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
August 6, 2014
Commission File Number: 333-130901
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.
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):
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):
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.
If “Yes” is marked, indicate below the file number
assigned to the registrant in connection with Rule 12g3-2(b): 82-
N/A
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2Q14 Earnings
Release
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Banco Macro Announces Results
for the Second Quarter of 2014
Buenos Aires, Argentina, August 6, 2014
– Banco Macro S.A. (NYSE: BMA; BCBA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced
today its results for the second quarter ended June 30, 2014 (“2Q14”). All figures are in Argentine pesos (Ps.) and
have been prepared in accordance with Argentine GAAP.
Summary
• The Bank’s net income
totaled Ps.732.6 million in 2Q14. This result was 38% lower than the Ps.1.2 billion reported in the first quarter of 2014 (“1Q14”)
but 59% higher than the Ps.460.4 million posted in the second quarter of 2013 (“2Q13”). In 2Q14, the accumulated annualized
return on average equity (“ROAE”) and the accumulated annualized return on average assets (“ROAA”) were
39.2% and 5.9%, respectively.
• In 2Q14, Banco Macro’s
financing to the private sector slightly decreased quarter over quarter (“QoQ”) totaling Ps.39.9 billion. Among commercial
loans, documents and others decreased 6% and 4% QoQ, respectively, while pledge loans
(mainly productive investments loans
with pledge guarantees according to Communication “A” 5319, “A” 5380, “A” 5449 and “A”
5516 of BCRA)
presented the best performance followed by overdrafts which grew 7% and 2% QoQ, respectively. Among consumer loans,
credit cards loans and personal loans rose 2% and 1% QoQ, respectively.
• In 2Q14, Banco Macro’s
total deposits grew 9% QoQ, totaling Ps.51.3 billion and representing 81% of the Bank’s total liabilities. Private sector
deposits grew 7% QoQ.
• Banco Macro continued showing
a strong solvency ratio, with excess capital of Ps.5.1 billion (23.2% capitalization ratio). In addition, the Bank’s liquid
assets remained at an adequate level, reaching 44.3% of its total deposits in 2Q14.
• In 2Q14, the Bank’s
non-performing to total financing ratio was 2.02% and the coverage ratio reached 133.07%.
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IR Contacts in Buenos Aires:
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2Q14 Earnings Release Conference Call
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Jorge Scarinci
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Friday, August 8, 2014
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Finance & IR Manager
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Time: 11:00 a.m. Eastern Time |
12:00 p.m. Buenos Aires Time
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Ines Lanusse
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Investor Relations Officer
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To participate, please dial:
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Webcast Replay:
click here
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Argentine Participants: (0800) 444 2930
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U.S. Participants: +1 (877) 317 6776
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Available from 8/8/2014 through
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Phone: (54 11) 5222 6682
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Participants from outside the U.S.:
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8/22/2014
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E-mail: investorelations@macro.com.ar
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+1 (412) 317 6776
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Conference ID: Banco Macro
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Visit our website at: www.ri-macro.com.ar
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Webcast:
click here
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With the presence of:
Jorge Pablo Brito (Member of
the Executive Committee), Guillermo Goldberg (Commercial Deputy General Manager), Jorge Scarinci (Finance and IR Manager) and
Ines Lanusse (Investor Relations Officer).
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2Q14 Earnings
Release
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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.
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2Q14 Earnings
Release
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Results
Earnings per outstanding share were Ps.1.25
in 2Q14, 38% lower than 1Q14´s level and 59% higher than in 2Q13.
EARNINGS PER SHARE
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MACRO consolidated
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In MILLION $
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II13
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III13
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IV13
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I14
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II14
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Net income (M $)
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460.4
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571.9
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953.4
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1,186.3
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732.6
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Average shares outstanding (M)
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584.5
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584.5
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584.5
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584.5
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584.5
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Average shares in portfolio (M)
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10.0
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10.0
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10.0
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10.0
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10.0
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Average shares issued (M)
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594.5
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594.5
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594.5
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594.5
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594.5
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Book value per share ($)
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11.95
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12.91
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14.51
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16.51
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16.71
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Earnings per share ($)
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0.79
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0.98
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1.63
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2.03
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1.25
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Book value per ADS (USD)
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22.10
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22.27
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22.26
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20.61
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20.54
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Earning per ADS (USD)
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1.47
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1.69
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2.50
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2.53
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1.54
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Banco Macro’s 2Q14 net income of
Ps.732.6 million was 38% or Ps.453.7 million lower than the previous quarter and rose 59% or Ps.272.2 million year over year (“YoY”).
In 2Q14, the accumulated annualized return on average equity (“ROAE”) and the accumulated annualized return on average
assets (“ROAA”) were 39.2% and 5.9%, respectively.
The operating result for 2Q14 was Ps.1.1
billion decreased 43% or Ps.795.6 million in comparison with 1Q14 and rose 48% or Ps.347.3 million YoY.
It is important to emphasize that this
result was obtained with a low leverage of 7.3x assets to equity ratio.
INCOME STATEMENT
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MACRO consolidated
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In MILLION $
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II13
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III13
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IV13
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I14
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II14
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Net financial income
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1,197.1
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1,550.0
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1,818.4
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2,463.4
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1,722.2
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Provision for loan losses
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-113.9
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-139.1
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-158.5
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-131.3
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-167.8
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Net fee income
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640.2
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606.4
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701.9
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754.3
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828.0
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1,723.4
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2,017.3
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2,361.8
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3,086.4
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2,382.4
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Administrative expenses
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-1,002.5
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-1,029.5
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-1,104.9
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-1,222.6
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-1,314.2
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Operating result
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720.9
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987.8
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1,256.9
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1,863.8
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1,068.2
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Minority interest in subsidiaries
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-4.1
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-4.7
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-5.5
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-6.8
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-5.3
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Net other income
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37.0
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11.0
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29.8
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21.7
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59.2
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Net income before income tax
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753.8
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994.1
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1,281.2
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1,878.7
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1,122.1
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Income tax
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-293.4
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-422.2
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-327.9
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-692.4
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-389.5
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NET INCOME
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460.4
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571.9
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953.3
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1,186.3
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732.6
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The Bank’s 2Q14 financial income
totaled Ps.3.5 billion, decreasing 11% (Ps.445.6 million) compared to the previous quarter and increasing 63% (Ps.1.3 billion)
compared to 2Q13.
Interest on loans represented 80% of total
financial income in 2Q14, higher than 69% posted in the previous quarter. Interest on loans was 4% or Ps.104.2 million higher than
1Q14’s level due to an increase in the average interest lending rates of 67bp. On an annual basis, interest on loans grew
47% or Ps.898.8 million.
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2Q14 Earnings
Release
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In 2Q14, net income from government and
private securities increased 109% or Ps.296.2 million QoQ mainly due to higher income from government securities, specifically
LEBAC/NOBAC, and a higher volume also of LEBAC/NOBAC. On an annual basis, net income from government and private securities increased
Ps.535.4 million.
Also in this quarter, a decrease of 55%
or Ps.31.3 million in income from Guaranteed Loans and in CER Adjustment was observed, mainly due to a decrease in the present
value of figures published by the BCRA (Communication "A" 5180 and supplementary). On an annual basis, income from Guaranteed
Loans and in CER Adjustment increased Ps.17.8 million.
Income from differences in quoted prices
of gold and foreign currency deeply decreased 95% or Ps.643.8 million QoQ due to less FX position revaluation caused by the deceleration
in the depreciation of the Argentine Peso. On an annual basis, also a decrease of 74% or Ps.100.8 million was experienced.
Other financial income decreased 77% or
Ps.170.4 million compared to 1Q14 mainly due to lower income from on shore forward foreign currency transactions. On an annual
basis, the decrease was 16% or Ps.9.8 million.
