % | |||||||||||||||||||
Other receivables from financial intermediation | 659.7 | 628.3 | 931.2 | 539.7 | 632.6 | 17 | % | -4 | % | |||||||||||||||||||
Other assets | 103.9 | 94.0 | 107.2 | 180.2 | 271.3 | 51 | % | 161 | % | |||||||||||||||||||
Total Assets | 10,284.1 | 11,056.2 | 11,514.9 | 16,457.0 | 19,074.1 | 16 | % | 85 | % | |||||||||||||||||||
Deposits | 4,672.1 | 5,169.6 | 5,203.4 | 10,475.3 | 12,464.2 | 19 | % | 167 | % | |||||||||||||||||||
Other liabilities from financial intermediation | 879.3 | 968.5 | 1,041.5 | 928.5 | 1,303.0 | 40 | % | 48 | % | |||||||||||||||||||
Non-subordinated corporate bonds | 951.7 | 1,000.8 | 1,016.2 | 1,432.7 | 1,573.4 | 10 | % | 65 | % | |||||||||||||||||||
Subordinated corporate bonds | 1,359.9 | 1,367.4 | 1,451.9 | 1,957.6 | 2,248.3 | 15 | % | 65 | % | |||||||||||||||||||
Other liabilities | 2.7 | 0.9 | 0.8 | 9.9 | 3.4 | -66 | % | 26 | % | |||||||||||||||||||
Total Liabilities | 7,865.7 | 8,507.2 | 8,713.8 | 14,804.0 | 17,592.3 | 19 | % | 124 | % | |||||||||||||||||||
NET FX POSITION | 2,418.4 | 2,549.0 | 2,801.1 | 1,653.0 | 1,481.8 | -10 | % | -39 | % |
11 |
1Q16 Earnings Release |
Relevant and Recent Events
· | Dividends authorization and payment. On February 25 th 2016 the Central Bank (BCRA) informed the authorization for the payment of 2014 pending dividends. On March 10 th 2016, the payment of such cash dividend for AR $227,708,000 (Ps.0.3895 per outstanding share which represents 38.95% of the Bank’s outstanding corporate capital of Ps.584,563,028) was informed. On March 29 th 2016 the payment was completed. |
· | Annual Shareholders’ Meeting. The Board of Directors, at the meeting held on March 17th 2016, resolved to call a general and special shareholders’ meeting to be held on April 26th 2016. At this same meeting, the board also decided to separate a portion of the optional reserve fund for future profit distributions in order to allow the application of AR$ 643,019,330.80 to the payment of a cash dividend, subject to prior authorization of the Central Bank of the Republic of Argentina. Also, in such general and special shareholders’ meeting, the full reorganization of the Board, among other issues, shall be discussed. |
· | Earnings distribution (new limits). In November 2015, through Communication "A" 5827 the BCRA, new additional margins (integrated Capital) were incorporated for earnings distribution proposals: |
1) Additional Margins: The aim is to achieve financial entities to accumulate enough own resources to be used in cases were a entities report losses. It was set in 2.5% of Risk Weighted Assets (RWA) and in 3.5% of RWA for those entities considered as domestic systemically important (D-SIBs), with a gradual compliance schedule between January 1st 2016 and January 1st 2019.
2) Countercyclical Margins: The aim is to guarantee that the level of risk is linked to the systemic accumulated risk associated to credit expansion and to macro/financial environment. Range goes from 0% to 2.5% of RWA. Communication “A” 5938 of BCRA, established countercyclical margin in 0% as of April 1 st 2016.
