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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 | |
---|---|---|---|---|---|---|---|---|
2.30 | 4.69% | 51.38 | 51.38 | 49.08 | 49.49 | 386,590 | 01:00:00 |
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
February 19, 2018
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 |
4Q17 Earnings Release |
Banco Macro Announces Results for the Fourth Quarter of 2017
Buenos Aires, Argentina, February 19, 2018 – Banco Macro S.A. (NYSE: BMA; BCBA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the fourth quarter ended December 31, 2017 (“4Q17”). All figures are in Argentine pesos (Ps.) and have been prepared in accordance with Argentine GAAP.
Summary
· The Bank’s net income totaled Ps.3.01 billion in 4Q17. This result was 16% higher than the Ps.2.60 billion posted in the third quarter of 2017 (“3Q17”) and 78% higher than the result posted in the fourth quarter of 2016 (“4Q16”). In 4Q17, the accumulated annualized return on average equity (“ROAE”) and the accumulated annualized return on average assets (“ROAA”) were 28.6% and 5.2%, respectively. Net Income of Ps.9.39 billion in FY2017 was 44% higher than net income in FY2016.
· In 4Q17, Banco Macro’s financing to the private sector grew 10% or Ps.11.7 billion quarter over quarter (“QoQ”) totaling Ps.129.1 billion and increased 49% or Ps. 42.2 billion year over year (“YoY”). In the quarter, growth was driven by commercial loans, among which Documents and Others stand out, which grew 20% and 10% QoQ, respectively. Meanwhile within consumer loans, mortgage loans, credit cards and personal loans rose 29% and 16% and 12% QoQ, respectively.
· In 4Q17, the accumulated efficiency ratio reached 42.5%, lower than the 43.2% posted in 3Q17 and the 47.5% in 4Q16. Net fee income over administrative expenses was 56.8%, higher than the 53.8% registered in 4Q16.
· In 4Q17, Banco Macro’s total deposits grew 6% QoQ, totaling Ps.144.2 billion and representing 80% of the Bank’s total liabilities. Private sector deposits grew 9% QoQ.
· Banco Macro continued showing a strong solvency ratio, with excess capital of Ps.35.1 billion (28.1% regulatory capital ratio – Basel III). In addition, the Bank’s liquid assets remained at an adequate level, reaching 50.4% of its total deposits in 4Q17.
· In 4Q17, the Bank’s non-performing to total financing ratio was 1.07% and the coverage ratio reached 183.14%.
4Q17 Earnings Release Conference Call
Wednesday, February 21, 2018 Time: 11:00 a.m. Eastern Time | 1:00 p.m. Buenos Aires Time |
IR Contacts in Buenos Aires :
Jorge Scarinci Chief Financial Officer |
|||
To participate, please dial: Argentina Toll Free: (0800) 444 2930 Participants Dial In (Toll Free): +1 (844) 839 2185 Participants International Dial In: +1 (412) 317 2506
Conference ID: Banco Macro Webcast: click here |
Webcast Replay: click here
Available from 02/21/2018 through 03/07/2018
|
Nicolás A. Torres
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 (Director), Gustavo Manriquez (CEO), Jorge Scarinci (CFO)
4Q17 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 |
4Q17 Earnings Release |
Results
Earnings per outstanding share were Ps.4.50 in 4Q17, 16% higher than in 3Q17 and 55% higher than 4Q16. On a yearly basis a 78% increase in net income was experienced while the average number of shares outstanding grew 15%.
EARNINGS PER SHARE | MACRO Consolidated | Variation | ||||||||||||||||||||||||||||||
In MILLION $ | 4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | 2016 | 2017 | FY17/FY16 | ||||||||||||||||||||||||
Net income (M $) | 1,695.3 | 1,764.0 | 2,015.3 | 2,597.8 | 3,011.7 | 6,540.8 | 9,388.8 | 44 | % | |||||||||||||||||||||||
Average # of shares outstanding (M) | 584.5 | 584.5 | 593.5 | 668.2 | 669.7 | 584.5 | 629.3 | 8 | % | |||||||||||||||||||||||
Book value per avg. Outstanding share ($) | 37.82 | 40.84 | 60.40 | 60.00 | 64.4 | 37.8 | 68.5 | 81 | % | |||||||||||||||||||||||
Shares Outstanding (M) | 584.5 | 584.5 | 658.5 | 669.7 | 669.7 | 584.5 | 669.7 | 15 | % | |||||||||||||||||||||||
Earnings per avg. outstanding share ($) | 2.90 | 3.02 | 3.40 | 3.89 | 4.50 | 11.19 | 14.92 | 33 | % | |||||||||||||||||||||||
Book value per avg. issued ADS (USD) | 23.86 | 26.55 | 36.39 | 34.65 | 34.31 | 23.86 | 34.31 | 44 | % | |||||||||||||||||||||||
Earnings per avg. outstanding ADS (USD) | 1.83 | 1.96 | 2.05 | 2.24 | 2.40 | 7.06 | 8.65 | 22 | % |
Banco Macro’s 4Q17 net income of Ps.3.01 billion was 16% or Ps.414 million higher than the previous quarter and 78% or Ps.1.3 billion higher YoY.
In FY2017 Banco Macro´s net income was Ps.9.39 billion, 44% higher than the Ps.6.54 billion posted in FY2016. This result represented a ROAE and ROAA of 28.6% and 5.2% respectively.
The operating result for 4Q17 was Ps.4.92 billion, increasing 13% or Ps.559 million QoQ and 89% or Ps.2.3 billion on a yearly basis. Had Income from government and private securities and income on guaranteed loans and in CER adjustments been excluded, operating result would have been 150% higher than the result posted in 4Q16
In FY2017, the operating result of Ps.15.80 billion was 59% higher than the FY2016 result.
It is important to emphasize that this result was obtained with a leverage of 5.2x assets to equity ratio.
INCOME STATEMENT | MACRO Consolidated | Variation | ||||||||||||||||||||||||||||||
In MILLION $ | 4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | 2016 | 2017 | FY17/FY16 | ||||||||||||||||||||||||
Net financial income | 4,242.1 | 4,640.4 | 5,244.8 | 6,026.7 | 7,042.7 | 15,634.5 | 22,954.6 | 47 | % | |||||||||||||||||||||||
Provision for loan losses | -354.0 | -361.4 | -469.0 | -342.5 | -422.3 | -1,073.1 | -1,595.2 | 49 | % | |||||||||||||||||||||||
Net fee income | 1,532.2 | 1,667.0 | 1,800.2 | 1,874.3 | 1,962.8 | 5,364.9 | 7,304.3 | 36 | % | |||||||||||||||||||||||
5,420.3 | 5,946.0 | 6,576.0 | 7,558.5 | 8,583.2 | 19,926.3 | 28,663.7 | 44 | % | ||||||||||||||||||||||||
Administrative expenses | -2,814.8 | -2,963.5 | -3,044.2 | -3,195.0 | -3,660.3 | -9,970.7 | -12,863.0 | 29 | % | |||||||||||||||||||||||
Operating result | 2,605.5 | 2,982.5 | 3,531.8 | 4,363.5 | 4,922.9 | 9,955.6 | 15,800.7 | 59 | % | |||||||||||||||||||||||
Minority interest in subsidiaries | -16.7 | -15.8 | -19.1 | -19.2 | -30.7 | -54.6 | -84.8 | 55 | % | |||||||||||||||||||||||
Net other income | -52.7 | -0.8 | -189.0 | -92.1 | -261.0 | 117.2 | -542.9 | -563 | % | |||||||||||||||||||||||
Net income before income tax | 2,536.1 | 2,965.9 | 3,323.7 | 4,252.2 | 4,631.2 | 10,018.2 | 15,173.0 | 51 | % | |||||||||||||||||||||||
Income tax | -840.8 | -1,201.9 | -1,308.4 | -1,654.4 | -1,619.5 | -3,477.4 | -5,784.2 | 66 | % | |||||||||||||||||||||||
NET INCOME | 1,695.3 | 1,764.0 | 2,015.3 | 2,597.8 | 3,011.7 | 6,540.8 | 9,388.8 | 44 | % |
The Bank’s 4Q17 financial income totaled Ps.11.0 billion, increasing 15% (Ps.1.4 billion) compared to 3Q17 and increasing 45% (Ps.3.4 billion) YoY.
In FY2017, financial income totaled Ps.36.5 billion, 26% higher than in FY2016.
3 |
4Q17 Earnings Release |
Interest on loans represented 73% of total financial income in 4Q17. Interest on loans was 13% or Ps.912 million higher than 3Q17’s level due to an 11% increase in the average volume of the loan portfolio and a 60bp increase in the average interest lending rates. On an annual basis, interest on loans grew 38% or Ps.2.2 billion.
In FY2017, interest on loans totaled Ps.27.5 billion, 27% higher than in FY2016; this was as a result of a 51% increase in average private sector loans and a 486bp decrease in lending interest rates.
In 4Q17, net income from government and private securities increased 35% or Ps.630 million QoQ, mainly due to higher LEBACs income and income from other government and private securities. On an annual basis, net income from government and private securities grew 52% or Ps.826 million.
In FY2017, net income from government and private securities totaled Ps.6.4 billion, and was 3% higher compared to FY2016.
In the quarter, an increase of 117% or Ps.66 million in income from Guaranteed Loans and in CER Adjustment was observed (mainly related to UVA mortgage loans). On an annual basis, income from Guaranteed Loans and in CER Adjustment increased 84% or Ps.56 million.
Income from differences in quoted prices of gold and foreign currency decreased 49% or Ps.299 million QoQ mainly due to an 85% decrease in foreign currency position in 4Q17. On an annual basis, an increase of Ps.229 million was experienced.