FINANCIAL INCOME
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MACRO consolidated
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In MILLION $
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II13
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III13
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IV13
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I14
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II14
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Interest on cash and due from banks
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0.0
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0.1
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0.0
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0.1
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0.0
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Interest on loans to the financial sector
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11.6
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12.9
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16.7
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13.2
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28.5
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Interest on overdrafts
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244.6
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274.4
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327.9
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351.7
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352.2
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Interest on documents
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149.8
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175.3
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202.4
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248.0
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244.0
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Interest on mortgages loans
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79.9
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86.4
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100.0
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115.7
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123.5
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Interest on pledges loans
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46.0
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50.0
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58.6
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62.2
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64.5
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Interest on credit cards loans
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223.2
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260.2
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316.0
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408.1
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466.3
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Interest on financial leases
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16.5
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17.7
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18.4
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20.3
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19.7
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Interest on other loans
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1,121.7
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1,243.3
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1,366.0
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1,468.7
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1,493.4
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Net Income from government & private securities
(1)
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31.8
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|
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180.5
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95.9
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|
|
271.0
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|
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567.2
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Interest on other receivables from financial interm.
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|
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0.8
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0.5
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0.9
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0.9
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0.7
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Income from Guaranteed Loans - Decree 1387/01
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3.3
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1.1
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9.5
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|
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20.3
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|
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6.3
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CER adjustment
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|
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4.8
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|
|
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2.0
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12.0
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|
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36.9
|
|
|
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19.6
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CVS adjustment
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0.2
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|
|
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0.1
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0.1
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|
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0.3
|
|
|
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0.1
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Difference in quoted prices of gold and foreign currency
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|
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135.9
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|
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227.5
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|
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342.6
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|
|
|
678.9
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|
|
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35.1
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Other
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59.4
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|
|
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57.3
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|
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120.7
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|
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220.0
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|
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49.6
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Total financial income
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2,129.5
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|
2,589.3
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|
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|
2,987.7
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|
3,916.3
|
|
|
|
3,470.7
|
|
|
|
|
|
|
|
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|
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|
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(1) Net Income from government & private securities
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|
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|
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LEBAC / NOBAC
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|
16.6
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|
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2.3
|
|
|
|
5.2
|
|
|
|
141.7
|
|
|
|
461.3
|
|
Other
|
|
|
15.2
|
|
|
|
178.2
|
|
|
|
90.7
|
|
|
|
129.3
|
|
|
|
105.9
|
|
TOTAL
|
|
|
31.8
|
|
|
|
180.5
|
|
|
|
95.9
|
|
|
|
271.0
|
|
|
|
567.2
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The Bank’s 2Q14 financial expense
totaled Ps.1.7 billion, increasing by 20% (Ps.295.6 million) compared to the previous quarter and increasing by 88% (Ps.816.1 million)
compared to 2Q13.
In 2Q14, interest on deposits represented
82% of the Bank’s total financial expense. Interest on deposits increased 27% or Ps.302.2 million QoQ due to an increase
of the average time deposit rates of 280bp and a higher average volume of these deposits. On a yearly basis, interest on deposits
grew 100% or Ps.716.1 million.
Other financial expense decreased 3% or
Ps.8.5 million QoQ, mainly due to less gross income tax and increased 48% or Ps.77.2 million YoY.
|
2Q14 Earnings
Release
|
FINANCIAL EXPENSE
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MACRO consolidated
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In MILLION $
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II13
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III13
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IV13
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|
|
I14
|
|
|
II14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on checking accounts
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0.2
|
|
|
|
0.1
|
|
|
|
0.2
|
|
Interest on saving accounts
|
|
|
10.6
|
|
|
|
10.3
|
|
|
|
10.2
|
|
|
|
11.1
|
|
|
|
12.1
|
|
Interest on time deposits
|
|
|
707.0
|
|
|
|
791.6
|
|
|
|
900.0
|
|
|
|
1,120.4
|
|
|
|
1,421.5
|
|
Interest on interfinancing received loans
|
|
|
1.0
|
|
|
|
0.9
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
Interest on subordinated bonds
|
|
|
19.0
|
|
|
|
20.7
|
|
|
|
22.8
|
|
|
|
29.2
|
|
|
|
29.1
|
|
Other Interest
|
|
|
0.9
|
|
|
|
0.8
|
|
|
|
0.9
|
|
|
|
0.8
|
|
|
|
0.8
|
|
Interest on other liabilities from fin intermediation
|
|
|
14.8
|
|
|
|
15.1
|
|
|
|
17.0
|
|
|
|
22.1
|
|
|
|
23.3
|
|
CER adjustment
|
|
|
0.9
|
|
|
|
1.1
|
|
|
|
1.1
|
|
|
|
3.2
|
|
|
|
2.8
|
|
Contribution to Deposit Guarantee Fund
|
|
|
16.8
|
|
|
|
17.1
|
|
|
|
18.0
|
|
|
|
19.0
|
|
|
|
20.2
|
|
Other
|
|
|
161.3
|
|
|
|
181.6
|
|
|
|
199.1
|
|
|
|
247.0
|
|
|
|
238.5
|
|
Total financial expense
|
|
|
932.4
|
|
|
|
1,039.3
|
|
|
|
1,169.3
|
|
|
|
1,452.9
|
|
|
|
1,748.5
|
|
As of 2Q14, the Bank’s net interest
margin was 14.7%, lower than the 15.7% posted in 1Q14 and larger than the 12.3% posted in 2Q13. Had income from government and
private securities and guaranteed loans been excluded, the Bank’s net interest margin would have been 13.3% in 2Q14, lower
than the 15% posted in 1Q14 and lower than the 13.4% posted in 2Q13.
In 2Q14, Banco Macro’s net fee income
totaled Ps.828 million, 10% or Ps.73.7 million higher than 1Q14, and 29% or Ps.187.8 million higher than 2Q13. This growth was
mainly driven by fee charges on deposit accounts which increased 9% or Ps.55.8 million QoQ followed by debit and credit card fees
which increased 12% or Ps.28.3 million QoQ. On a yearly basis these same fees increased 34% and 49%, respectively.
NET FEE INCOME
|
|
MACRO consolidated
|
|
In MILLION $
|
|
II13
|
|
|
III13
|
|
|
IV13
|
|
|
I14
|
|
|
II14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee charges on deposit accounts
|
|
|
505.2
|
|
|
|
525.2
|
|
|
|
540.0
|
|
|
|
622.2
|
|
|
|
678.0
|
|
Debit and credit card fees
|
|
|
180.2
|
|
|
|
204.0
|
|
|
|
226.1
|
|
|
|
239.5
|
|
|
|
267.8
|
|
Other fees related to foreign trade
|
|
|
10.8
|
|
|
|
11.9
|
|
|
|
11.8
|
|
|
|
14.6
|
|
|
|
16.2
|
|
Credit-related fees
|
|
|
49.0
|
|
|
|
38.4
|
|
|
|
38.1
|
|
|
|
17.2
|
|
|
|
20.2
|
|
Lease of safe-deposit boxes
|
|
|
18.1
|
|
|
|
18.0
|
|
|
|
17.8
|
|
|
|
19.2
|
|
|
|
20.5
|
|
Other
|
|
|
85.7
|
|
|
|
86.5
|
|
|
|
95.0
|
|
|
|
106.5
|
|
|
|
110.5
|
|
Total fee income
|
|
|
849.0
|
|
|
|
884.0
|
|
|
|
928.8
|
|
|
|
1,019.2
|
|
|
|
1,113.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fee expense
|
|
|
208.8
|
|
|
|
277.6
|
|
|
|
226.9
|
|
|
|
264.9
|
|
|
|
285.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net fee income
|
|
|
640.2
|
|
|
|
606.4
|
|
|
|
701.9
|
|
|
|
754.3
|
|
|
|
828.0
|
|
In 2Q14 Banco Macro’s administrative
expenses reached Ps.1.3 billion, 7% or Ps.91.6 million higher than the previous quarter mainly due to higher personnel expenses
and taxes. Administrative expenses increased 31%
or Ps.311.7 million YoY due to an increase in personnel expenses (mainly
higher salaries) and other operating expenses.
Personnel expenses grew 7% or Ps.45.4 million
QoQ, basically originated by salary increases in line with the agreement reached with the Unions on April 2014. Personal expenses
increased 22% or Ps.134 million compared to 2Q13.