· | Net Global Position (PGN). Through Communication "A" 5851 of BCRA, the PGN limits were modified. These new limits were established in 15% of PGN for Spot position and 7.5% of PGN for on shore forward foreign currency transactions since February 2016. Later, through Communication “A” 5894 limits were increased to 20% of PGN for Spot position and 10% of PGN for on shore forward foreign currency transactions. Later, on March 30 th 2016, through Communication “A” 5935 of BCRA, those limits were modified again to 10% and 5% respectively as of April 2016. |
· | Insurance deposit system (SEDESA). BCRA, through Communication “A” 5493, decided to increase the minimum amount for those deposits covered by SEDESA, from Ps.350.000 to Ps.450.000 as of May 1 st . 2016 and also established the monthly contribution to the Deposit guarantee Fund in 0.015% of the average monthly daily balance from the second previous month. |
12 |
1Q16 Earnings Release |
· | Alignment with International Financial Reporting Standard (IFRS). On February 12 th 2014, BCRA through Communication “A” 5541, established general alignments for the convergence towards IFRS, issued by International Accounting Standards Committee (IASC), for the making of the financial statements of the entities under their supervision. These standards should be applied as of as of January 1 st 2018 and its middle terms. Up to date, Banco Macro is in the process of implementing such process towards IFRS. |
· | Loans and Housing Units (UVIs). On April 8 th 2016, through communication “A” 5945, BCRA enabled a financial instrument to promote long term credit and simultaneously increase housing access. This instrument will be expressed in UVIs and will be daily update through CER Adjustment (Reference Stabilization Coefficient), based on the Consumer Prices Index. |
13 |
1Q16 Earnings Release |
QUARTERLY BALANCE SHEET | MACRO consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | I15 | II15 | III15 | IV15 | I16 | Quarterly | Annualy | |||||||||||||||||||||
ASSETS | 81,641.8 | 88,012.8 | 95,606.5 | 104,952.0 | 115,697.7 | 10 | % | 42 | % | |||||||||||||||||||
Cash | 11,808.7 | 11,232.9 | 11,712.5 | 19,402.8 | 21,189.3 | 9 | % | 79 | % | |||||||||||||||||||
Government and Private Securities | 14,745.5 | 18,336.7 | 18,721.9 | 15,391.4 | 21,503.2 | 40 | % | 46 | % | |||||||||||||||||||
-LEBAC/NOBAC | 9,878.1 | 12,989.5 | 12,998.6 | 8,303.0 | 13,585.1 | 64 | % | 38 | % | |||||||||||||||||||
-Other | 4,867.4 | 5,347.2 | 5,723.3 | 7,088.4 | 7,918.1 | 12 | % | 63 | % | |||||||||||||||||||
Loans | 47,704.6 | 51,199.9 | 56,295.7 | 62,332.4 | 62,148.3 | 0 | % | 30 | % | |||||||||||||||||||
to the non-financial government sector | 570.3 | 525.8 | 504.5 | 748.1 | 805.2 | 8 | % | 41 | % | |||||||||||||||||||
to the financial sector | 483.4 | 683.1 | 565.9 | 227.4 | 491.7 | 116 | % | 2 | % | |||||||||||||||||||
to the non-financial private sector and foreign residents | 47,909.6 | 51,346.3 | 56,585.5 | 62,852.9 | 62,380.2 | -1 | % | 30 | % | |||||||||||||||||||