Also in the quarter, other financial income increased 179% or Ps.83 million compared to 3Q17 mainly due to higher rates on reverse repurchase agreements. On an annual basis, an increase of 244% or Ps.92 million was experienced.
FINANCIAL INCOME | MACRO Consolidated | Variation | ||||||||||||||||||||||||||||||
In MILLION $ | 4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | 2016 | 2017 | FY17/FY16 | ||||||||||||||||||||||||
Interest on cash and due from banks | 0.1 | 0.8 | 0.1 | 6.1 | 6.7 | 1.2 | 13.7 | 1042 | % | |||||||||||||||||||||||
Interest on loans to the financial sector | 88.0 | 101.2 | 98.9 | 125.5 | 177.5 | 248.1 | 503.1 | 103 | % | |||||||||||||||||||||||
Interest on overdrafts | 650.5 | 650.4 | 621.4 | 679.0 | 752.7 | 2,494.4 | 2,703.5 | 8 | % | |||||||||||||||||||||||
Interest on documents | 399.7 | 374.0 | 390.1 | 430.0 | 492.2 | 1,559.1 | 1,686.3 | 8 | % | |||||||||||||||||||||||
Interest on mortgages loans | 176.6 | 179.0 | 186.6 | 201.9 | 216.1 | 729.8 | 783.6 | 7 | % | |||||||||||||||||||||||
Interest on pledges loans | 86.3 | 97.7 | 111.2 | 126.8 | 140.0 | 360.7 | 475.7 | 32 | % | |||||||||||||||||||||||
Interest on credit cards loans | 1,041.1 | 1,071.8 | 1,085.9 | 1,064.3 | 1,212.3 | 3,950.9 | 4,434.3 | 12 | % | |||||||||||||||||||||||
Interest on financial leases | 20.6 | 20.1 | 22.2 | 28.6 | 32.2 | 89.9 | 103.1 | 15 | % | |||||||||||||||||||||||
Interest on other loans | 3,333.6 | 3,565.4 | 3,906.3 | 4,415.6 | 4,960.5 | 12,197.6 | 16,847.8 | 38 | % | |||||||||||||||||||||||
Net Income from government & private securities (1) | 1,583.0 | 868.9 | 1,360.7 | 1,778.7 | 2,409.1 | 6,222.8 | 6,417.4 | 3 | % | |||||||||||||||||||||||
Interest on other receivables from financial interm. | 1.6 | 0.9 | 4.0 | 2.3 | 1.1 | 6.2 | 8.3 | 34 | % | |||||||||||||||||||||||
Income from Guaranteed Loans - Decree 1387/01 | 8.9 | 3.1 | 0.0 | 0.1 | 0.0 | 33.7 | 3.2 | -91 | % | |||||||||||||||||||||||
CER adjustment | 57.7 | 28.6 | 32.2 | 56.3 | 122.4 | 255.9 | 239.5 | -6 | % | |||||||||||||||||||||||
CVS adjustment | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | 0.8 | 0.6 | -25 | % | |||||||||||||||||||||||
Difference in quoted prices of gold and foreign currency | 86.9 | 159.5 | 423.9 | 614.5 | 315.6 | 516.9 | 1,513.5 | 193 | % | |||||||||||||||||||||||
Other | 37.8 | 478.9 | 110.9 | 46.6 | 130.0 | 267.3 | 766.4 | 187 | % | |||||||||||||||||||||||
Total financial income | 7,572.6 | 7,600.4 | 8,354.5 | 9,576.5 | 10,968.6 | 28,935.3 | 36,500.0 | 26 | % | |||||||||||||||||||||||
Income from Interest on loans | 5,796.4 | 6,059.6 | 6,422.6 | 7,071.7 | 7,983.5 | 21,630.5 | 27,537.4 | 27 | % | |||||||||||||||||||||||
(1) Net Income from government & private securities | ||||||||||||||||||||||||||||||||
LEBACs | 1,200.8 | 537.5 | 1,270.5 | 1603.6 | 1,984.2 | 4,046.0 | 5,395.7 | 33 | % | |||||||||||||||||||||||
Other Govermnet & Private Securities | 382.2 | 331.4 | 90.2 | 175.1 | 424.9 | 2,176.8 | 1,021.7 | -53 | % | |||||||||||||||||||||||
Net Income from government & private securities | 1,583.0 | 868.9 | 1,360.7 | 1,778.7 | 2,409.1 | 6,222.8 | 6,417.4 | 3 | % |
The Bank’s 4Q17 financial expense totaled Ps.3.9 billion, increasing 11% (Ps.376 million) compared to the previous quarter and 18% (Ps.595 million) compared to 4Q16.
In FY2017, financial expense totaled Ps.13.5 billion, 2% higher than in FY2016.
In 4Q17, interest on deposits represented 68% of the Bank’s total financial expense, increasing 11% or Ps.266 million QoQ. This increase was mainly driven by a 6% increase of the average volume of time deposits and an 80bp increase in the average time deposit interest rate. On a yearly basis, interest on deposits grew 7% or Ps.175 million.
4 |
4Q17 Earnings Release |
In FY2017, interest on deposits totaled Ps.9.3 billion, 10% lower than in FY2016, as a consequence of a 554bp decrease in time deposit interest rates and a 21% increase in the average volume of time deposits.
Other financial expense grew 12% or Ps.94million QoQ mainly due to higher provincial taxes and increased 32% or Ps.207 million YoY.
FINANCIAL EXPENSE | MACRO Consolidated | Variation | ||||||||||||||||||||||||||||||
In MILLION $ | 4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | 2016 | 2017 | FY17/FY16 | ||||||||||||||||||||||||
Interest on checking accounts | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0 | % | |||||||||||||||||||||||
Interest on saving accounts | 23.5 | 24.0 | 26.1 | 30.7 | 29.4 | 89.9 | 110.2 | 23 | % | |||||||||||||||||||||||
Interest on time deposits | 2,452.8 | 2,109.8 | 2,117.0 | 2,354.2 | 2,621.8 | 10,283.7 | 9,202.8 | -11 | % | |||||||||||||||||||||||
Interest on interfinancing received loans | 1.2 | 1.4 | 2.1 | 10.1 | 4.6 | 3.0 | 18.2 | 507 | % | |||||||||||||||||||||||
Interest on other financing from the finan. institu. | -0.5 | 0.0 | 0.5 | 5.0 | 4.3 | 0.0 | 9.8 | 100 | % | |||||||||||||||||||||||
Interest on subordinated bonds | 117.2 | 105.2 | 106.9 | 117.8 | 122.6 | 277.2 | 452.5 | 63 | % | |||||||||||||||||||||||
Other Interest | 0.8 | 0.7 | 0.7 | 0.8 | 1.0 | 4.2 | 3.2 | -24 | % | |||||||||||||||||||||||
Interest on other liabilities from fin intermediation | 38.9 | 16.2 | 122.3 | 210.8 | 214.3 | 145.8 | 563.6 | 287 | % | |||||||||||||||||||||||
CER adjustment | 2.9 | 2.8 | 5.1 | 4.2 | 12.5 | 12.1 | 24.6 | 103 | % | |||||||||||||||||||||||
Contribution to Deposit Guarantee Fund | 44.5 | 49.4 | 50.5 | 54.2 | 59.4 | 215.0 | 213.5 | -1 | % | |||||||||||||||||||||||
Other | 649.2 | 650.5 | 678.5 | 762.0 | 856.0 | 2,269.9 | 2,947.0 | 30 | % | |||||||||||||||||||||||
Total financial expense | 3,330.5 | 2,960.0 | 3,109.7 | 3,549.8 | 3,925.9 | 13,300.8 | 13,545.4 | 2 | % | |||||||||||||||||||||||
Financial Expenses from interest on deposits | 2,476.3 | 2,133.8 | 2,143.1 | 2,384.9 | 2,651.2 | 10,373.6 | 9,313.0 | -10 | % |
As of 4Q17, the Bank’s accumulated net interest margin was 17.7%, higher than the 17.3% posted in 3Q17 and lower than the 18.2% posted in 4Q16. Had income from government and private securities and guaranteed loans including CER adjustments been excluded, the Bank’s accumulated net interest margin would have been 16.1% in 4Q17, slightly lower than the 16.2% posted in 3Q17 and higher than the 15.3% posted in 4Q16.