As of June 2014, the accumulated efficiency
ratio reached 44%, improving from the 52.8% posted in 2Q13. Accumulative administrative expenses grew 35% in 2Q14, while net financial
income and net fee income grew 62% as a whole, evidencing an improvement in efficiency.
|
2Q14 Earnings
Release
|
ADMINISTRATIVE EXPENSES
|
|
MACRO consolidated
|
|
In MILLION $
|
|
II13
|
|
|
III13
|
|
|
IV13
|
|
|
I14
|
|
|
II14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses
|
|
|
609.1
|
|
|
|
572.0
|
|
|
|
641.2
|
|
|
|
697.7
|
|
|
|
743.1
|
|
Directors & statutory auditors´fees
|
|
|
31.0
|
|
|
|
23.8
|
|
|
|
46.5
|
|
|
|
71.2
|
|
|
|
58.7
|
|
Other professional fees
|
|
|
34.8
|
|
|
|
36.4
|
|
|
|
36.4
|
|
|
|
38.7
|
|
|
|
50.1
|
|
Advertising & publicity
|
|
|
20.0
|
|
|
|
48.1
|
|
|
|
14.0
|
|
|
|
21.0
|
|
|
|
26.8
|
|
Taxes
|
|
|
54.3
|
|
|
|
56.9
|
|
|
|
60.0
|
|
|
|
68.9
|
|
|
|
82.1
|
|
Depreciation of equipment
|
|
|
24.3
|
|
|
|
24.9
|
|
|
|
26.5
|
|
|
|
30.4
|
|
|
|
31.9
|
|
Amortization of organization costs
|
|
|
20.9
|
|
|
|
22.9
|
|
|
|
25.6
|
|
|
|
27.6
|
|
|
|
29.8
|
|
Other operating expenses
|
|
|
139.4
|
|
|
|
164.5
|
|
|
|
165.7
|
|
|
|
179.6
|
|
|
|
191.3
|
|
Other
|
|
|
68.7
|
|
|
|
80.0
|
|
|
|
89.0
|
|
|
|
87.5
|
|
|
|
100.4
|
|
Total Administrative Expenses
|
|
|
1,002.5
|
|
|
|
1,029.5
|
|
|
|
1,104.9
|
|
|
|
1,222.6
|
|
|
|
1,314.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Employees
|
|
|
8,527
|
|
|
|
8,641
|
|
|
|
8,663
|
|
|
|
8,735
|
|
|
|
8,714
|
|
Branches
|
|
|
428
|
|
|
|
428
|
|
|
|
430
|
|
|
|
429
|
|
|
|
431
|
|
Efficiency ratio
|
|
|
54.6
|
%
|
|
|
47.7
|
%
|
|
|
64.0
|
%
|
|
|
38.0
|
%
|
|
|
51.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated efficiency ratio
|
|
|
52.8
|
%
|
|
|
50.9
|
%
|
|
|
48.7
|
%
|
|
|
38.0
|
%
|
|
|
44.0
|
%
|
In 2Q14, the Bank’s net other income
totalled Ps.59.2 million, increasing Ps.37.5 million QoQ mainly due to recovered loans and reversed allowances for Ps.12 million
and a positive recover in the provision for the income tax for Ps.25.6 million.
NET OTHER INCOME
|
|
MACRO consolidated
|
|
In MILLION $
|
|
II13
|
|
|
III13
|
|
|
IV13
|
|
|
I14
|
|
|
II14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Penalty interest
|
|
|
11.8
|
|
|
|
9.9
|
|
|
|
10.4
|
|
|
|
12.6
|
|
|
|
14.3
|
|
Recovered loans and reversed allowances
|
|
|
25.8
|
|
|
|
21.5
|
|
|
|
26.9
|
|
|
|
20.6
|
|
|
|
32.8
|
|
Other
|
|
|
38.4
|
|
|
|
26.8
|
|
|
|
20.2
|
|
|
|
28.6
|
|
|
|
55.6
|
|
Total Other Income
|
|
|
76.0
|
|
|
|
58.2
|
|
|
|
57.5
|
|
|
|
61.8
|
|
|
|
102.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charges for other receivables uncollectibility and other allowances
|
|
|
17.6
|
|
|
|
14.0
|
|
|
|
9.1
|
|
|
|
12.7
|
|
|
|
14.2
|
|
Goodwill amortization
|
|
|
3.5
|
|
|
|
3.5
|
|
|
|
3.6
|
|
|
|
3.5
|
|
|
|
3.5
|
|
Other Expense
|
|
|
17.9
|
|
|
|
29.7
|
|
|
|
15.0
|
|
|
|
23.9
|
|
|
|
25.8
|
|
Total Other Expense
|
|
|
39.0
|
|
|
|
47.2
|
|
|
|
27.7
|
|
|
|
40.1
|
|
|
|
43.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Other Income
|
|
|
37.0
|
|
|
|
11.0
|
|
|
|
29.8
|
|
|
|
21.7
|
|
|
|
59.2
|
|
In 2Q14, Banco Macro's effective income
tax rate was 34.7%, compared to 38.9% in 2Q13.
Financial
Assets
Private sector financing
The volume of “core” financing
to the private sector (including loans, financial trust and leasing portfolio) totaled Ps.39.9 billion, decreasing 0.5% or Ps.196.7
million QoQ and increasing 16% or Ps.5.4 billion YoY.
Within commercial loans, documents and
others decreased 6% and 4% QoQ, respectively, while pledge loans presented the best performance followed by overdrafts which grew
7% and 2% QoQ, respectively.
|
2Q14 Earnings
Release
|
The main growth in consumer loans was driven
by credit cards loans and personal loans which rose 2% and 1% QoQ, respectively.
As of 2Q14, productive investments loans
reached Ps.4.4 billion from the total financing to the private sector portfolio.
FINANCING TO THE PRIVATE
SECTOR
|
|
MACRO
consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
II13
|
|
|
III13
|
|
|
IV13
|
|
|
I14
|
|
|
II14
|
|
|
II14/I14
|
|
|
II14/II13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overdrafts
|
|
|
4,487.6
|
|
|
|
5,642.0
|
|
|
|
4,450.0
|
|
|
|
4,622.5
|
|
|
|
4,692.4
|
|
|
|
2
|
%
|
|
|
5
|
%
|
Discounted documents
|
|
|
3,635.9
|
|
|
|
3,654.4
|
|
|
|
4,320.8
|
|
|
|
4,333.9
|
|
|
|
4,061.4
|
|
|
|
-6
|
%
|
|
|
12
|
%
|
Mortgages loans
|
|
|
1,896.9
|
|
|
|
1,916.2
|
|
|
|
2,308.9
|
|
|
|
2,292.1
|
|
|
|
2,319.5
|
|
|
|
1
|
%
|
|
|
22
|
%
|
Pledges loans
|
|
|
1,144.0
|
|
|
|
1,168.9
|
|
|
|
1,429.4
|
|
|
|
1,416.5
|
|
|
|
1,513.3
|
|
|
|
7
|
%
|
|
|
32
|
%
|
Personal loans
|
|
|
12,315.1
|
|
|
|
13,012.5
|
|
|
|
13,873.8
|
|
|
|
13,875.1
|
|
|
|
14,051.5
|
|
|
|
1
|
%
|
|
|
14
|
%
|
Credit Card loans
|
|
|
5,310.9
|
|
|
|
5,755.4
|
|
|
|
6,841.4
|
|
|
|
7,157.5
|
|
|
|
7,298.7
|
|
|
|
2
|
%
|
|
|
37
|
%
|
Others
|
|
|
4,635.8
|
|
|
|
4,878.0
|
|
|
|
5,206.6
|
|
|
|
5,260.8
|
|
|
|
5,035.0
|
|
|
|
-4
|
%
|
|
|
9
|
%
|
Total loan portfolio
|
|
|
33,426.2
|
|
|
|
36,027.4
|
|
|
|
38,430.9
|
|
|
|
38,958.4
|
|
|
|
38,971.8
|
|
|
|
0
|
%
|
|
|
17
|
%
|
Financial trusts
|
|
|
664.0
|
|
|
|
710.4
|
|
|
|
722.1
|
|
|
|
771.0
|
|
|
|
563.9
|
|
|
|
-27
|
%
|
|
|
-15
|
%
|
Leasing
|
|
|
376.5
|
|
|
|
375.7
|
|
|
|
385.7
|
|
|
|
379.2
|
|
|
|
376.2
|
|
|
|
-1
|
%
|
|
|
0
|
%
|
Total financing to the private sector
|
|
|
34,466.7
|
|
|
|
37,113.5
|
|
|
|
39,538.7
|
|
|
|
40,108.6
|
|
|
|
39,911.9
|
|
|
|
0
|
%
|
|
|
16
|
%
|
Public Sector Assets
In 2Q14, the Bank’s public sector
assets (excluding LEBAC / NOBAC) to total assets ratio was 4.2%, higher than the 3.7% posted in 1Q14 and lower than the 5.4% posted
in 2Q13.