-Overdrafts | 5,670.1 | 4,458.4 | 5,473.6 | 4,707.9 | 4,478.3 | -5 | % | -21 | % | |||||||||||||||||||
-Documents | 4,633.9 | 5,251.6 | 5,818.0 | 6,550.2 | 5,401.8 | -18 | % | 17 | % | |||||||||||||||||||
-Mortgage loans | 2,401.3 | 2,639.6 | 2,898.2 | 3,508.5 | 3,286.3 | -6 | % | 37 | % | |||||||||||||||||||
-Pledge loans | 1,924.2 | 2,230.1 | 2,172.7 | 2,152.6 | 1,958.2 | -9 | % | 2 | % | |||||||||||||||||||
-Personal loans | 17,243.9 | 18,890.4 | 21,370.8 | 23,231.6 | 24,566.1 | 6 | % | 42 | % | |||||||||||||||||||
-Credit cards | 9,702.8 | 10,423.8 | 11,406.2 | 14,793.3 | 14,896.4 | 1 | % | 54 | % | |||||||||||||||||||
-Other | 5,637.3 | 6,755.7 | 6,732.3 | 7,078.5 | 6,868.4 | -3 | % | 22 | % | |||||||||||||||||||
-Accrued interest, adjustments, price differences receivables and unearned discount | 696.1 | 696.7 | 713.7 | 830.3 | 924.7 | 11 | % | 33 | % | |||||||||||||||||||
Allowances | -1,258.7 | -1,355.3 | -1,360.2 | -1,496.0 | -1,528.8 | 2 | % | 21 | % | |||||||||||||||||||
Other receivables from financial intermediation | 3,990.5 | 3,445.3 | 4,830.2 | 3,295.3 | 5,996.4 | 82 | % | 50 | % | |||||||||||||||||||
Receivables from financial leases | 393.0 | 416.9 | 431.4 | 433.9 | 417.6 | -4 | % | 6 | % | |||||||||||||||||||
Investments in other companies | 11.3 | 11.1 | 10.6 | 10.9 | 11.1 | 2 | % | -2 | % | |||||||||||||||||||
Other receivables | 639.4 | 748.6 | 756.9 | 978.9 | 1,156.8 | 18 | % | 81 | % | |||||||||||||||||||
Other assets | 2,348.8 | 2,621.4 | 2,847.3 | 3,106.4 | 3,275.0 | 5 | % | 39 | % | |||||||||||||||||||
LIABILITIES | 69,035.7 | 75,208.3 | 81,697.3 | 89,075.9 | 98,045.5 | 10 | % | 42 | % | |||||||||||||||||||
Deposits | 58,397.9 | 64,575.1 | 69,458.7 | 76,521.6 | 83,772.0 | 9 | % | 43 | % | |||||||||||||||||||
From the non-financial government sector | 8,712.0 | 9,224.0 | 10,691.9 | 9,588.4 | 9,197.9 | -4 | % | 6 | % | |||||||||||||||||||
From the financial sector | 30.1 | 28.9 | 29.6 | 40.1 | 41.1 | 2 | % | 37 | % | |||||||||||||||||||
From the non-financial private sector and foreign residents | 49,655.8 | 55,322.2 | 58,737.2 | 66,893.1 | 74,533.0 | 11 | % | 50 | % | |||||||||||||||||||
-Checking accounts | 12,047.9 | 12,831.0 | 13,578.0 | 14,062.9 | 15,381.4 | 9 | % | 28 | % | |||||||||||||||||||
-Savings accounts | 10,691.8 | 13,157.8 | 13,150.0 | 15,507.9 | 15,836.7 | 2 | % | 48 | % | |||||||||||||||||||
-Time deposits | 24,610.8 | 27,228.3 | 29,634.6 | 34,719.8 | 40,359.4 | 16 | % | 64 | % | |||||||||||||||||||
-Other | 2,305.3 | 2,105.1 | 2,374.6 | 2,602.5 | 2,955.5 | 14 | % | 28 | % | |||||||||||||||||||
Other liabilities from financial intermediation | 6,660.2 | 6,768.9 | 7,923.1 | 7,537.4 | 9,111.0 | 21 | % | 37 | % | |||||||||||||||||||
Subordinated corporate bonds | 1,359.9 | 1,367.4 | 1,451.9 | 1,957.6 | 2,248.3 | 15 | % | 65 | % | |||||||||||||||||||
Other liabilities | 2,617.7 | 2,496.9 | 2,863.6 | 3,059.3 | 2,914.2 | -5 | % | 11 | % | |||||||||||||||||||