ASSETS & LIABILITIES PERFORMANCE | MACRO Consolidated | |||||||||||||||||||||||||||||||||||||||
In MILLON $ | 4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | |||||||||||||||||||||||||||||||||||
Yields & rates in annualized nominal % |
AVERAGE
BALANCE |
INT |
AVERAGE
BALANCE |
INT |
AVERAGE
BALANCE |
INT |
AVERAGE
BALANCE |
INT |
AVERAGE
BALANCE |
INT | ||||||||||||||||||||||||||||||
Interest-earning assets | ||||||||||||||||||||||||||||||||||||||||
Goverment Securities | 25,904.9 | 23.2 | % | 14,625.4 | 22.9 | % | 24,753.8 | 21.7 | % | 31,533.9 | 21.2 | % | 31,490.5 | 26.5 | % | |||||||||||||||||||||||||
Loans | 80,012.5 | 29.2 | % | 89,747.5 | 27.6 | % | 98,881.9 | 26.2 | % | 112,017.0 | 25.2 | % | 124,154.3 | 25.9 | % | |||||||||||||||||||||||||
Private Sector | 78,975.2 | 29.1 | % | 88,893.2 | 27.5 | % | 98,275.7 | 26.2 | % | 110,316.1 | 25.2 | % | 122,336.1 | 25.8 | % | |||||||||||||||||||||||||
Public Sector | 1,037.3 | 35.2 | % | 854.3 | 32.8 | % | 606.2 | 28.5 | % | 1,700.9 | 28.3 | % | 1,818.2 | 32.0 | % | |||||||||||||||||||||||||
Financial trusts | 393.5 | 35.3 | % | 739.1 | 25.9 | % | 697.7 | 25.4 | % | 765.3 | 26.0 | % | 803.2 | 21.0 | % | |||||||||||||||||||||||||
Other interest-earning assets | 2,586.2 | 11.4 | % | 9,578.4 | 19.4 | % | 3,296.4 | 11.1 | % | 4,043.5 | 9.3 | % | 5,196.4 | 30.7 | % | |||||||||||||||||||||||||
Total interest-earning assets | 108,897.1 | 27.3 | % | 114,690.4 | 26.3 | % | 127,629.8 | 24.9 | % | 148,359.7 | 24.0 | % | 161,644.4 | 26.1 | % | |||||||||||||||||||||||||
Non interest-earning assets | 38,880.4 | 41,251.0 | 38,319.7 | 46,129.8 | 46,129.8 | |||||||||||||||||||||||||||||||||||
Total Average Assets | 147,777.5 | 155,941.4 | 165,949.5 | 194,489.5 | 210,280.6 | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||
Checking accounts (*) | 1,727.6 | 0.0 | % | 1,051.7 | 0.0 | % | 1,639.3 | 0.0 | % | 1,728.4 | 0.0 | % | 1,213.6 | 0.0 | % | |||||||||||||||||||||||||
Saving accounts (*) | 20,217.1 | 0.5 | % | 24,245.1 | 0.4 | % | 26,043.1 | 0.4 | % | 30,764.4 | 0.4 | % | 34,134.3 | 0.3 | % | |||||||||||||||||||||||||
Time deposits (*) | 54,751.6 | 17.8 | % | 54,146.9 | 15.8 | % | 54,977.2 | 15.5 | % | 61,526.7 | 15.2 | % | 65,208.9 | 16.0 | % | |||||||||||||||||||||||||
Corporate Bonds | 7,561.5 | 8.0 | % | 6,932.6 | 6.8 | % | 9,100.5 | 9.9 | % | 11,641.8 | 10.9 | % | 11,735.2 | 11.1 | % | |||||||||||||||||||||||||
BCRA | 0.2 | 0.0 | % | 0.2 | 0.0 | % | 0.2 | 0.0 | % | 0.1 | 0.0 | % | 0.1 | 0.0 | % | |||||||||||||||||||||||||
Other interest-bearing liabilities | 543.3 | 15.2 | % | 571.4 | 17.7 | % | 560.9 | 13.8 | % | 2,261.0 | 13.1 | % | 1,724.5 | 11.2 | % | |||||||||||||||||||||||||
Total interest-bearing liabilities | 84,801.3 | 12.4 | % | 84,801.3 | 10.6 | % | 92,321.2 | 10.4 | % | 107,922.4 | 10.2 | % | 114,016.6 | 10.6 | % | |||||||||||||||||||||||||
Non interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||
Demand deposits (*) (*) | 30,224.8 | 33,339.6 | 33,383.3 | 32,794.1 | 37,444.6 | |||||||||||||||||||||||||||||||||||
Other non interest-bearing libilities & equity | 32,751.4 | 35,653.9 | 40,245.0 | 53,773.0 | 58,819.4 | |||||||||||||||||||||||||||||||||||
Total non interest-bearing liab. & equity | 62,976.2 | 68,993.5 | 73,628.3 | 86,567.1 | 96,264.0 | |||||||||||||||||||||||||||||||||||
Total Average Liabilities & Equity | 147,777.5 | 155,941.4 | 165,949.5 | 194,489.5 | 210,280.6 | |||||||||||||||||||||||||||||||||||
Assets Performance | 7,485.0 | 7,439.8 | 7,931.7 | 8,958.7 | 10,649.7 | |||||||||||||||||||||||||||||||||||
Liabilities Performance | 2,652.4 | 2,278.3 | 2,390.8 | 2,782.4 | 3,036.2 | |||||||||||||||||||||||||||||||||||
Net Interest Income | 4,832.6 | 5,161.5 | 5,540.9 | 6,176.3 | 7,613.5 | |||||||||||||||||||||||||||||||||||
Total interest-earning assets | 108,897.1 | 114,690.4 | 127,629.8 | 148,359.7 | 161,644.4 | |||||||||||||||||||||||||||||||||||
Net Interest Margin (NIM) | 17.7 | % | 18.3 | % | 17.4 | % | 16.5 | % | 18.7 | % |
(*) The average cost of funds is calculated only considering deposits with and without interest-bearnig cost.
5 |
4Q17 Earnings Release |
In 4Q17, Banco Macro’s net fee income totaled Ps.2.0 billion, 5% or Ps.89 million higher than 3Q17, and 28% or Ps.431 million higher than 4Q16.
In the quarter, fee income increased 6% or Ps.175 million. Fees charged on debit and credit card and deposit accounts fees stand out, which increased 8% and 4% respectively. On a yearly basis, fee income increased 27% or Ps.615 million, having the same concepts stand out (25% increase each).
In the quarter, total fee expenses grew 10% or Ps.87 million, with higher charges paid to debit/credit card brands and higher other fee expenses (13% and 10% increase respectively). On a yearly basis, fee expenses increased 24% or Ps.184 million, with similar concepts standing out (33% and 52% respectively).
In FY2017, net fee income totaled, Ps.7.3 billion, 36% higher than in FY2016.
NET FEE INCOME | MACRO Consolidated | Variation | ||||||||||||||||||||||||||||||
In MILLION $ | 4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | 2016 | 2017 | FY17/FY16 | ||||||||||||||||||||||||
Fee charges on deposit accounts | 1,296.1 | 1,377.5 | 1,467.0 | 1,563.2 | 1,623.7 | 4,597.2 | 5,946.2 | 29 | % | |||||||||||||||||||||||
Debit and credit card fees | 685.4 | 694.5 | 707.0 | 793.4 | 855.3 | 2,538.4 | 3,135.9 | 24 | % | |||||||||||||||||||||||
Other fees related to foreign trade | 33.4 | 33.0 | 36.3 | 44.5 | 47.0 | 134.8 | 160.8 | 19 | % | |||||||||||||||||||||||
Credit-related fees | 69.6 | 55.9 | 96.5 | 66.2 | 72.3 | 152.6 | 290.9 | 91 | % | |||||||||||||||||||||||
Lease of safe-deposit boxes | 35.1 | 37.4 | 42.7 | 44.5 | 49.0 | 119.9 | 173.6 | 45 | % | |||||||||||||||||||||||
Other | 188.3 | 203.0 | 226.0 | 235.3 | 275.2 | 425.8 | 939.0 | 121 | % | |||||||||||||||||||||||
Total fee income | 2,307.9 | 2,401.3 | 2,575.5 | 2,747.1 | 2,922.5 | 7,968.7 | 10,646.4 | 34 | % | |||||||||||||||||||||||
Debit and Credit card expenses | 380.8 | 364.7 | 402.7 | 447.3 | 505.8 | 1,295.4 | 1,720.5 | 33 | % | |||||||||||||||||||||||
Turnover tax and municipal assessments | 119.2 | 137.7 | 151.6 | 166.3 | 180.9 | 427.5 | 636.5 | 49 | % | |||||||||||||||||||||||
Comission paid to lending agencies | 47.3 | 34.7 | 44.5 | 59.2 | 52.4 | 255.8 | 190.8 | -25 | % | |||||||||||||||||||||||
Foreign trade comissions | 5.0 | 4.2 | 4.2 | 5.5 | 6.2 | 12.3 | 20.1 | 63 | % | |||||||||||||||||||||||
Others | 223.4 | 193.0 | 172.3 | 194.5 | 214.4 | 612.8 | 774.2 | 26 | % | |||||||||||||||||||||||
Total fee expense | 775.7 | 734.3 | 775.3 | 872.8 | 959.7 | 2,603.8 | 3,342.1 | 28 | % | |||||||||||||||||||||||
Net fee income | 1,532.2 | 1,667.0 | 1,800.2 | 1,874.3 | 1,962.8 | 5,364.9 | 7,304.3 | 36 | % |
In 4Q17 Banco Macro’s administrative expenses totaled Ps.3.7 billion, 15% or Ps.465 million higher than the previous quarter. Administrative expenses increased 30% or Ps.845 million YoY due to an increase in personnel expenses (mainly higher salaries and other concepts) and other operating expenses.
Personnel expenses grew 13% or Ps.245 million QoQ, basically due to the back pay originated on 2017 inflation being higher than the salary increase agreed with the Union at the beginning of the year. On yearly basis personnel expenses increased 27% or Ps.453 million.
In FY2017, administrative expenses totaled Ps.12.9 billion, 29% higher than in FY2016.
As of December 2017, the accumulated efficiency ratio reached 42.5%, compared to the 43.3% posted in 3Q17 and 47.5 posted in 4Q16. In FY2017 Administrative expenses grew 29%, in line with the Bank’s focus of improving efficiency, while net financial income and net fee income grew 44% as whole.
6 |
4Q17 Earnings Release |
In 4Q17, the Bank’s net other income/losses totaled a Ps.261 million loss. This loss was due to Other income totaling Ps.241 (12% or Ps. 26 million higher than in 3Q17)among which Others stand out (mostly income from Banco Macro’s stake in Prisma); and Other expense totaling Ps.502 million (63% higher than in 3Q17), among which Charges for other receivables uncollectibility and other allowances stand out.