In 2Q14, government securities stand out
with a 51% increase, from which 78% are LEBAC/NOBAC from BCRA.
The Bank’s exposure to the public
sector remained below the Argentine system’s average (9%).
|
2Q14 Earnings
Release
|
PUBLIC SECTOR ASSETS
|
|
MACRO consolidated
|
|
In MILLION $
|
|
II13
|
|
|
III13
|
|
|
IV13
|
|
|
I14
|
|
|
II14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LEBAC / NOBAC B.C.R.A.
|
|
|
57.0
|
|
|
|
82.8
|
|
|
|
48.6
|
|
|
|
5,053.0
|
|
|
|
7,881.6
|
|
Other
|
|
|
2,117.7
|
|
|
|
1,778.5
|
|
|
|
1,099.6
|
|
|
|
1,660.6
|
|
|
|
2,227.7
|
|
Government securities
|
|
|
2,174.7
|
|
|
|
1,861.3
|
|
|
|
1,148.2
|
|
|
|
6,713.6
|
|
|
|
10,109.3
|
|
Guaranteed loans
|
|
|
298.7
|
|
|
|
295.2
|
|
|
|
311.8
|
|
|
|
363.5
|
|
|
|
383.8
|
|
Provincial loans
|
|
|
304.1
|
|
|
|
296.4
|
|
|
|
328.4
|
|
|
|
329.8
|
|
|
|
288.4
|
|
Government securities loans
|
|
|
10.8
|
|
|
|
13.5
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
Loans
|
|
|
613.6
|
|
|
|
605.1
|
|
|
|
640.2
|
|
|
|
693.3
|
|
|
|
672.2
|
|
Purchase of government bonds
|
|
|
19.2
|
|
|
|
19.0
|
|
|
|
8.9
|
|
|
|
23.1
|
|
|
|
23.4
|
|
Other receivables
|
|
|
19.2
|
|
|
|
19.0
|
|
|
|
8.9
|
|
|
|
23.1
|
|
|
|
23.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL PUBLIC SECTOR ASSETS
|
|
|
2,807.5
|
|
|
|
2,485.4
|
|
|
|
1,797.3
|
|
|
|
7,430.0
|
|
|
|
10,804.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL PUBLIC SECTOR LIABILITIES
|
|
|
25.4
|
|
|
|
42.6
|
|
|
|
42.1
|
|
|
|
44.5
|
|
|
|
43.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net exposure
|
|
|
2,782.1
|
|
|
|
2,442.8
|
|
|
|
1,755.2
|
|
|
|
7,385.5
|
|
|
|
10,761.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC / NOBAC )
|
|
|
2,750.5
|
|
|
|
2,402.6
|
|
|
|
1,748.7
|
|
|
|
2,377.0
|
|
|
|
2,923.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC / NOBAC) /TOTAL ASSETS
|
|
|
5.4
|
%
|
|
|
4.4
|
%
|
|
|
3.0
|
%
|
|
|
3.7
|
%
|
|
|
4.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net exposure (net of LEBAC/NOBAC) / TOTAL ASSETS
|
|
|
5.3
|
%
|
|
|
4.3
|
%
|
|
|
2.9
|
%
|
|
|
3.6
|
%
|
|
|
4.2
|
%
|
Funding
Deposits
Banco Macro’s deposit base totaled
Ps.51.3 billion in 2Q14, growing 9% or Ps.4.4 billion QoQ and 30% or Ps.11.7 billion YoY and representing 81% of the Bank’s
total liabilities.
On a quarterly basis, private sector
deposits increased 7% or Ps.2.7 billion while public sector deposits grew 22% or Ps.1.7 billion. Within private sector
deposits, an increase in foreign currency and in peso deposits was observed of 13% and 6%, respectively.
The increase in private sector deposits
was led by transactional deposits, which grew 18% or Ps.2.9 billion QoQ. On the other hand, time deposits decreased 2% or Ps.373.6
million QoQ.
DEPOSITS
|
|
MACRO consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
II13
|
|
|
III13
|
|
|
IV13
|
|
|
I14
|
|
|
II14
|
|
|
II14/I14
|
|
|
II14/II13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public sector
|
|
|
8,549.7
|
|
|
|
7,972.6
|
|
|
|
6,580.0
|
|
|
|
7,529.2
|
|
|
|
9,203.6
|
|
|
|
22
|
%
|
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial sector
|
|
|
24.1
|
|
|
|
20.9
|
|
|
|
26.9
|
|
|
|
25.2
|
|
|
|
27.6
|
|
|
|
10
|
%
|
|
|
15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private sector
|
|
|
30,956.6
|
|
|
|
33,780.5
|
|
|
|
36,820.1
|
|
|
|
39,359.4
|
|
|
|
42,047.1
|
|
|
|
7
|
%
|
|
|
36
|
%
|
Checking accounts
|
|
|
7,145.8
|
|
|
|
7,494.3
|
|
|
|
8,602.7
|
|
|
|
8,607.3
|
|
|
|
10,003.8
|
|
|
|
16
|
%
|
|
|
40
|
%
|
Savings accounts
|
|
|
7,384.0
|
|
|
|
7,454.0
|
|
|
|
8,440.7
|
|
|
|
7,954.8
|
|
|
|
9,467.0
|
|
|
|
19
|
%
|
|
|
28
|
%
|
Time deposits
|
|
|
15,318.9
|
|
|
|
17,582.0
|
|
|
|
18,416.5
|
|
|
|
21,306.7
|
|
|
|
20,933.1
|
|
|
|
-2
|
%
|
|
|
37
|
%
|
Other
|
|
|
1,107.9
|
|
|
|
1,250.2
|
|
|
|
1,360.2
|
|
|
|
1,490.6
|
|
|
|
1,643.2
|
|
|
|
10
|
%
|
|
|
48
|
%
|
TOTAL
|
|
|
39,530.4
|
|
|
|
41,774.0
|
|
|
|
43,427.0
|
|
|
|
46,913.8
|
|
|
|
51,278.3
|
|
|
|
9
|
%
|
|
|
30
|
%
|
|
2Q14 Earnings
Release
|
Other sources of funds
In 2Q14, the total amount of other sources
of funds increased 2% or Ps.245.1 million compared to 1Q14, as a result of a 37% or Ps.113 million increase in financing from banks
and international institutions (prefinancing to corporate customers), and a 1% or Ps.117.4 million increase in the shareholder’s
equity, resulting from the net effect between cash dividend distribution and the 2Q14 positive results.
