Banco Macro (NYSE: BMA ) represents one of the best ways to position itself today in the incipient rebound of the Argentine financial system. With solid operations, an efficient cost structure, and an enviable capital position, the bankI am an individual investor with over five years of experience in personal investing, holding a PhD in Economics from UCEMA. My investment approach focuses on value companies with solid long-term potential. I share my knowledge with the community by offering analysis to suppo ...

BUENOS AIRES, Argentina, April 21, 2025 /PRNewswire/ -- Banco Macro S.A. (NYSE: "BMA"; ByMA: "BMA") ("Banco Macro") announces today the filing of  its annual report on Form 20-F and its annual audited financial statements for the fiscal year ended December 31, 2024 (the "2024 Annual Report") with the U.S. Securities and Exchange Commission (the "SEC"). The 2024 Annual Report can be accessed by visiting either the SEC's website at www.sec.gov in the Section "Search for Company Filings" under CIK code No. 000 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...

This press release may include statements concerning potential future events involving Banco Macro that could differ materially from the events that actually occur. The differences could be caused by a number of risks, uncertainties and factors relating to Banco Macro's business. Banco Macro will not update any forward-looking statements made in this press release to reflect future events or developments. IR Contact in Buenos Aires: Jorge Scarinci | Chief Financial Officer Nicolás A. Torres | Investor Relat ...

Financial Data and Key Metrics Changes - In Q4 2024, Banco Macro's net income reached Ps. 102.2 billion, a 4% increase or Ps. 3.5 billion higher than Q3 2024 [5] - The annualized return on average equity and average assets were 7.5% and 2.4%, respectively [6] - For fiscal year 2024, net income totaled Ps. 325.1 billion, a 74% decrease compared to fiscal year 2023 [6] - Total comprehensive income for fiscal year 2024 was Ps. 227.7 billion, down 83% from fiscal year 2023 [7] Business Line Data and Key Metrics Changes - Net interest income in Q4 2024 was Ps. 532.6 billion, a 13% decrease from Q3 2024 but a 33% increase year-on-year [9] - Net fee income in Q4 2024 totaled Ps. 139.9 billion, a 6% increase from Q3 2024 and an 11% increase year-on-year [17] - Provision for loan losses in Q4 2024 was Ps. 37.5 billion, a 51% increase from Q3 2024 [8] Market Data and Key Metrics Changes - The Argentine peso depreciated 6.3% against the U.S. dollar in Q4 2024 [15] - Total financial loans reached Ps. 5.8 trillion, an 18% increase quarter-on-quarter and a 45% increase year-on-year [27] - Private sector deposits increased 2% quarter-on-quarter, while public sector deposits decreased 40% [31] Company Strategy and Development Direction - Banco Macro aims to utilize its excess capital of Ps. 2.8 trillion effectively, with a capital adequacy ratio of 32.4% [34] - The bank expects to reduce the securities portfolio from approximately 27% of total assets to around 20% by the end of 2025 [57] - The bank's strategy includes increasing lending to the private sector, with a forecasted loan growth of 60% in real terms for 2025 [44] Management's Comments on Operating Environment and Future Outlook - The management anticipates GDP growth of 5.5% in 2025, with inflation expected to decrease to around 25% [41] - The cost of risk for 2025 is projected to be above 2%, potentially reaching 2.5% due to increased lending [47] - The effective income tax rate for fiscal year 2024 was 9.2%, significantly lower than the previous year [26] Other Important Information - The efficiency ratio in Q4 2024 was 39.4%, deteriorating from 36.3% in Q3 2024 [22] - The bank's nonperforming total financial ratio reached 1.28%, with a coverage ratio of 158.81% [33] Q&A Session Summary Question: What are the macro expectations for interest rates, inflation, GDP growth, and FX for this year? - Management expects a GDP decline of close to 2% in 2024, with a growth forecast of 5.5% for 2025 and inflation around 25% [41][42] Question: What are the ROE expectations for this year? - The forecasted ROE for 2025 is between 12% and 15%, driven by increased lending to the private sector [43][44] Question: How should we think about the cost of risk in 2025? - The cost of risk is expected to be above 2%, potentially reaching 2.5% due to increased lending [47] Question: How do you expect the weight of securities to evolve in 2025? - The securities portfolio is expected to decrease to around 20% of total assets by December 2025 [57] Question: What is the strategy to gain share in deposits? - The bank anticipates a 35% real growth in peso deposits, with competition likely leading to some upward pressure on deposit rates [72][73]

  BUENOS AIRES, Argentina, Feb. 26, 2025 /PRNewswire/ -- Banco Macro S.A. (NYSE: BMA; BYMA: BMA) ("Banco Macro" or "BMA" or the "Bank") announced today its results for the third quarter ended December 31, 2024 ("4Q24").  All figures are in Argentine pesos (Ps.) and have been restated in terms of the measuring unit current at the end of the reporting period. For ease of comparison, figures of previous quarters of 2023 and 2024 have been restated applying IAS 29 to reflect the accumulated effect of the inflat ...