In FY2017, net other income/losses totaled a Ps.543 million loss, compared to the Ps.117.2 million gain in FY2016.
NET OTHER INCOME/LOSSES | MACRO Consolidated | Variation | ||||||||||||||||||||||||||||||
In MILLION $ | 4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | 2016 | 2017 | FY17/FY16 | ||||||||||||||||||||||||
Other Income | ||||||||||||||||||||||||||||||||
Penalty interest | 19.5 | 17.0 | 19.3 | 26.4 | 21.8 | 83.1 | 84.5 | 2 | % | |||||||||||||||||||||||
Recovered loans and reversed allowances | 85.5 | 88.2 | 139.3 | 65.9 | 53.9 | 229.6 | 347.3 | 51 | % | |||||||||||||||||||||||
Other | 49.3 | 39.3 | 145.5 | 123.5 | 165.7 | 285.8 | 474.0 | 66 | % | |||||||||||||||||||||||
Total Other Income | 154.3 | 144.5 | 304.1 | 215.8 | 241.4 | 598.5 | 905.8 | 51 | % | |||||||||||||||||||||||
Other Expense | ||||||||||||||||||||||||||||||||
Charges for other receivables uncollectibility and other allowances | 79.7 | 69.6 | 134.8 | 171.4 | 343.2 | 203.3 | 719.2 | 254 | % | |||||||||||||||||||||||
Goodwill amortization | 1.4 | 1.4 | 1.4 | 1.4 | 16.4 | 10.1 | 20.6 | 104 | % | |||||||||||||||||||||||
Other Expense | 125.9 | 74.3 | 356.9 | 135.1 | 142.8 | 267.9 | 709.1 | 165 | % | |||||||||||||||||||||||
Total Other Expense | 207.0 | 145.3 | 493.1 | 307.9 | 502.4 | 481.3 | 1,448.9 | 201 | % | |||||||||||||||||||||||
Net Other Income/Losses | -52.7 | -0.8 | -189.0 | -92.1 | -261.0 | 117.2 | -543.1 | -563 | % |
In FY2017, Banco Macro's effective income tax rate was 38.1%, compared to 34.7% in FY2016.
Financial Assets
Private sector financing
The volume of “core” financing to the private sector (including loans, financial trust and leasing portfolio) totaled Ps.129.1 billion, increasing 10% or Ps.11.7 billion QoQ and 49% or Ps.42.2 billion YoY.
Within commercial loans, growth was driven by documents and others, which grew 20% and 10% QoQ, respectively.
7 |
4Q17 Earnings Release |
The growth in consumer loans was mainly driven by mortgage loans, credit card loans, and personal loans which grew 29%, 16% and 12% QoQ, respectively.
As of 4Q17, Banco Macro´s market share over private sector loans was 7.9%.
FINANCING TO THE PRIVATE SECTOR | MACRO Consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | 4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | QoQ | YoY | |||||||||||||||||||||
Overdrafts | 8,837.7 | 10,264.7 | 9,638.2 | 12,170.4 | 8,829.3 | -27 | % | 0 | % | |||||||||||||||||||
Discounted documents | 11,198.9 | 10,679.5 | 12,332.3 | 14,435.9 | 17,272.1 | 20 | % | 54 | % | |||||||||||||||||||
Mortgages loans | 4,158.6 | 4,498.2 | 5,195.5 | 6,247.0 | 8,057.5 | 29 | % | 94 | % | |||||||||||||||||||
Pledges loans | 2,285.1 | 2,471.5 | 3,263.4 | 3,551.3 | 4,150.1 | 17 | % | 82 | % | |||||||||||||||||||
Personal loans | 29,784.8 | 33,365.0 | 37,342.5 | 42,361.4 | 47,376.8 | 12 | % | 59 | % | |||||||||||||||||||
Credit Card loans | 18,851.6 | 19,526.1 | 20,590.9 | 21,507.2 | 24,971.9 | 16 | % | 32 | % | |||||||||||||||||||
Others | 10,465.8 | 11,739.1 | 15,281.5 | 15,356.2 | 16,884.7 | 10 | % | 61 | % | |||||||||||||||||||
Total loan portfolio | 85,582.5 | 92,544.1 | 103,644.3 | 115,629.4 | 127,542.4 | 10 | % | 49 | % | |||||||||||||||||||
Financial trusts | 954.7 | 1,028.8 | 1,121.5 | 1,281.8 | 1,011.8 | -21 | % | 6 | % | |||||||||||||||||||
Leasing | 369.1 | 376.9 | 478.9 | 524.6 | 585.0 | 12 | % | 58 | % | |||||||||||||||||||
Total financing to the private sector | 86,906.3 | 93,949.8 | 105,244.7 | 117,435.8 | 129,139.2 | 10 | % | 49 | % | |||||||||||||||||||
Market share over loan portfolio | 8.1 | % | 8.3 | % | 8.3 | % | 8.2 | % | 7.9 | % |
Public Sector Assets
In 4Q17, the Bank’s public sector assets (excluding LEBACs) to total assets ratio was 1.5%, lower than the 2.5% posted in 3Q17 and the 3.7% posted in 4Q16.
In 4Q17, a 55% or Ps.1.7 billion decrease in other government securities position (peso denominated securities) stands out.
8 |
4Q17 Earnings Release |
Funding
Deposits
Banco Macro’s deposit base totaled Ps.144.2 billion in 4Q17, growing 6% or Ps.7.6 billion QoQ and 29% or Ps.32.3 billion YoY and representing 80% of the Bank’s total liabilities.
On a quarterly basis, private sector deposits increased 9% or Ps.11.2 billion while public sector deposits decreased 22% or Ps.3.6 billion. Within private sector deposits, sight deposits grew 17% or Ps.9.3 billion, and time deposits grew 4% or Ps.2.5 billion QoQ. Also in the quarter peso deposits increased 11% or Ps.10.0 billion while foreign currency deposits decreased 4% or USD 55 million.
As of 4Q17, Banco Macro´s market share over private sector deposits was 6.7%.
DEPOSITS | MACRO Consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | 4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | QoQ | YoY | |||||||||||||||||||||
Public sector | 9,552.2 | 13,007.6 | 10,804.0 | 16,461.9 | 12,890.7 | -22 | % | 35 | % | |||||||||||||||||||
Financial sector | 55.8 | 50.9 | 57.4 | 54.6 | 81.3 | 49 | % | 46 | % | |||||||||||||||||||
Private sector | 102,331.7 | 102,124.4 | 112,796.0 | 120,096.3 | 131,253.9 | 9 | % | 28 | % | |||||||||||||||||||
Checking accounts | 17,686.2 | 18,559.7 | 19,951.1 | 20,950.4 | 20,778.6 | -1 | % | 17 | % | |||||||||||||||||||
Savings accounts | 27,896.0 | 27,117.5 | 34,087.9 | 35,046.4 | 44,531.9 | 27 | % | 60 | % | |||||||||||||||||||
Time deposits | 47,652.4 | 47,495.8 | 53,428.8 | 59,247.0 | 61,702.3 | 4 | % | 29 | % | |||||||||||||||||||
Other | 9,097.1 | 8,951.4 | 5,328.2 | 4,852.5 | 4,241.1 | -13 | % | -53 | % | |||||||||||||||||||
Total | 111,939.7 | 115,182.9 | 123,657.4 | 136,612.8 | 144,225.9 | 6 | % | 29 | % | |||||||||||||||||||
Pesos | 88,640.4 | 93,023.1 | 100,308.9 | 106,746.2 | 113,075.4 | 6 | % | 28 | % | |||||||||||||||||||
Foreign Currency | 23,299.3 | 22,159.8 | 23,348.5 | 29,866.6 | 31,150.5 | 4 | % | 34 | % | |||||||||||||||||||
Market share over private deposits | 6.8 | % | 6.7 | % | 6.9 | % | 7.1 | % | 6.7 | % |
Other sources of funds
In 4Q17, the total amount of other sources of funds increased 7% or Ps.3.5 billion compared to 3Q17. In 4Q17 shareholder’s equity increased 8% or Ps.3.0 billion which was mainly driven by 4Q17 positive results.
OTHER SOURCES OF FUNDS | MACRO Consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | 4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | QoQ | YoY | |||||||||||||||||||||
Central Bank of Argentina | 8.4 | 8.4 | 10.4 | 9.8 | 11.5 | 17 | % | 37 | % | |||||||||||||||||||
Banks and international institutions | 129.9 | 133.0 | 347.1 | 427.1 | 169.7 | -60 | % | 31 | % | |||||||||||||||||||
Financing received from Argentine financial institutions | 142.7 | 49.3 | 78.8 | 607.5 | 846.5 | 39 | % | 493 | % | |||||||||||||||||||
Subordinated corporate bonds | 6,407.8 | 6,322.3 | 6,709.1 | 7,117.0 | 7,589.9 | 7 | % | 18 | % | |||||||||||||||||||
Non-subordinated corporate bonds | 1,684.9 | 0.0 | 4,620.6 | 4,620.6 | 4,620.6 | 0 | % | 174 | % | |||||||||||||||||||
Shareholders´ equity | 22,105.9 | 23,869.9 | 35,827.5 | 40,118.9 | 43,130.5 | 8 | % | 95 | % | |||||||||||||||||||
Total other source of funds | 30,479.6 | 30,382.9 | 47,593.5 | 52,900.9 | 56,368.7 | 7 | % | 85 | % |
In 4Q17, Banco Macro’s average cost of funds reached 7.4%. This was mainly due to the decrease in the liabilities interest rate, and to Banco Macro’s transactional deposits, which represent approximately 52% of its total deposit base as of 4Q17. These accounts are low cost and are not sensitive to interest rate increases.