OTHER FUNDING
|
|
MACRO consolidated
|
|
In MILLION $
|
|
II13
|
|
|
III13
|
|
|
IV13
|
|
|
I14
|
|
|
II14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
|
|
|
21.2
|
|
|
|
21.9
|
|
|
|
22.0
|
|
|
|
22.3
|
|
|
|
22.8
|
|
Banks and international institutions
|
|
|
96.6
|
|
|
|
34.6
|
|
|
|
326.5
|
|
|
|
308.2
|
|
|
|
421.2
|
|
Financing received from Argentine financial institutions
|
|
|
100.3
|
|
|
|
56.9
|
|
|
|
56.9
|
|
|
|
65.1
|
|
|
|
58.9
|
|
Subordinated corporate bonds
|
|
|
810.4
|
|
|
|
892.7
|
|
|
|
981.1
|
|
|
|
1,235.0
|
|
|
|
1,223.9
|
|
Non-subordinated corporate bonds
|
|
|
593.1
|
|
|
|
624.8
|
|
|
|
718.0
|
|
|
|
864.3
|
|
|
|
895.7
|
|
Shareholders´ equity
|
|
|
7,102.1
|
|
|
|
7,674.1
|
|
|
|
8,627.4
|
|
|
|
9,813.8
|
|
|
|
9,931.2
|
|
Total other Funding
|
|
|
8,723.8
|
|
|
|
9,304.9
|
|
|
|
10,732.0
|
|
|
|
12,308.6
|
|
|
|
12,553.7
|
|
As of June 2014 Banco Macro’s average
cost of funds reached 12%, based on the significant participation of Banco Macro´s transactional deposits which represent
approximately 46% of its total deposit base. These accounts are low cost and are not sensitive to interest rate increases.
Liquid Assets
In 2Q14, the Bank’s liquid assets
amounted to Ps.22.7 billion, showing an increase of 20% or Ps.3.8 billion QoQ and an increase of 95% or Ps.11.1 billion on a yearly
basis.
In 2Q14, Banco Macro experienced an increase
in LEBAC/NOBAC own portfolio of 55%, an increase in Cash of 6% and an increase of 204% of Call.
In 2Q14 Banco Macro’s liquid assets
to total deposits ratio reached 44.3%.
LIQUID ASSETS
|
|
MACRO consolidated
|
|
In MILLION $
|
|
II13
|
|
|
III13
|
|
|
IV13
|
|
|
I14
|
|
|
II14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
8,323.1
|
|
|
|
9,449.6
|
|
|
|
12,860.5
|
|
|
|
9,434.9
|
|
|
|
9,993.0
|
|
Guarantees for compensating chambers
|
|
|
616.7
|
|
|
|
574.3
|
|
|
|
582.4
|
|
|
|
614.3
|
|
|
|
629.0
|
|
Call
|
|
|
247.9
|
|
|
|
444.9
|
|
|
|
308.0
|
|
|
|
256.0
|
|
|
|
778.0
|
|
Reverse repos from other securities
|
|
|
164.6
|
|
|
|
360.1
|
|
|
|
554.1
|
|
|
|
221.0
|
|
|
|
102.4
|
|
Reverse repos from LEBAC/NOBAC
|
|
|
2,265.1
|
|
|
|
1,695.0
|
|
|
|
124.4
|
|
|
|
3,433.2
|
|
|
|
3,543.0
|
|
LEBAC / NOBAC own portfolio
|
|
|
57.0
|
|
|
|
82.8
|
|
|
|
48.6
|
|
|
|
4,948.4
|
|
|
|
7,682.6
|
|
TOTAL
|
|
|
11,674.4
|
|
|
|
12,606.7
|
|
|
|
14,478.0
|
|
|
|
18,907.8
|
|
|
|
22,728.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquid assets to total deposits
|
|
|
29.5
|
%
|
|
|
30.2
|
%
|
|
|
33.3
|
%
|
|
|
40.3
|
%
|
|
|
44.3
|
%
|
|
2Q14 Earnings
Release
|
Solvency
Banco Macro continued showing high solvency
levels in 2Q14 with an integrated capital (RPC) of Ps.9.9 billion over a total capital requirement of Ps.4.8 billion. Banco Macro´s
excess capital in 2Q14 was 104% or Ps.5.1 billion.
As of January 2014, total capital requirement
is fully based on BCRA Communication “A” 5369 methodology.
The capitalization ratio (as a percentage
of risk-weighted assets) was 23.2% in 2Q14, above the minimum required by the Central Bank.
The Bank´s aim is to make the best
use of this excess capital.
MINIMUM CAPITAL REQUIREMENT
|
|
MACRO consolidated
|
|
In MILLION $
|
|
II13
|
|
|
III13
|
|
|
IV13
|
|
|
I14
|
|
|
II14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit risk requirement
|
|
|
2,752.5
|
|
|
|
2,752.5
|
|
|
|
2,752.5
|
|
|
|
3,490.1
|
|
|
|
3,516.8
|
|
Market risk requirement
|
|
|
52.0
|
|
|
|
52.0
|
|
|
|
52.0
|
|
|
|
148.6
|
|
|
|
212.1
|
|
Operational risk requirement
|
|
|
709.9
|
|
|
|
709.9
|
|
|
|
709.9
|
|
|
|
1,041.2
|
|
|
|
1,113.5
|
|
Interest rate risk requirement
|
|
|
838.2
|
|
|
|
838.2
|
|
|
|
838.2
|
|
|
|
0.0
|
|
|
|
0.0
|
|
Total capital requirement (*)
|
|
|
4,352.6
|
|
|
|
4,352.6
|
|
|
|
4,352.6
|
|
|
|
4,679.8
|
|
|
|
4,842.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary Capital Level 1 (COn1)
|
|
|
6,929.3
|
|
|
|
7,388.1
|
|
|
|
8,150.7
|
|
|
|
9,220.6
|
|
|
|
9,531.4
|
|
Deductible concepts COn1
|
|
|
-314.1
|
|
|
|
-336.5
|
|
|
|
-363.5
|
|
|
|
-375.7
|
|
|
|
-395.0
|
|
Aditional Capital Level 1 (CAn1)
|
|
|
412.7
|
|
|
|
412.7
|
|
|
|
412.7
|
|
|
|
366.8
|
|
|
|
366.8
|
|
Capital level 2 (COn2)
|
|
|
338.8
|
|
|
|
364.8
|
|
|
|
388.9
|
|
|
|
392.9
|
|
|
|
392.3
|
|
Integrated capital (RPC) (**)
|
|
|
7,366.7
|
|
|
|
7,829.1
|
|
|
|
8,588.8
|
|
|
|
9,604.6
|
|
|
|
9,895.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excess capital
|
|
|
3,014.1
|
|
|
|
3,476.5
|
|
|
|
4,236.3
|
|
|
|
4,924.8
|
|
|
|
5,053.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization ratio
|
|
|
21.7
|
%
|
|
|
23.1
|
%
|
|
|
25.3
|
%
|
|
|
22.7
|
%
|
|
|
23.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio TIER 1
|
|
|
20.7
|
%
|
|
|
22.0
|
%
|
|
|
24.1
|
%
|
|
|
21.8
|
%
|
|
|
22.3
|
%
|
(*)
Total Capital requirement for
I13, II13, III13 & IV13 quarters, are January´s 2013 total capital requeriement since the highest had to be considered
according to BCRA.
(**)
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 2Q14, Banco Macro’s non-performing
to total financing ratio reached a level of 2.02% higher than 1.88% posted in 1Q14.
The coverage ratio reached 133.07% in 2Q14.