SHAREHOLDERS' EQUITY | 12,606.1 | 12,804.5 | 13,909.2 | 15,876.1 | 17,652.2 | 11 | % | 40 | % | |||||||||||||||||||
LIABILITIES + SHAREHOLDERS' EQUITY | 81,641.8 | 88,012.8 | 95,606.5 | 104,952.0 | 115,697.7 | 10 | % | 42 | % |
14 |
1Q16 Earnings Release |
QUARTERLY INCOME STATEMENT | MACRO consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | I15 | II15 | III15 | IV15 | I16 | Quarterly | Annualy | |||||||||||||||||||||
Financial income | 4,568.4 | 4,178.9 | 5,020.7 | 6,341.1 | 6,419.2 | 1 | % | 41 | % | |||||||||||||||||||
Interest on cash and due from banks | 0.0 | 0.1 | 0.0 | 0.1 | 0.3 | 200 | % | 100 | % | |||||||||||||||||||
Interest on loans to the financial sector | 20.0 | 22.2 | 31.7 | 14.1 | 32.8 | 133 | % | 64 | % | |||||||||||||||||||
Interest on overdrafts | 350.2 | 309.3 | 350.4 | 397.1 | 520.3 | 31 | % | 49 | % | |||||||||||||||||||
Interest on documents | 248.9 | 259.8 | 286.8 | 350.7 | 395.4 | 13 | % | 59 | % | |||||||||||||||||||
Interest on mortgage loans | 120.6 | 124.3 | 142.3 | 169.4 | 184.9 | 9 | % | 53 | % | |||||||||||||||||||
Interest on pledge loans | 83.6 | 94.7 | 103.8 | 102.9 | 100.5 | -2 | % | 20 | % | |||||||||||||||||||
Interest on credit card loans | 603.4 | 667.7 | 637.3 | 737.7 | 919.3 | 25 | % | 52 | % | |||||||||||||||||||
Interest on financial leases | 18.8 | 19.3 | 21.0 | 22.6 | 23.5 | 4 | % | 25 | % | |||||||||||||||||||
Interest on other loans | 1,880.9 | 2,052.5 | 2,309.5 | 2,568.9 | 2,784.9 | 8 | % | 48 | % | |||||||||||||||||||
Income from government & private securities, net | 1,105.4 | 483.4 | 931.9 | 1,465.2 | 1,015.6 | -31 | % | -8 | % | |||||||||||||||||||
Interest on other receivables from fin. intermediation | 1.3 | 1.1 | 1.2 | 0.5 | 1.2 | 140 | % | -8 | % | |||||||||||||||||||
Income from Guaranteed Loans - Decree 1387/01 | 7.1 | 5.1 | 6.3 | 6.6 | 7.0 | 6 | % | -1 | % | |||||||||||||||||||
CER adjustment | 9.3 | 1.2 | 23.1 | 24.9 | 56.9 | 129 | % | 512 | % | |||||||||||||||||||
CVS adjustment | 0.0 | 0.1 | 0.3 | 0.3 | 0.2 | -33 | % | 100 | % | |||||||||||||||||||
Difference in quoted prices of gold and foreign currency | 77.7 | 85.1 | 111.1 | 379.2 | 258.8 | -32 | % | 233 | % | |||||||||||||||||||
Other | 41.2 | 53.0 | 64.0 | 100.9 | 117.6 | 17 | % | 185 | % | |||||||||||||||||||
Financial expense | -1,873.7 | -2,061.8 | -2,276.9 | -2,630.3 | -3,153.9 | 20 | % | 68 | % | |||||||||||||||||||
Interest on saving accounts | -14.1 | -15.5 | -17.8 | -20.8 | -20.7 | 0 | % | 47 | % | |||||||||||||||||||
Interest on time deposits | -1,391.4 | -1,568.1 | -1,741.6 | -2,003.8 | -2,453.6 | 22 | % | 76 | % | |||||||||||||||||||
Interest on interfinancing received loans | -3.1 | -1.4 | -1.4 | -1.1 | -1.0 | -9 | % | -68 | % | |||||||||||||||||||
Interest on other financing from the financial institutions | 0.0 | 0.0 | 0.0 | 0.0 | -0.1 | 0 | % | 0 | % | |||||||||||||||||||
Interest on subordinated bonds | -31.9 | -32.5 | -34.0 | -37.8 | -53.6 | 42 | % | 68 | % | |||||||||||||||||||