9 |
4Q17 Earnings Release |
Liquid Assets
In 4Q17, the Bank’s liquid assets amounted to Ps.72.7 billion, showing a 5% or Ps.3.4 billion increase QoQ and a 36% or Ps.19.4 billion increase on a yearly basis.
In 4Q17, Banco Macro’s LEBAC own portfolio and Reverse Repos from LEBAC increased 25% and 80% respectively; this increase in the LEBAC position was partially offset by a 9% decrease in Cash.
In 4Q17 Banco Macro’s liquid assets to total deposits ratio reached 50.4%.
LIQUID ASSETS | MACRO Consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | 4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | QoQ | YoY | |||||||||||||||||||||
Cash | 36,089.2 | 29,014.7 | 36,477.2 | 37,705.2 | 34,267.6 | -9 | % | -5 | % | |||||||||||||||||||
Guarantees for compensating chambers | 2,094.0 | 2,101.6 | 2,174.3 | 3,739.6 | 4,005.7 | 7 | % | 91 | % | |||||||||||||||||||
Call | 5.0 | 115.0 | 235.0 | 410.0 | 146.0 | -64 | % | 2820 | % | |||||||||||||||||||
Reverse repos from other securities | - | 0.8 | 38.6 | 413.0 | 10.9 | -97 | % | 0 | % | |||||||||||||||||||
Reverse repos from LEBAC/NOBAC | 19.4 | 8,609.4 | 2,242.7 | 877.0 | 1,580.4 | 80 | % | 8046 | % | |||||||||||||||||||
LEBAC / NOBAC own portfolio | 15,125.9 | 11,632.3 | 24,593.8 | 26,149.6 | 32,670.5 | 25 | % | 116 | % | |||||||||||||||||||
Total | 53,333.5 | 51,473.8 | 65,761.6 | 69,294.4 | 72,681.1 | 5 | % | 36 | % | |||||||||||||||||||
Liquid assets to total deposits | 47.6 | % | 44.7 | % | 53.2 | % | 50.7 | % | 50.4 | % |
Solvency
Banco Macro continued showing high solvency levels in 4Q17 with an integrated capital (RPC) of Ps.49.5 billion over a total capital requirement of Ps.14.4 billion. Banco Macro´s excess capital in 4Q17 was 243% or Ps.35.1 billion.
The regulatory capital ratio (as a percentage of risk-weighted assets- RWA) was 28.1% in 4Q17, TIER1 Ratio was 23.1%.
The Bank´s aim is to make the best use of this excess capital.
10 |
4Q17 Earnings Release |
RWA - (ii): Risk Weighetd Assets, considering total capital requirements.
Asset Quality
In 4Q17, Banco Macro’s non-performing to total financing ratio reached a level of 1.07%, higher than the 1% posted in 3Q17, and lower than the 1.14% posted in 4Q16.
Commercial portfolio non-performing loans slightly increased 12bp (Note that in 3Q17 a specific commercial client cancelled its debt driving Commercial portfolio non-performing loans lower), from 0.26% in 3Q17 to 0.38% in 4Q17; meanwhile consumer portfolio showed an improved performance with non-performing loans decreasing from 1.48% in 3Q17 to 1.45% in 4Q17.
The coverage ratio reached 183.14% in 4Q17.
The Bank is committed to continue working in this area to maintain excellent asset quality standards.
ASSET QUALITY | MACRO Consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | 4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | QoQ | YoY | |||||||||||||||||||||
Commercial portfolio | 34,989.5 | 36,653.4 | 41,052.2 | 48,541.0 | 48,851.6 | 1 | % | 40 | % | |||||||||||||||||||
Non-performing | 194.9 | 320.1 | 265.4 | 127.7 | 187.6 | 47 | % | -4 | % | |||||||||||||||||||
Consumer portfolio | 56,613.1 | 61,045.6 | 68,524.1 | 75,910.0 | 87,734.1 | 16 | % | 55 | % | |||||||||||||||||||
Non-performing | 853.6 | 1,003.0 | 1,130.4 | 1,121.5 | 1,275.9 | 14 | % | 49 | % | |||||||||||||||||||
Total portfolio | 91,602.6 | 97,699.0 | 109,576.3 | 124,451.0 | 136,585.7 | 10 | % | 49 | % | |||||||||||||||||||
Non-performing | 1,048.5 | 1,323.1 | 1,395.8 | 1,249.2 | 1,463.5 | 17 | % | 40 | % | |||||||||||||||||||
Total non-performing/ Total portfolio | 1.14 | % | 1.35 | % | 1.27 | % | 1.00 | % | 1.07 | % | ||||||||||||||||||
Total allowances | 1,850.7 | 2,063.3 | 2,346.1 | 2,489.0 | 2,680.2 | 8 | % | 45 | % | |||||||||||||||||||
Coverage ratio w/allowances | 176.51 | % | 155.94 | % | 168.08 | % | 199.25 | % | 183.14 | % |
11 |
4Q17 Earnings Release |
CER Exposure and Foreign Currency Position
CER EXPOSURE | MACRO Consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | 4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | QoQ | YoY | |||||||||||||||||||||
CER adjustable ASSETS | ||||||||||||||||||||||||||||
Guaranteed loans | 717.5 | - | - | - | - | 0 | % | 0 | % | |||||||||||||||||||
Private sector loans (*) | 98.8 | 288.7 | 756.9 | 1,752.8 | 3,582.2 | 104 | % | 3526 | % | |||||||||||||||||||
Other loans | 0.2 | 0.2 | 1.7 | 4.7 | 10.5 | 123 | % | 5150 | % | |||||||||||||||||||
Total CER adjustable assets | 816.5 | 288.9 | 758.6 | 1,757.5 | 3,592.7 | 104 | % | 340 | % | |||||||||||||||||||
CER adjustable LIABILITIES | ||||||||||||||||||||||||||||
Deposits (*) | 48.7 | 38.4 | 77.3 | 98.1 | 86.7 | -12 | % | 78 | % | |||||||||||||||||||
Other liabilities from financial intermediation | 23.4 | 19.3 | 15.1 | 10.0 | 4.4 | -56 | % | -81 | % | |||||||||||||||||||
Total CER adjustable liabilities | 72.1 | 57.7 | 92.4 | 108.1 | 91.1 | -16 | % | 26 | % | |||||||||||||||||||
NET CER EXPOSURE | 816.5 | 231.2 | 666.2 | 1,649.4 | 3,501.6 | 112 | % | 329 | % |
(*) Includes Loans &Time Deposits CER adjustable (UVAs)
FOREIGN CURRENCY POSITION | MACRO Consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | 4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | QoQ | YoY | |||||||||||||||||||||
Cash | 21,394.9 | 16,141.8 | 21,575.2 | 25,191.5 | 19,735.3 | -22 | % | -8 | % | |||||||||||||||||||
Government and private securities | 1,636.4 | 1,602.8 | 1,976.5 | 2,025.5 | 1,052.9 | -48 | % | -36 | % | |||||||||||||||||||
Loans | 10,088.3 | 11,390.1 | 16,555.9 | 18,869.4 | 18,693.6 | -1 | % | 85 | % | |||||||||||||||||||
Other receivables from financial intermediation | 524.1 | 476.1 | 1,061.9 | 896.4 | 2,313.7 | 158 | % | 341 | % | |||||||||||||||||||
Other assets | 346.1 | 429.9 | 534.0 | 568.0 | 714.6 | 26 | % | 106 | % | |||||||||||||||||||
Total Assets | 33,989.8 | 30,040.7 | 41,703.5 | 47,550.8 | 42,510.1 | -11 | % | 25 | % | |||||||||||||||||||
Deposits | 23,299.4 | 22,159.9 | 23,348.6 | 29,866.5 | 31,150.6 | 4 | % | 34 | % | |||||||||||||||||||
Other liabilities from financial intermediation | 1,142.5 | 1,205.3 | 2,360.3 | 3,501.1 | 2,653.5 | -24 | % | 132 | % | |||||||||||||||||||
Non-subordinated corporate bonds | 1,684.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0 | % | 0 | % | |||||||||||||||||||
Subordinated corporate bonds | 6,407.8 | 6,322.3 | 6,709.1 | 7,117.0 | 7,589.9 | 7 | % | 18 | % | |||||||||||||||||||
Other liabilities | 1.8 | 2.2 | 5.9 | 6.6 | 49.8 | 655 | % | 2667 | % | |||||||||||||||||||
Total Liabilities | 32,536.4 | 29,689.7 | 32,423.9 | 40,491.2 | 41,443.8 | 2 | % | 27 | % | |||||||||||||||||||
NET FX POSITION | 1,453.4 | 351.0 | 9,279.6 | 7,059.6 | 1,066.3 | -85 | % | -27 | % |
12 |
4Q17 Earnings Release |
Relevant and Recent Events
· | Credit Line for Productive Financing and Financial Inclusion 2017. As of December 31, 2017 the Bank successfully fulfilled the quota established under “Credit Line for Productive Financing and Financial Inclusion” for the second semester of 2017. |