The Bank is committed to continue working
in this area to maintain excellent asset quality standards.
|
2Q14 Earnings
Release
|
ASSET QUALITY
|
|
MACRO consolidated
|
|
In MILLION $
|
|
II13
|
|
|
III13
|
|
|
IV13
|
|
|
I14
|
|
|
II14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial portfolio
|
|
|
14,675.2
|
|
|
|
16,448.9
|
|
|
|
16,513.3
|
|
|
|
16,933.1
|
|
|
|
17,384.5
|
|
Non-performing
|
|
|
222.8
|
|
|
|
250.1
|
|
|
|
253.1
|
|
|
|
300.7
|
|
|
|
298.6
|
|
Consumer portfolio
|
|
|
21,232.9
|
|
|
|
22,314.9
|
|
|
|
24,669.0
|
|
|
|
24,854.6
|
|
|
|
24,965.4
|
|
Non-performing
|
|
|
452.8
|
|
|
|
435.3
|
|
|
|
435.6
|
|
|
|
484.1
|
|
|
|
556.6
|
|
Total portfolio
|
|
|
35,908.1
|
|
|
|
38,763.8
|
|
|
|
41,182.3
|
|
|
|
41,787.7
|
|
|
|
42,349.9
|
|
Non-performing
|
|
|
675.6
|
|
|
|
685.4
|
|
|
|
688.7
|
|
|
|
784.8
|
|
|
|
855.2
|
|
Total non-performing/ Total portfolio
|
|
|
1.88
|
%
|
|
|
1.76
|
%
|
|
|
1.67
|
%
|
|
|
1.88
|
%
|
|
|
2.02
|
%
|
Total allowances
|
|
|
972.5
|
|
|
|
1,010.6
|
|
|
|
1,026.6
|
|
|
|
1,076.8
|
|
|
|
1,138.0
|
|
Coverage ratio w/allowances
|
|
|
143.94
|
%
|
|
|
147.45
|
%
|
|
|
149.06
|
%
|
|
|
137.21
|
%
|
|
|
133.07
|
%
|
|
2Q14 Earnings
Release
|
CER Exposure and Foreign Currency Position
CER EXPOSURE
|
|
MACRO consolidated
|
|
In MILLION $
|
|
II13
|
|
|
III13
|
|
|
IV13
|
|
|
I14
|
|
|
II14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CER adjustable ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guaranteed loans
|
|
|
317.8
|
|
|
|
324.8
|
|
|
|
331.4
|
|
|
|
350.3
|
|
|
|
369.6
|
|
Private sector loans
|
|
|
6.1
|
|
|
|
5.5
|
|
|
|
4.9
|
|
|
|
4.5
|
|
|
|
3.9
|
|
Other loans
|
|
|
0.5
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
|
0.3
|
|
|
|
0.2
|
|
Loans
|
|
|
324.4
|
|
|
|
330.7
|
|
|
|
336.7
|
|
|
|
355.1
|
|
|
|
373.7
|
|
Other receivables
|
|
|
2.2
|
|
|
|
3.4
|
|
|
|
2.8
|
|
|
|
2.3
|
|
|
|
1.8
|
|
Total CER adjustable assets
|
|
|
326.6
|
|
|
|
334.1
|
|
|
|
339.5
|
|
|
|
357.4
|
|
|
|
375.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CER adjustable LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.3
|
|
|
|
0.3
|
|
Other liabilities from financial intermediation
|
|
|
42.9
|
|
|
|
42.5
|
|
|
|
42.0
|
|
|
|
43.2
|
|
|
|
43.2
|
|
Total CER adjustable liabilities
|
|
|
43.1
|
|
|
|
42.7
|
|
|
|
42.2
|
|
|
|
43.5
|
|
|
|
43.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET CER EXPOSURE
|
|
|
283.5
|
|
|
|
291.4
|
|
|
|
297.3
|
|
|
|
313.9
|
|
|
|
332.0
|
|
FOREIGN CURRENCY POSITION
|
|
MACRO consolidated
|
|
In MILLION $
|
|
II13
|
|
|
III13
|
|
|
IV13
|
|
|
I14
|
|
|
II14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
4,339.8
|
|
|
|
4,980.8
|
|
|
|
5,977.6
|
|
|
|
4,609.1
|
|
|
|
5,264.7
|
|
Government and private securities
|
|
|
619.0
|
|
|
|
757.2
|
|
|
|
911.7
|
|
|
|
1,392.8
|
|
|
|
1,828.0
|
|
Loans
|
|
|
2,159.2
|
|
|
|
1,929.6
|
|
|
|
1,917.1
|
|
|
|
2,435.3
|
|
|
|
2,428.7
|
|
Other receivables from financial intermediation
|
|
|
581.0
|
|
|
|
767.9
|
|
|
|
833.2
|
|
|
|
917.6
|
|
|
|
552.5
|
|
Receivables from financial leases
|
|
|
20.2
|
|
|
|
20.8
|
|
|
|
-0.1
|
|
|
|
-0.1
|
|
|
|
-0.1
|
|
Investments in other companies
|
|
|
0.8
|
|
|
|
0.8
|
|
|
|
0.9
|
|
|
|
1.1
|
|
|
|
1.2
|
|
Other receivables
|
|
|
169.3
|
|
|
|
116.1
|
|
|
|
81.0
|
|
|
|
80.7
|
|
|
|
90.2
|
|
Items pending allocation
|
|
|
1.3
|
|
|
|
1.4
|
|
|
|
1.0
|
|
|
|
1.3
|
|
|
|
2.0
|
|
TOTAL ASSETS
|
|
|
7,890.6
|
|
|
|
8,574.6
|
|
|
|
9,722.4
|
|
|
|
9,437.8
|
|
|
|
10,167.2
|
|
Deposits
|
|
|
3,369.0
|
|
|
|
3,616.0
|
|
|
|
3,759.1
|
|
|
|
4,350.1
|
|
|
|
4,863.9
|
|
Other liabilities from financial intermediation
|
|
|
1,253.8
|
|
|
|
1,281.9
|
|
|
|
2,150.8
|
|
|
|
2,236.3
|
|
|
|
2,332.8
|
|
Other liabilities
|
|
|
8.2
|
|
|
|
5.7
|
|
|
|
17.5
|
|
|
|
6.6
|
|
|
|
14.6
|
|
Subordinated corporate bonds
|
|
|
810.4
|
|
|
|
892.7
|
|
|
|
981.1
|
|
|
|
1,235.0
|
|
|
|
1,223.9
|
|
Items pending allocation
|
|
|
2.8
|
|
|
|
0.1
|
|
|
|
1.0
|
|
|
|
-69.8
|
|
|
|
-4.1
|
|
TOTAL LIABILITIES
|
|
|
5,444.2
|
|
|
|
5,796.4
|
|
|
|
6,909.5
|
|
|
|
7,758.2
|
|
|
|
8,431.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET FX POSITION
|
|
|
2,446.4
|
|
|
|
2,778.2
|
|
|
|
2,812.9
|
|
|
|
1,679.6
|
|
|
|
1,736.1
|
|
|
2Q14 Earnings
Release
|
Relevant and Recent Events
|
·
|
On
June 16
th
2014, the Central Bank (BCRA) authorized cash dividend distribution requested by Banco Macro, as approved
by the General and Special Shareholder´s Meeting held on April 29
th
2014 for Ps.596,254,288.56 (Ps.1.02 per share
which represents 102% of the Bank’s outstanding corporate capital of Ps.584,563,028).
|
The Board of Directors, at the
meeting held on June 18
th
2014, decided to make effective that payment as from July 1st, 2014. To date, cash dividends
have been successfully paid.
|
·
|
In
June 2014, the Bank paid semi-annual interest on Class 1 Notes for USD7.3 million.
|
|
·
|
In
August 2014, the Bank paid semi-annual interest on Senior Note Class 2 for USD4.5 million.
|
|
·
|
As
of June 2014, Banco Macro satisfactorily extended loans regarding the productive investment program assigned for small & mid-sized
companies (MiPyMES) required by BCRA Communication “A” 5516 for the first half of 2014.
|
|
·
|
On
June 10th 2014, the Central Bank (BCRA) through Communication “A” 5590 decided to establish caps on interest rates
for consumer loans, specifically to personal lending and pledge loans lines. Banco Macro is fully complying with the actual requirement.
|
|
·
|
On
June 30th 2014, the Central Bank (BCRA) through Communication “A” 5600 decided to extended loans regarding the productive
investment program assigned for small & mid-sized companies (MiPyMES), resulting the fifth consecutive semester in which the
Bank needs to fulfilling with this requirement.