Other Interest | -0.7 | -0.7 | -0.6 | -0.6 | -0.9 | 50 | % | 29 | % | |||||||||||||||||||
Interests on other liabilities from fin. intermediation | -22.4 | -23.1 | -24.1 | -26.4 | -35.7 | 35 | % | 59 | % | |||||||||||||||||||
CER adjustment | -1.2 | -1.4 | -1.1 | -0.9 | -3.5 | 289 | % | 192 | % | |||||||||||||||||||
Contribution to Deposit Guarantee Fund | -93.0 | -100.2 | -108.1 | -117.1 | -96.4 | -18 | % | 4 | % | |||||||||||||||||||
Other | -315.9 | -318.9 | -348.2 | -421.8 | -488.4 | 16 | % | 55 | % | |||||||||||||||||||
Net financial income | 2,694.7 | 2,117.1 | 2,743.8 | 3,710.8 | 3,265.3 | -12 | % | 21 | % | |||||||||||||||||||
Provision for loan losses | -201.7 | -217.3 | -138.1 | -320.0 | -178.2 | -44 | % | -12 | % | |||||||||||||||||||
Fee income | 1,308.6 | 1,457.9 | 1,576.0 | 1,772.9 | 1,737.9 | -2 | % | 33 | % | |||||||||||||||||||
Fee expense | -339.7 | -384.2 | -466.1 | -524.8 | -575.8 | 10 | % | 70 | % | |||||||||||||||||||
Net fee income | 968.9 | 1,073.7 | 1,109.9 | 1,248.1 | 1,162.1 | -7 | % | 20 | % | |||||||||||||||||||
Administrative expenses | -1,586.8 | -1,739.3 | -1,896.1 | -2,003.7 | -2,120.9 | 6 | % | 34 | % | |||||||||||||||||||
Minority interest in subsidiaries | -7.7 | -8.8 | -9.1 | -9.8 | -10.6 | 8 | % | 38 | % | |||||||||||||||||||
Net other income | -81.5 | 65.0 | -25.7 | 7.7 | 52.3 | 579 | % | -164 | % | |||||||||||||||||||
Earnings before income tax | 1,785.9 | 1,290.4 | 1,784.7 | 2,633.1 | 2,170.0 | -18 | % | 22 | % | |||||||||||||||||||
Income tax | -671.7 | -467.7 | -680.1 | -666.2 | -762.4 | 14 | % | 14 | % | |||||||||||||||||||
Net income | 1,114.2 | 822.7 | 1,104.6 | 1,966.9 | 1,407.6 | -28 | % | 26 | % |
15 |
1Q16 Earnings Release |
QUARTER ANNUALIZED RATIOS | MACRO consolidated | |||||||||||||||||||
I15 | II15 | III15 | IV15 | I16 | ||||||||||||||||
Profitability & performance | ||||||||||||||||||||
Net interest margin (1) | 20.8 | % | 14.8 | % | 16.8 | % | 19.6 | % | 16.7 | % | ||||||||||
Net interest margin adjusted (2) | 16.4 | % | 15.8 | % | 15.4 | % | 15.4 | % | 15.2 | % | ||||||||||
Net fee income ratio | 26.4 | % | 33.7 | % | 28.8 | % | 25.2 | % | 26.2 | % | ||||||||||
Efficiency ratio | 43.3 | % | 54.5 | % | 49.2 | % | 40.4 | % | 47.9 | % | ||||||||||
Net fee income as a percentage of adm expenses | 61.1 | % | 61.7 | % | 58.5 | % | 62.3 | % | 54.8 | % | ||||||||||
Return on average assets | 5.9 | % | 4.0 | % | 4.9 | % | 8.0 | % | 5.1 | % | ||||||||||
Return on average equity | 36.6 | % | 25.8 | % | 32.2 | % | 51.6 | % | 33.3 | % | ||||||||||
Liquidity | ||||||||||||||||||||
Loans as a percentage of total deposits | 83.8 | % | 81.4 | % | 83.0 | % | 83.4 | % | 76.0 | % | ||||||||||
Liquid assets as a percentage of total deposits | 39.5 | % | 40.2 | % | 38.2 | % | 38.4 | % | 44.4 | % | ||||||||||
Capital | ||||||||||||||||||||
Total equity as a percentage of total assets | 15.4 | % | 14.5 | % | 14.5 | % | 15.1 | % | 15.3 | % | ||||||||||