· | Senior Management Changes. On November 8, 2017 Banco Macro’s Board of Directors appointed Gustavo Manriquez as Chief Executive Officer (previously General Manager) and Jorge Scarinci as Chief Financial Officer (previously Finance & Investor Relations Manager). |
Regulatory Changes
· | International Financial Reporting Standards (IFRS) As of December 31, 2017 according to IFRS the adjustment to Banco Macro’s equity would be Ps.3.4 billion totaling Ps.46.5 billion, 8% higher than the Ps.43.1 billion reported under BCRA’s rules. |
13 |
4Q17 Earnings Release |
QUARTERLY BALANCE SHEET | MACRO Consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | 4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | QoQ | YoY | |||||||||||||||||||||
ASSETS | 154,999.0 | 166,992.3 | 187,767.9 | 206,345.1 | 224,242.7 | 9 | % | 45 | % | |||||||||||||||||||
Cash | 36,089.2 | 29,014.7 | 36,477.2 | 37,705.2 | 34,267.6 | -9 | % | -5 | % | |||||||||||||||||||
Government and Private Securities | 19,846.3 | 23,777.6 | 31,363.9 | 32,118.4 | 36,624.6 | 14 | % | 85 | % | |||||||||||||||||||
-LEBAC/NOBAC | 15,145.3 | 20,241.7 | 26,836.5 | 27,026.6 | 34,250.9 | 27 | % | 126 | % | |||||||||||||||||||
-Other | 4,701.0 | 3,535.9 | 4,527.4 | 5,091.8 | 2,373.7 | -53 | % | -50 | % | |||||||||||||||||||
Loans | 87,973.0 | 94,083.3 | 105,369.4 | 119,762.1 | 132,000.2 | 10 | % | 50 | % | |||||||||||||||||||
to the non-financial government sector | 1,532.5 | 480.0 | 497.3 | 1,834.3 | 1,797.3 | -2 | % | 17 | % | |||||||||||||||||||
to the financial sector | 1,730.6 | 1,890.1 | 2,251.8 | 3,027.3 | 3,271.8 | 8 | % | 89 | % | |||||||||||||||||||
to the non-financial private sector and foreign residents | 86,540.4 | 93,757.3 | 104,970.2 | 117,364.3 | 129,585.6 | 10 | % | 50 | % | |||||||||||||||||||
-Overdrafts | 8,837.7 | 10,264.7 | 9,638.2 | 12,170.4 | 8,829.3 | -27 | % | 0 | % | |||||||||||||||||||
-Documents | 11,198.9 | 10,679.5 | 12,332.3 | 14,435.9 | 17,272.1 | 20 | % | 54 | % | |||||||||||||||||||
-Mortgage loans | 4,158.6 | 4,498.2 | 5,195.5 | 6,247.0 | 8,057.5 | 29 | % | 94 | % | |||||||||||||||||||
-Pledge loans | 2,285.1 | 2,471.5 | 3,263.4 | 3,551.3 | 4,150.1 | 17 | % | 82 | % | |||||||||||||||||||
-Personal loans | 29,784.8 | 33,365.0 | 37,342.5 | 42,361.4 | 47,376.8 | 12 | % | 59 | % | |||||||||||||||||||
-Credit cards | 18,851.6 | 19,526.1 | 20,590.5 | 21,507.2 | 24,971.9 | 16 | % | 32 | % | |||||||||||||||||||
-Other | 10,465.8 | 11,739.1 | 15,281.5 | 15,356.2 | 16,884.7 | 10 | % | 61 | % | |||||||||||||||||||
-Accrued interest, adjustments, price differences receivables and unearned discount | 957.9 | 1,213.2 | 1,325.9 | 1,734.9 | 2,043.2 | 18 | % | 113 | % | |||||||||||||||||||
Allowances | -1,830.5 | -2,044.1 | -2,322.9 | -2,463.8 | -2,654.5 | 8 | % | 45 | % | |||||||||||||||||||
Other receivables from financial intermediation | 5,313.6 | 13,716.9 | 7,784.2 | 9,166.5 | 13,000.7 | 42 | % | 145 | % | |||||||||||||||||||
Receivables from financial leases | 370.2 | 378.1 | 479.8 | 526.3 | 587.5 | 12 | % | 59 | % | |||||||||||||||||||
Investments in other companies | 11.4 | 9.3 | 32.6 | 91.4 | 128.8 | 41 | % | 1030 | % | |||||||||||||||||||
Other receivables | 1,277.1 | 1,530.8 | 1,567.9 | 1,793.9 | 2,068.7 | 15 | % | 62 | % | |||||||||||||||||||
Other assets | 4,118.2 | 4,481.6 | 4,665.9 | 5,181.3 | 5,564.6 | 7 | % | 35 | % | |||||||||||||||||||
LIABILITIES | 132,893.1 | 143,122.4 | 151,940.4 | 166,226.2 | 181,112.2 | 9 | % | 36 | % | |||||||||||||||||||
Deposits | 111,939.7 | 115,182.9 | 123,657.4 | 136,612.8 | 144,225.9 | 6 | % | 29 | % | |||||||||||||||||||
From the non-financial government sector | 9,552.2 | 13,007.6 | 10,804.0 | 16,461.9 | 12,890.7 | -22 | % | 35 | % | |||||||||||||||||||
From the financial sector | 55.8 | 50.9 | 57.4 | 54.6 | 81.3 | 49 | % | 46 | % | |||||||||||||||||||
From the non-financial private sector and foreign residents | 102,331.7 | 102,124.4 | 112,796.0 | 120,096.3 | 131,253.9 | 9 | % | 28 | % | |||||||||||||||||||
-Checking accounts | 17,686.2 | 18,559.7 | 19,951.1 | 20,950.4 | 20,778.6 | -1 | % | 17 | % | |||||||||||||||||||
-Savings accounts | 27,896.0 | 27,117.5 | 34,087.9 | 35,046.4 | 44,531.9 | 27 | % | 60 | % | |||||||||||||||||||
-Time deposits | 47,652.4 | 47,495.8 | 53,428.8 | 59,247.0 | 61,702.3 | 4 | % | 29 | % | |||||||||||||||||||
-Other | 9,097.1 | 8,951.4 | 5,328.2 | 4,852.5 | 4,241.1 | -13 | % | -53 | % | |||||||||||||||||||
Other liabilities from financial intermediation | 10,528.5 | 17,219.2 | 17,433.7 | 17,245.6 | 22,560.8 | 31 | % | 114 | % | |||||||||||||||||||
Subordinated corporate bonds | 6,407.8 | 6,322.3 | 6,709.1 | 7,117.0 | 7,589.9 | 7 | % | 18 | % | |||||||||||||||||||
Other liabilities | 4,017.1 | 4,398.0 | 4,140.2 | 5,250.8 | 6,735.6 | 28 | % | 68 | % | |||||||||||||||||||
SHAREHOLDERS' EQUITY | 22,105.9 | 23,869.9 | 35,827.5 | 40,118.9 | 43,130.5 | 8 | % | 95 | % | |||||||||||||||||||
LIABILITIES + SHAREHOLDERS' EQUITY | 154,999.0 | 166,992.3 | 187,767.9 | 206,345.1 | 224,242.7 | 9 | % | 45 | % |
14 |
4Q17 Earnings Release |
ANNUAL BALANCE SHEET | MACRO Consolidated | Variation | ||||||||||||||
In MILLION $ | 2015 | 2016 | 2017 | FY17/FY16 | ||||||||||||
ASSETS | 104,952.0 | 154,999.0 | 224,242.7 | 45 | % | |||||||||||
Cash | 19,402.8 | 36,089.2 | 34,267.6 | -5 | % | |||||||||||
Government and Private Securities | 15,391.4 | 19,846.3 | 36,624.6 | 85 | % | |||||||||||
-LEBAC/NOBAC | 8,303.0 | 15,145.3 | 34,250.9 | 126 | % | |||||||||||
-Other | 7,088.4 | 4,701.0 | 2,373.7 | -50 | % | |||||||||||
Loans | 62,332.4 | 87,973.0 | 132,000.2 | 50 | % | |||||||||||
to the non-financial government sector | 748.1 | 1,532.5 | 1,797.3 | 17 | % | |||||||||||
to the financial sector | 227.4 | 1,730.6 | 3,271.8 | 89 | % | |||||||||||
to the non-financial private sector and foreign residents | 62,852.9 | 86,540.4 | 129,585.6 | 50 | % | |||||||||||
-Overdrafts | 4,707.9 | 8,837.7 | 8,829.3 | 0 | % | |||||||||||
-Documents | 6,550.2 | 11,198.9 | 17,272.1 | 54 | % | |||||||||||
-Mortgage loans | 3,508.5 | 4,158.6 | 8,057.5 | 94 | % | |||||||||||
-Pledge loans | 2,152.6 | 2,285.1 | 4,150.1 | 82 | % | |||||||||||
-Personal loans | 23,231.6 | 29,784.8 | 47,376.8 | 59 | % | |||||||||||
-Credit cards | 14,793.3 | 18,851.6 | 24,971.9 | 32 | % | |||||||||||
-Other | 7,078.5 | 10,465.8 | 16,884.7 | 61 | % | |||||||||||
-Accrued interest, adjustments, price differences receivables and unearned discount | 830.3 | 957.9 | 2,043.2 | 113 | % | |||||||||||
Allowances | -1,496.0 | -1,830.5 | -2,654.5 | 45 | % | |||||||||||
Other receivables from financial intermediation | 3,295.3 | 5,313.6 | 13,000.7 | 145 | % | |||||||||||
Receivables from financial leases | 433.9 | 370.2 | 587.5 | 59 | % | |||||||||||
Investments in other companies | 10.9 | 11.4 | 128.8 | 1030 | % | |||||||||||
Other receivables | 978.9 | 1,277.1 | 2,068.7 | 62 | % | |||||||||||
Other assets | 3,106.4 | 4,118.2 | 5,564.6 | 35 | % | |||||||||||
LIABILITIES | 89,075.9 | 132,893.1 | 181,112.2 | 36 | % | |||||||||||