|
|
2Q14 Earnings
Release
|
QUARTERLY BALANCE SHEET
|
|
MACRO consolidated
|
|
In MILLION $
|
|
II13
|
|
|
III13
|
|
|
IV13
|
|
|
I14
|
|
|
II14
|
|
ASSETS
|
|
|
53,686.6
|
|
|
|
56,732.3
|
|
|
|
59,295.0
|
|
|
|
68,241.1
|
|
|
|
72,858.7
|
|
Cash
|
|
|
8,323.1
|
|
|
|
9,449.6
|
|
|
|
12,860.5
|
|
|
|
9,434.9
|
|
|
|
9,993.0
|
|
Government and Private Securities
|
|
|
5,040.0
|
|
|
|
4,436.9
|
|
|
|
2,441.3
|
|
|
|
10,930.3
|
|
|
|
14,842.0
|
|
-LEBAC/NOBAC
|
|
|
2,322.1
|
|
|
|
1,777.8
|
|
|
|
173.0
|
|
|
|
8,381.6
|
|
|
|
11,225.6
|
|
-Other
|
|
|
2,717.9
|
|
|
|
2,659.1
|
|
|
|
2,268.3
|
|
|
|
2,548.7
|
|
|
|
3,616.4
|
|
Loans
|
|
|
33,965.6
|
|
|
|
36,613.9
|
|
|
|
39,022.4
|
|
|
|
39,507.8
|
|
|
|
39,916.8
|
|
to the non-financial government sector
|
|
|
602.8
|
|
|
|
591.6
|
|
|
|
640.2
|
|
|
|
693.3
|
|
|
|
672.5
|
|
to the financial sector
|
|
|
441.0
|
|
|
|
513.8
|
|
|
|
364.9
|
|
|
|
295.4
|
|
|
|
804.3
|
|
to the non-financial private sector and foreign residents
|
|
|
33,869.6
|
|
|
|
36,494.4
|
|
|
|
39,023.8
|
|
|
|
39,573.5
|
|
|
|
39,553.6
|
|
-Overdrafts
|
|
|
4,487.6
|
|
|
|
5,642.0
|
|
|
|
4,450.0
|
|
|
|
4,622.5
|
|
|
|
4,692.4
|
|
-Documents
|
|
|
3,635.9
|
|
|
|
3,654.4
|
|
|
|
4,320.8
|
|
|
|
4,333.9
|
|
|
|
4,061.4
|
|
-Mortgage loans
|
|
|
1,896.9
|
|
|
|
1,916.2
|
|
|
|
2,308.9
|
|
|
|
2,292.1
|
|
|
|
2,319.5
|
|
-Pledge loans
|
|
|
1,144.0
|
|
|
|
1,168.9
|
|
|
|
1,429.4
|
|
|
|
1,416.5
|
|
|
|
1,513.3
|
|
-Personal loans
|
|
|
12,315.1
|
|
|
|
13,012.5
|
|
|
|
13,873.8
|
|
|
|
13,875.1
|
|
|
|
14,051.5
|
|
-Credit cards
|
|
|
5,310.9
|
|
|
|
5,755.4
|
|
|
|
6,841.4
|
|
|
|
7,157.5
|
|
|
|
7,298.7
|
|
-Other
|
|
|
4,635.8
|
|
|
|
4,878.0
|
|
|
|
5,206.6
|
|
|
|
5,260.8
|
|
|
|
5,035.0
|
|
-Accrued interest, adjustments, price differences receivables and unearned discount
|
|
|
443.4
|
|
|
|
467.0
|
|
|
|
592.9
|
|
|
|
615.1
|
|
|
|
581.8
|
|
Allowances
|
|
|
-947.8
|
|
|
|
-986.0
|
|
|
|
-1,006.5
|
|
|
|
-1,054.4
|
|
|
|
-1,113.6
|
|
Other receivables from financial intermediation
|
|
|
4,193.6
|
|
|
|
4,019.9
|
|
|
|
2,680.2
|
|
|
|
5,923.2
|
|
|
|
5,502.0
|
|
Receivables from financial leases
|
|
|
375.4
|
|
|
|
373.9
|
|
|
|
385.9
|
|
|
|
380.2
|
|
|
|
376.5
|
|
Investments in other companies
|
|
|
11.7
|
|
|
|
11.8
|
|
|
|
13.5
|
|
|
|
13.7
|
|
|
|
13.5
|
|
Other receivables
|
|
|
470.8
|
|
|
|
451.1
|
|
|
|
435.3
|
|
|
|
453.3
|
|
|
|
513.5
|
|
Other assets
|
|
|
1,306.4
|
|
|
|
1,375.2
|
|
|
|
1,455.9
|
|
|
|
1,597.8
|
|
|
|
1,701.4
|
|
LIABILITIES
|
|
|
46,584.5
|
|
|
|
49,058.3
|
|
|
|
50,667.6
|
|
|
|
58,427.3
|
|
|
|
62,927.5
|
|
Deposits
|
|
|
39,530.4
|
|
|
|
41,774.0
|
|
|
|
43,427.0
|
|
|
|
46,913.8
|
|
|
|
51,278.3
|
|
From the non-financial government sector
|
|
|
8,549.7
|
|
|
|
7,972.6
|
|
|
|
6,580.0
|
|
|
|
7,529.2
|
|
|
|
9,203.6
|
|
From the financial sector
|
|
|
24.1
|
|
|
|
20.9
|
|
|
|
26.9
|
|
|
|
25.2
|
|
|
|
27.6
|
|
From the non-financial private sector and foreign residents
|
|
|
30,956.6
|
|
|
|
33,780.5
|
|
|
|
36,820.1
|
|
|
|
39,359.4
|
|
|
|
42,047.1
|
|
-Checking accounts
|
|
|
7,145.8
|
|
|
|
7,494.3
|
|
|
|
8,602.7
|
|
|
|
8,607.3
|
|
|
|
10,003.8
|
|
-Savings accounts
|
|
|
7,384.0
|
|
|
|
7,454.0
|
|
|
|
8,440.7
|
|
|
|
7,954.8
|
|
|
|
9,467.0
|
|
-Time deposits
|
|
|
15,318.9
|
|
|
|
17,582.0
|
|
|
|
18,416.5
|
|
|
|
21,306.7
|
|
|
|
20,933.1
|
|
-Other
|
|
|
1,107.9
|
|
|
|
1,250.2
|
|
|
|
1,360.2
|
|
|
|
1,490.6
|
|
|
|
1,643.2
|
|
Other liabilities from financial intermediation
|
|
|
5,188.9
|
|
|
|
5,028.7
|
|
|
|
4,697.7
|
|
|
|
8,114.2
|
|
|
|
8,306.5
|
|
Subordinated corporate bonds
|
|
|
810.4
|
|
|
|
892.7
|
|
|
|
981.1
|
|
|
|
1,235.0
|
|
|
|
1,223.9
|
|
Other liabilities
|
|
|
1,054.8
|
|
|
|
1,362.9
|
|
|
|
1,561.8
|
|
|
|
2,164.3
|
|
|
|
2,118.8
|
|
SHAREHOLDERS' EQUITY
|
|
|
7,102.1
|
|
|
|
7,674.0
|
|
|
|
8,627.4
|
|
|
|
9,813.8
|
|
|
|
9,931.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES + SHAREHOLDERS' EQUITY
|
|
|
53,686.6
|
|
|
|
56,732.3
|
|
|
|
59,295.0
|
|
|
|
68,241.1
|
|
|
|
72,858.7
|
|
|
2Q14 Earnings
Release
|
QUARTERLY INCOME STATEMENT
|
|
MACRO consolidated
|
|
In MILLION $
|
|
II13
|
|
|
III13
|
|
|
IV13
|
|
|
I14
|
|
|
II14
|
|
Financial income
|
|
|
2,129.5
|
|
|
|
2,589.3
|
|
|
|
2,987.7
|
|
|
|
3,916.3
|
|
|
|
3,470.7
|
|
Interest on cash and due from banks
|
|
|
0.0
|
|
|
|
0.1
|
|
|
|
0.0
|
|
|
|
0.1
|
|
|
|
0.0
|
|
Interest on loans to the financial sector
|
|
|
11.6
|
|
|
|
12.9
|
|
|
|
16.7
|
|
|
|
13.2
|
|
|
|
28.5
|
|
Interest on overdrafts
|
|
|
244.6
|
|
|
|
274.4
|
|
|
|
327.9
|
|
|
|
351.7