Regulatory capital as a percentage of risk weighted assets | 23.6 | % | 22.4 | % | 21.8 | % | 20.8 | % | 23.5 | % | ||||||||||
Asset Quality | ||||||||||||||||||||
Allowances over total loans | 2.6 | % | 2.6 | % | 2.4 | % | 2.3 | % | 2.4 | % | ||||||||||
Non-performing financing as a percentage of total financing | 1.9 | % | 1.9 | % | 1.8 | % | 1.5 | % | 1.5 | % | ||||||||||
Allowances as a percentage of non-performing financing | 131.9 | % | 131.2 | % | 129.9 | % | 151.0 | % | 151.5 | % |
(1) Net interest margin excluding difference in quote in foreign currency
(2) Net interest margin (excluding difference in quote in foreign currency) except income from government & private securities and guaranteed loans
ACCUMULATED ANNUALIZED RATIOS | MACRO consolidated | |||||||||||||||||||
I15 | II15 | III15 | IV15 | I16 | ||||||||||||||||
Profitability & performance | ||||||||||||||||||||
Net interest margin (1) | 20.8 | % | 17.6 | % | 17.3 | % | 17.9 | % | 16.7 | % | ||||||||||
Net interest margin adjusted (2) | 16.4 | % | 16.1 | % | 15.8 | % | 15.6 | % | 15.2 | % | ||||||||||
Net fee income ratio | 26.4 | % | 29.8 | % | 29.4 | % | 28.1 | % | 26.2 | % | ||||||||||
Efficiency ratio | 43.3 | % | 48.5 | % | 48.8 | % | 46.1 | % | 47.9 | % | ||||||||||
Net fee income as a percentage of adm expenses | 61.1 | % | 61.4 | % | 60.4 | % | 60.9 | % | 54.8 | % | ||||||||||
Return on average assets | 5.9 | % | 4.9 | % | 4.9 | % | 5.8 | % | 5.1 | % | ||||||||||
Return on average equity | 36.6 | % | 31.1 | % | 31.5 | % | 37.2 | % | 33.3 | % | ||||||||||
Liquidity | ||||||||||||||||||||
Loans as a percentage of total deposits | 83.8 | % | 81.4 | % | 83.0 | % | 83.4 | % | 76.0 | % | ||||||||||
Liquid assets as a percentage of total deposits | 39.5 | % | 40.2 | % | 38.2 | % | 38.4 | % | 44.4 | % | ||||||||||
Capital | ||||||||||||||||||||
Total equity as a percentage of total assets | 15.4 | % | 14.5 | % | 14.5 | % | 15.1 | % | 15.3 | % | ||||||||||
Regulatory capital as a percentage of risk weighted assets | 23.6 | % | 22.4 | % | 21.8 | % | 20.8 | % | 23.5 | % | ||||||||||
Asset Quality | ||||||||||||||||||||
Allowances over total loans | 2.6 | % | 2.6 | % | 2.4 | % | 2.3 | % | 2.4 | % | ||||||||||
Non-performing financing as a percentage of total financing | 1.9 | % | 1.9 | % | 1.8 | % | 1.5 | % | 1.5 | % | ||||||||||
Allowances as a percentage of non-performing financing | 131.9 | % | 131.2 | % | 129.9 | % | 151.0 | % | 151.5 | % |
(1) Net interest margin excluding difference in quote in foreign currency
(2) Net interest margin (excluding difference in quote in foreign currency) except income from government & private securities and guaranteed loans
16 |
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: April 21, 2016
MACRO BANK INC. | |||
By: | /s/ Juan Pablo Brito Devoto | ||
Name: Juan Pablo Brito Devoto | |||
Title: Director |
1 Year Banco Macro Chart |
1 Month Banco Macro Chart |
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