Deposits | 76,521.6 | 111,939.7 | 144,225.9 | 29 | % | |||||||||||
From the non-financial government sector | 9,588.4 | 9,552.2 | 12,890.7 | 35 | % | |||||||||||
From the financial sector | 40.1 | 55.8 | 81.3 | 46 | % | |||||||||||
From the non-financial private sector and foreign residents | 66,893.1 | 102,331.7 | 131,253.9 | 28 | % | |||||||||||
-Checking accounts | 14,062.9 | 17,686.2 | 20,778.6 | 17 | % | |||||||||||
-Savings accounts | 15,507.9 | 27,896.0 | 44,531.9 | 60 | % | |||||||||||
-Time deposits | 34,719.8 | 47,652.4 | 61,702.3 | 29 | % | |||||||||||
-Other | 2,602.5 | 9,097.1 | 4,241.1 | -53 | % | |||||||||||
Other liabilities from financial intermediation | 7,537.4 | 10,528.5 | 22,560.8 | 114 | % | |||||||||||
Subordinated corporate bonds | 1,957.6 | 6,407.8 | 7,589.9 | 18 | % | |||||||||||
Other liabilities | 3,059.3 | 4,017.1 | 6,735.6 | 68 | % | |||||||||||
SHAREHOLDERS' EQUITY | 15,876.1 | 22,105.9 | 43,130.5 | 95 | % | |||||||||||
LIABILITIES + SHAREHOLDERS' EQUITY | 104,952.0 | 154,999.0 | 224,242.7 | 45 | % |
15 |
4Q17 Earnings Release |
QUARTERLY INCOME STATEMENT | MACRO Consolidated | Variation | ||||||||||||||||||||||||||
In MILLION $ | 4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | QoQ | YoY | |||||||||||||||||||||
Financial income | 7,572.6 | 7,600.4 | 8,354.5 | 9,576.5 | 10,968.6 | 15 | % | 45 | % | |||||||||||||||||||
Interest on cash and due from banks | 0.1 | 0.8 | 0.1 | 6.1 | 6.7 | 10 | % | 6600 | % | |||||||||||||||||||
Interest on loans to the financial sector | 88.0 | 101.2 | 98.9 | 125.5 | 177.5 | 41 | % | 102 | % | |||||||||||||||||||
Interest on overdrafts | 650.5 | 650.4 | 621.4 | 679.0 | 752.7 | 11 | % | 16 | % | |||||||||||||||||||
Interest on documents | 399.7 | 374.0 | 390.1 | 430.0 | 492.2 | 14 | % | 23 | % | |||||||||||||||||||
Interest on mortgage loans | 176.6 | 179.0 | 186.6 | 201.9 | 216.1 | 7 | % | 22 | % | |||||||||||||||||||
Interest on pledge loans | 86.3 | 97.7 | 111.2 | 126.8 | 140.0 | 10 | % | 62 | % | |||||||||||||||||||
Interest on credit card loans | 1,041.1 | 1,071.8 | 1,085.9 | 1,064.3 | 1,212.3 | 14 | % | 16 | % | |||||||||||||||||||
Interest on financial leases | 20.6 | 20.1 | 22.2 | 28.6 | 32.2 | 13 | % | 56 | % | |||||||||||||||||||
Interest on other loans | 3,333.6 | 3,565.4 | 3,906.3 | 4,415.6 | 4,960.5 | 12 | % | 49 | % | |||||||||||||||||||
Income from government & private securities, net | 1,583.0 | 868.9 | 1,360.7 | 1,778.7 | 2,409.1 | 35 | % | 52 | % | |||||||||||||||||||
Interest on other receivables from fin. intermediation | 1.6 | 0.9 | 4.0 | 2.3 | 1.1 | -52 | % | -31 | % | |||||||||||||||||||
Income from Guaranteed Loans - Decree 1387/01 | 8.9 | 3.1 | 0.0 | 0.1 | 0.0 | -100 | % | -100 | % | |||||||||||||||||||
CER adjustment | 57.7 | 28.6 | 32.2 | 56.3 | 122.4 | 117 | % | 112 | % | |||||||||||||||||||
CVS adjustment | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | 0 | % | 0 | % | |||||||||||||||||||
Difference in quoted prices of gold and foreign currency | 86.9 | 159.5 | 423.9 | 614.5 | 315.6 | -49 | % | 263 | % | |||||||||||||||||||
Other | 37.8 | 478.9 | 110.9 | 46.6 | 130.0 | 179 | % | 244 | % | |||||||||||||||||||
Financial expense | -3,330.5 | -2,960.0 | -3,109.7 | -3,549.8 | -3,925.9 | 11 | % | 18 | % | |||||||||||||||||||
Interest on checking accounts | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0 | % | 0 | % | |||||||||||||||||||
Interest on saving accounts | -23.5 | -24.0 | -26.1 | -30.7 | -29.4 | -4 | % | 25 | % | |||||||||||||||||||
Interest on time deposits | -2,452.8 | -2,109.8 | -2,117.0 | -2,354.2 | -2,621.8 | 11 | % | 7 | % | |||||||||||||||||||
Interest on interfinancing received loans | -1.2 | -1.4 | -2.1 | -10.1 | -4.6 | -54 | % | 283 | % | |||||||||||||||||||
Interest on other financing from the financial institutions | 0.5 | 0.0 | -0.5 | -5.0 | -4.3 | -14 | % | -960 | % | |||||||||||||||||||
Interest on subordinated bonds | -117.2 | -105.2 | -106.9 | -117.8 | -122.6 | 4 | % | 5 | % | |||||||||||||||||||
Other Interest | -0.8 | -0.7 | -0.7 | -0.8 | -1.0 | 25 | % | 25 | % | |||||||||||||||||||
Interests on other liabilities from fin. intermediation | -38.9 | -16.2 | -122.3 | -210.8 | -214.3 | 2 | % | 451 | % | |||||||||||||||||||
CER adjustment | -2.9 | -2.8 | -5.1 | -4.2 | -12.5 | 198 | % | 331 | % | |||||||||||||||||||
Contribution to Deposit Guarantee Fund | -44.5 | -49.4 | -50.5 | -54.2 | -59.4 | 10 | % | 33 | % | |||||||||||||||||||
Other | -649.2 | -650.5 | -678.5 | -762.0 | -856.0 | 12 | % | 32 | % | |||||||||||||||||||
Net financial income | 4,242.1 | 4,640.4 | 5,244.8 | 6,026.7 | 7,042.7 | 17 | % | 66 | % | |||||||||||||||||||
Provision for loan losses | -354.0 | -361.4 | -469.0 | -342.5 | -422.3 | 23 | % | 19 | % | |||||||||||||||||||
Fee income | 2,307.9 | 2,401.3 | 2,575.5 | 2,747.1 | 2,922.5 | 6 | % | 27 | % | |||||||||||||||||||
Fee expense | -775.7 | -734.3 | -775.3 | -872.8 | -959.7 | 10 | % | 24 | % | |||||||||||||||||||
Net fee income | 1,532.2 | 1,667.0 | 1,800.2 | 1,874.3 | 1,962.8 | 5 | % | 28 | % | |||||||||||||||||||
Administrative expenses | -2,814.8 | -2,963.5 | -3,044.2 | -3,195.0 | -3,660.3 | 15 | % | 30 | % | |||||||||||||||||||
Minority interest in subsidiaries | -16.7 | -15.8 | -19.1 | -19.2 | -30.7 | 60 | % | 84 | % | |||||||||||||||||||
Net other income | -52.7 | -0.8 | -189.0 | -92.1 | -261.0 | 183 | % | 395 | % | |||||||||||||||||||
Earnings before income tax | 2,536.1 | 2,965.9 | 3,323.7 | 4,252.2 | 4,631.2 | 9 | % | 83 | % | |||||||||||||||||||
Income tax | -840.8 | -1,201.9 | -1,308.4 | -1,654.4 | -1,619.5 | -2 | % | 93 | % | |||||||||||||||||||
Net income | 1,695.3 | 1,764.0 | 2,015.3 | 2,597.8 | 3,011.7 | 16 | % | 78 | % |
16 |
4Q17 Earnings Release |
ANNUAL INCOME STATEMENT | MACRO Consolidated | Variation | ||||||||||||||
In MILLION $ | 2015 | 2016 | 2017 | FY17/FY16 | ||||||||||||
Financial income | 20,109.1 | 28,935.3 | 36,500.0 | 26 | % | |||||||||||
Interest on cash and due from banks | 0.2 | 1.2 | 13.7 | 1042 | % | |||||||||||
Interest on loans to the financial sector | 88.0 | 248.1 | 503.1 | 103 | % | |||||||||||
Interest on overdrafts | 1,407.0 | 2,494.4 | 2,703.5 | 8 | % | |||||||||||
Interest on documents | 1,146.2 | 1,559.1 | 1,686.3 | 8 | % | |||||||||||
Interest on mortgage loans | 556.6 | 729.8 | 783.6 | 7 | % | |||||||||||
Interest on pledge loans | 385.0 | 360.7 | 475.7 | 32 | % | |||||||||||
Interest on credit card loans | 2,646.1 | 3,950.9 | 4,434.3 | 12 | % | |||||||||||
Interest on financial leases | 81.7 | 89.9 | 103.1 | 15 | % | |||||||||||
Interest on other loans | 8,811.8 | 12,197.6 | 16,847.8 | 38 | % | |||||||||||
Income from government & private securities, net | 3,985.9 | 6,222.8 | 6,417.4 | 3 | % | |||||||||||
Interest on other receivables from fin. intermediation | 4.1 | 6.2 | 8.3 | 34 | % | |||||||||||
Income from Guaranteed Loans - Decree 1387/01 | 25.1 | 33.7 | 3.2 | -91 | % | |||||||||||
CER adjustment | 58.5 | 255.9 | 239.5 | -6 | % | |||||||||||