Core Viewpoint - Banco Macro (BMA) has experienced a bearish trend recently, losing 6.7% over the past week, but the formation of a hammer chart pattern suggests a potential trend reversal as buying interest may be increasing [1][2]. Technical Analysis - The hammer chart pattern indicates a possible bottoming out, with selling pressure likely subsiding, which supports a bullish outlook for the stock [2][4]. - A hammer pattern forms when there is a small candle body with a long lower wick, signaling that bears may be losing control and bulls are starting to gain traction [3][4]. - This pattern can occur across various timeframes and is utilized by both short-term and long-term investors [4]. Fundamental Analysis - There has been a positive trend in earnings estimate revisions for BMA, which is a bullish indicator, as it typically leads to price appreciation [6]. - The consensus EPS estimate for the current year has increased by 3.3% over the last 30 days, indicating strong agreement among analysts regarding the company's improved earnings potential [7]. - BMA holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which historically outperforms the market [8].

Banco Macro (BMA) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Since a changing earnings ...

Company Overview - Banco Macro (BMA) shares increased by 4.6% to $109.29 in the last trading session, with a notable trading volume, contributing to a total gain of 6.9% over the past four weeks [1][2] Financial Performance - The upcoming quarterly earnings for Banco Macro are projected at $2.40 per share, reflecting a significant year-over-year decline of 73%. Expected revenues are $658.48 million, down 76.7% compared to the same quarter last year [3] Market Outlook - With inflation in Argentina cooling down, there is anticipation of interest rate cuts from the current 32%. This environment is expected to boost demand for loans and reduce funding costs for banks, positively impacting the banking sector and enhancing investor sentiment towards BMA stock [2][4] Earnings Estimates - The consensus EPS estimate for Banco Macro has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4] Industry Context - Banco Macro is part of the Zacks Banks - Foreign industry, where Bank of Montreal (BMO) also operates. BMO's stock closed 1.1% higher at $100.17, with a 2.2% return over the past month. BMO's EPS estimate is $1.70, reflecting a 10.5% decline from the previous year [4][5]

Financial Data and Key Metrics - Net income for Q3 2024 totaled Ps 91.3 billion, a 293% increase compared to Q3 2023 [5] - Operating income before general, administrative, and personnel expenses was Ps 829.2 billion, up 61% QoQ but down 25% YoY [6] - Net interest income increased by 167% QoQ to Ps 569.1 billion, driven by higher interest income and lower interest expenses [9] - Provision for loan losses increased by 24% QoQ to Ps 23 billion, reflecting higher credit risk [9] - Net fee income rose by 8% QoQ to Ps 117.8 billion, supported by increased transaction volumes [13] - The efficiency ratio deteriorated to 25.5% in Q3 2024, up from 22.2% in Q2 2024 [15] Business Line Performance - Income from government and private securities increased by 143% QoQ to Ps 253 billion, though it decreased by 33% YoY [11] - FX income declined by 43% QoQ to Ps 16.3 billion, impacted by peso depreciation and the bank's dollar loan position [12] - Net income from financial assets and liabilities at fair value decreased by 24% QoQ to Ps 103.6 billion, driven by lower income from government and private securities [14] Market and Regional Performance - Total financing increased by 17% QoQ to Ps 4.55 trillion, with commercial loans growing by 46% and consumer loans by 43% [18] - Private sector deposits increased by 6% QoQ to Ps 8.1 trillion, driven by demand deposits, while time deposits decreased by 32% [19] - The bank's market share in private sector loans reached 9.2%, and its market share in private sector deposits was 7.4% as of September 2024 [20] Strategic Direction and Industry Competition - The bank aims to optimize its excess capital of Ps 2.53 trillion, with a capital adequacy ratio of 32.8% and a Tier 1 ratio of 31.3% [21] - Loan growth is expected to reach 25%-35% in 2024 and 40% in 2025, supported by declining inflation and stable FX rates [27] - The bank plans to shift from securities to loan growth, which is expected to drive net interest income growth of 30%-35% in real terms for 2025 [39] Management Commentary on Operating Environment and Outlook - Inflation eased to 12.1% in Q3 2024, down from 18.6% in Q2 2024, positively impacting the bank's net monetary position [16] - The bank expects GDP growth of 5%-6% in real terms for 2025, driven by improving economic conditions [28] - Management anticipates a slight deterioration in asset quality but expects the NPL ratio to remain below 2% by the end of 2025 [41] Other Key Information - The bank exercised put options on inflation-adjusted securities, resulting in a Ps 50 billion loss, but it continues to hold put options on remaining positions [7][8] - The bank's liquidity remains strong, with a liquid assets-to-total deposits ratio of 91% [22] Q&A Session Summary Question: Loan Growth and ROE Forecast - Loan growth is expected to be 25%-35% in 2024 and 40% in 2025, driven by declining inflation and stable FX rates [27] - ROE is forecasted to be around 10% for 2024 and in the low to mid-teens for 2025 [28] - The bank has sufficient excess capital to support aggressive loan growth without needing additional capital [29] Question: Inflation-Linked Securities and FX Position - The bank holds a long position in inflation-linked securities but no FX-linked bonds [37] - Inflation expectations for 2025 range from 25% to 40%, with peso depreciation expected to be between 15% and 25% [37] Question: NII Growth and Asset Quality - NII is expected to grow by 30%-35% in real terms in 2025, driven by the shift from securities to loan growth [39] - Asset quality is expected to remain under control, with the NPL ratio projected to stay below 2% by the end of 2025 [41] Question: International Debt Issuance - The bank has no plans to raise new debt in international markets, despite the upcoming maturity of its 2026 Tier 2 bond [46] Question: USD Deposits and Margin Compression - USD deposits increased significantly due to the Tax Amnesty, but loan demand in USD has not kept pace, leading to margin compression [53] - Competition has driven USD margins down to 4%-5%, but the bank expects margins to stabilize and potentially improve in the second half of 2025 [58]