CVS adjustment | 0.7 | 0.8 | 0.6 | -25 | % | |||||||||||
Difference in quoted prices of gold and foreign currency | 653.1 | 516.9 | 1,513.5 | 193 | % | |||||||||||
Other | 259.1 | 267.3 | 766.4 | 187 | % | |||||||||||
Financial expense | -8,842.7 | -13,300.8 | -13,545.4 | 2 | % | |||||||||||
Interest on saving accounts | 0.0 | 0.0 | -110.2 | 0 | % | |||||||||||
Interest on time deposits | -68.2 | -89.9 | -9,202.8 | 10137 | % | |||||||||||
Interest on interfinancing received loans | -6,704.9 | -10,283.7 | -18.2 | -100 | % | |||||||||||
Interest on other financing from the financial institutions | -7.0 | -3.0 | -9.8 | 227 | % | |||||||||||
Interest on subordinated bonds | -136.2 | -277.2 | -452.5 | 63 | % | |||||||||||
Other Interest | -2.6 | -4.2 | -3.2 | -24 | % | |||||||||||
Interests on other liabilities from fin. intermediation | -96.0 | -145.8 | -563.6 | 287 | % | |||||||||||
CER adjustment | -4.6 | -12.1 | -24.6 | 103 | % | |||||||||||
Contribution to Deposit Guarantee Fund | -418.4 | -215.0 | -213.5 | -1 | % | |||||||||||
Other | -1,404.8 | -2,269.9 | -2,947.0 | 30 | % | |||||||||||
Net financial income | 11,266.4 | 15,634.5 | 22,954.6 | 47 | % | |||||||||||
Provision for loan losses | -877.1 | -1,073.1 | -1,595.2 | 49 | % | |||||||||||
Fee income | 6,115.4 | 7,968.7 | 10,646.4 | 34 | % | |||||||||||
Fee expense | -1,714.8 | -2,603.8 | -3,342.1 | 28 | % | |||||||||||
Net fee income | 4,400.6 | 5,364.9 | 7,304.3 | 36 | % | |||||||||||
Administrative expenses | -7,225.9 | -9,970.7 | -12,863.0 | 29 | % | |||||||||||
Minority interest in subsidiaries | -35.4 | -54.6 | -84.8 | 55 | % | |||||||||||
Net other income | -33.0 | 117.2 | -542.9 | -563 | % | |||||||||||
Earnings before income tax | 7,495.6 | 10,018.2 | 15,173.0 | 51 | % | |||||||||||
Income tax | -2,485.7 | -3,477.4 | -5,784.2 | 66 | % | |||||||||||
Net income | 5,009.9 | 6,540.8 | 9,388.8 | 44 | % |
17 |
4Q17 Earnings Release |
QUARTERLY ANNUALIZED RATIOS | MACRO Consolidated | |||||||||||||||||||
4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | ||||||||||||||||
Profitability & performance | ||||||||||||||||||||
Net interest margin (1) | 17.7 | % | 18.3 | % | 17.4 | % | 16.5 | % | 18.7 | % | ||||||||||
Net interest margin adjusted (2) | 15.6 | % | 17.5 | % | 16.3 | % | 15.1 | % | 15.8 | % | ||||||||||
Net fee income ratio | 26.5 | % | 26.4 | % | 25.6 | % | 23.7 | % | 21.8 | % | ||||||||||
Efficiency ratio | 48.7 | % | 47.0 | % | 43.2 | % | 40.4 | % | 40.6 | % | ||||||||||
Net fee income as a percentage of adm expenses | 54.4 | % | 56.2 | % | 59.1 | % | 58.7 | % | 53.6 | % | ||||||||||
Return on average assets | 4.6 | % | 4.6 | % | 4.9 | % | 5.3 | % | 5.7 | % | ||||||||||
Return on average equity | 31.2 | % | 30.5 | % | 30.8 | % | 26.3 | % | 28.4 | % | ||||||||||
Liquidity | ||||||||||||||||||||
Loans as a percentage of total deposits | 80.2 | % | 83.5 | % | 87.1 | % | 89.5 | % | 93.4 | % | ||||||||||
Liquid assets as a percentage of total deposits | 47.6 | % | 44.7 | % | 53.2 | % | 50.7 | % | 50.4 | % | ||||||||||
Capital | ||||||||||||||||||||
Total equity as a percentage of total assets | 14.3 | % | 14.3 | % | 19.1 | % | 19.4 | % | 19.2 | % | ||||||||||
Regulatory capital as % of APR | 22.1 | % | 22.7 | % | 26.3 | % | 25.8 | % | 28.1 | % | ||||||||||
Asset Quality | ||||||||||||||||||||
Allowances over total loans | 2.0 | % | 2.1 | % | 2.2 | % | 2.0 | % | 2.0 | % | ||||||||||
Non-performing financing as a percentage of total financing | 1.1 | % | 1.4 | % | 1.3 | % | 1.0 | % | 1.1 | % | ||||||||||
Coverage ratio w/allowances | 176.5 | % | 155.9 | % | 168.1 | % | 199.2 | % | 183.1 | % |
(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 | |||||||||||||||||||
4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | ||||||||||||||||
Profitability & performance | ||||||||||||||||||||
Net interest margin (1) | 18.2 | % | 18.3 | % | 17.8 | % | 17.3 | % | 17.7 | % | ||||||||||
Net interest margin adjusted (2) | 15.3 | % | 17.5 | % | 16.9 | % | 16.2 | % | 16.1 | % | ||||||||||
Net fee income ratio | 25.5 | % | 26.4 | % | 26.0 | % | 25.1 | % | 24.1 | % | ||||||||||
Efficiency ratio | 47.5 | % | 47.0 | % | 45.0 | % | 43.3 | % | 42.5 | % | ||||||||||
Net fee income as a percentage of adm expenses | 53.8 | % | 56.2 | % | 57.7 | % | 58.0 | % | 56.8 | % | ||||||||||
Return on average assets | 5.2 | % | 4.6 | % | 4.7 | % | 4.9 | % | 5.2 | % | ||||||||||
Return on average equity | 34.1 | % | 30.5 | % | 30.7 | % | 28.7 | % | 28.6 | % | ||||||||||
Liquidity | ||||||||||||||||||||
Loans as a percentage of total deposits | 80.2 | % | 83.5 | % | 87.1 | % | 89.5 | % | 93.4 | % | ||||||||||
Liquid assets as a percentage of total deposits | 47.6 | % | 44.7 | % | 53.2 | % | 50.7 | % | 50.4 | % | ||||||||||
Capital | ||||||||||||||||||||
Total equity as a percentage of total assets | 14.3 | % | 14.3 | % | 19.1 | % | 19.4 | % | 19.2 | % | ||||||||||
Regulatory capital as % of APR | 22.1 | % | 22.7 | % | 26.3 | % | 25.8 | % | 28.1 | % | ||||||||||
Asset Quality | ||||||||||||||||||||
Allowances over total loans | 2.0 | % | 2.1 | % | 2.2 | % | 2.0 | % | 2.0 | % | ||||||||||
Non-performing financing as a percentage of total financing | 1.1 | % | 1.4 | % | 1.3 | % | 1.0 | % | 1.1 | % | ||||||||||
Coverage ratio w/allowances | 176.5 | % | 155.9 | % | 168.1 | % | 199.2 | % | 183.1 | % |
(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
18 |
4Q17 Earnings Release |
ACCUMULATED ANNUALIZED RATIOS | MACRO Consolidated | |||||||||||
2015 | 2016 | 2017 | ||||||||||
Profitability & performance | ||||||||||||
Net interest margin (1) | 17.9 | % | 18.2 | % | 17.7 | % | ||||||
Net interest margin adjusted (2) | 15.6 | % | 15.3 | % | 16.1 | % | ||||||
Net fee income ratio | 28.1 | % | 25.5 | % | 24.1 | % | ||||||
Efficiency ratio | 46.1 | % | 47.5 | % | 42.5 | % | ||||||
Net fee income as a percentage of adm expenses | 60.9 | % | 53.8 | % | 56.8 | % | ||||||
Return on average assets | 5.8 | % | 5.2 | % | 5.2 | % | ||||||
Return on average equity | 37.2 | % | 34.1 | % | 28.6 | % | ||||||
Liquidity | ||||||||||||
Loans as a percentage of total deposits | 83.4 | % | 80.2 | % | 93.4 | % | ||||||
Liquid assets as a percentage of total deposits | 38.4 | % | 47.6 | % | 50.4 | % | ||||||
Capital | ||||||||||||
Total equity as a percentage of total assets | 15.1 | % | 14.3 | % | 19.2 | % | ||||||
Regulatory capital as % of APR | 14.6 | % | 22.1 | % | 28.1 | % | ||||||
Asset Quality | ||||||||||||
Allowances over total loans | 2.3 | % | 2.0 | % | 2.0 | % | ||||||
Non-performing financing as a percentage of total financing | 1.5 | % | 1.1 | % | 1.1 | % | ||||||
Coverage ratio w/allowances | 151.0 | % | 176.5 | % | 183.1 | % |
(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
19 |
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: February 19, 2018
MACRO BANK INC. | ||
By: | /s/ Jorge Scarinci | |
Name: | Jorge Scarinci | |
Title: | Chief Financial Officer |
1 Year Banco Macro Chart |
1 Month Banco Macro Chart |
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