|
|
|
|
352.2
|
|
Interest on documents
|
|
|
149.8
|
|
|
|
175.3
|
|
|
|
202.4
|
|
|
|
248.0
|
|
|
|
244.0
|
|
Interest on mortgage loans
|
|
|
79.9
|
|
|
|
86.4
|
|
|
|
100.0
|
|
|
|
115.7
|
|
|
|
123.5
|
|
Interest on pledge loans
|
|
|
46.0
|
|
|
|
50.0
|
|
|
|
58.6
|
|
|
|
62.2
|
|
|
|
64.5
|
|
Interest on credit card loans
|
|
|
223.2
|
|
|
|
260.2
|
|
|
|
316.0
|
|
|
|
408.1
|
|
|
|
466.3
|
|
Interest on financial leases
|
|
|
16.5
|
|
|
|
17.7
|
|
|
|
18.4
|
|
|
|
20.3
|
|
|
|
19.7
|
|
Interest on other loans
|
|
|
1,121.7
|
|
|
|
1,243.3
|
|
|
|
1,366.0
|
|
|
|
1,468.7
|
|
|
|
1,493.4
|
|
Income from government & private securities, net
|
|
|
31.8
|
|
|
|
180.5
|
|
|
|
95.9
|
|
|
|
271.0
|
|
|
|
567.2
|
|
Interest on other receivables from fin. intermediation
|
|
|
0.8
|
|
|
|
0.5
|
|
|
|
0.9
|
|
|
|
0.9
|
|
|
|
0.7
|
|
Income from Guaranteed Loans - Decree 1387/01
|
|
|
3.3
|
|
|
|
1.1
|
|
|
|
9.5
|
|
|
|
20.3
|
|
|
|
6.3
|
|
CER adjustment
|
|
|
4.8
|
|
|
|
2.0
|
|
|
|
12.0
|
|
|
|
36.9
|
|
|
|
19.6
|
|
CVS adjustment
|
|
|
0.2
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0.3
|
|
|
|
0.1
|
|
Difference in quoted prices of gold and foreign currency
|
|
|
135.9
|
|
|
|
227.5
|
|
|
|
342.6
|
|
|
|
678.9
|
|
|
|
35.1
|
|
Other
|
|
|
59.4
|
|
|
|
57.3
|
|
|
|
120.7
|
|
|
|
220.0
|
|
|
|
49.6
|
|
Financial expense
|
|
|
-932.4
|
|
|
|
-1,039.3
|
|
|
|
-1,169.3
|
|
|
|
-1,452.9
|
|
|
|
-1,748.5
|
|
Interest on checking accounts
|
|
|
-0.1
|
|
|
|
-0.1
|
|
|
|
-0.2
|
|
|
|
-0.1
|
|
|
|
-0.2
|
|
Interest on saving accounts
|
|
|
-10.6
|
|
|
|
-10.3
|
|
|
|
-10.2
|
|
|
|
-11.1
|
|
|
|
-12.1
|
|
Interest on time deposits
|
|
|
-707.0
|
|
|
|
-791.6
|
|
|
|
-900.0
|
|
|
|
-1,120.4
|
|
|
|
-1,421.5
|
|
Interest on interfinancing received loans
|
|
|
-1.0
|
|
|
|
-0.9
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
Interest on subordinated bonds
|
|
|
-19.0
|
|
|
|
-20.7
|
|
|
|
-22.8
|
|
|
|
-29.2
|
|
|
|
-29.1
|
|
Other Interest
|
|
|
-0.9
|
|
|
|
-0.8
|
|
|
|
-0.9
|
|
|
|
-0.8
|
|
|
|
-0.8
|
|
Interest on other liabilities from fin. intermediation
|
|
|
-14.8
|
|
|
|
-15.1
|
|
|
|
-17.0
|
|
|
|
-22.1
|
|
|
|
-23.3
|
|
CER adjustment
|
|
|
-0.9
|
|
|
|
-1.1
|
|
|
|
-1.1
|
|
|
|
-3.2
|
|
|
|
-2.8
|
|
Contribution to Deposit Guarantee Fund
|
|
|
-16.8
|
|
|
|
-17.1
|
|
|
|
-18.0
|
|
|
|
-19.0
|
|
|
|
-20.2
|
|
Other
|
|
|
-161.3
|
|
|
|
-181.6
|
|
|
|
-199.1
|
|
|
|
-247.0
|
|
|
|
-238.5
|
|
Net financial income
|
|
|
1,197.1
|
|
|
|
1,550.0
|
|
|
|
1,818.4
|
|
|
|
2,463.4
|
|
|
|
1,722.2
|
|
Provision for loan losses
|
|
|
-113.9
|
|
|
|
-139.1
|
|
|
|
-158.5
|
|
|
|
-131.3
|
|
|
|
-167.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee income
|
|
|
849.0
|
|
|
|
884.0
|
|
|
|
928.8
|
|
|
|
1,019.2
|
|
|
|
1,113.2
|
|
Fee expense
|
|
|
-208.8
|
|
|
|
-277.6
|
|
|
|
-226.9
|
|
|
|
-264.9
|
|
|
|
-285.2
|
|
Net fee income
|
|
|
640.2
|
|
|
|
606.4
|
|
|
|
701.9
|
|
|
|
754.3
|
|
|
|
828.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
|
|
-1,002.5
|
|
|
|
-1,029.5
|
|
|
|
-1,104.9
|
|
|
|
-1,222.6
|
|
|
|
-1,314.2
|
|
Minority interest in subsidiaries
|
|
|
-4.1
|
|
|
|
-4.7
|
|
|
|
-5.5
|
|
|
|
-6.8
|
|
|
|
-5.3
|
|
Net other income
|
|
|
37.0
|
|
|
|
11.0
|
|
|
|
29.8
|
|
|
|
21.7
|
|
|
|
59.2
|
|
Earnings before income tax
|
|
|
753.8
|
|
|
|
994.1
|
|
|
|
1,281.2
|
|
|
|
1,878.7
|
|
|
|
1,122.1
|
|
Income tax
|
|
|
-293.4
|
|
|
|
-422.2
|
|
|
|
-327.9
|
|
|
|
-692.4
|
|
|
|
-389.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
460.4
|
|
|
|
571.9
|
|
|
|
953.3
|
|
|
|
1,186.3
|
|
|
|
732.6
|
|
|
2Q14 Earnings
Release
|
QUARTER ANNUALIZED RATIOS
|
|
MACRO consolidated
|
|
|
|
II13
|
|
|
III13
|
|
|
IV13
|
|
|
I14
|
|
|
II14
|
|
Profitability & performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
12.3
|
%
|
|
|
14.5
|
%
|
|
|
15.0
|
%
|
|
|
15.7
|
%
|
|
|
14.7
|
%
|
Net interest margin adjusted
(1)
|
|
|
13.4
|
%
|
|
|
14.2
|
%
|
|
|
15.1
|
%
|
|
|
15.0
|
%
|
|
|
13.3
|
%
|
Net fee income ratio
|
|
|
34.8
|
%
|
|
|
28.1
|
%
|
|
|
27.8
|
%
|
|
|
23.4
|
%
|
|
|
32.5
|
%
|
Efficiency ratio
|
|
|
54.6
|
%
|
|
|
47.7
|
%
|
|
|
43.8
|
%
|
|
|
38.0
|
%
|
|
|
51.5
|
%
|
Net fee income as a percentage of adm expenses
|
|
|
63.9
|
%
|
|
|
58.9
|
%
|
|
|
63.5
|
%
|
|
|
61.7
|
%
|
|
|
63.0
|
%
|
Return on average assets
|
|
|
3.5
|
%
|
|
|
4.3
|
%
|
|
|
6.6
|
%
|
|
|
7.6
|
%
|
|
|
4.3
|
%
|
Return on average equity
|
|
|
26.4
|
%
|
|
|
30.1
|
%
|
|
|
45.8
|
%
|
|
|
50.4
|
%
|
|
|
28.8
|
%
|
Liquidity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans as a percentage of total deposits
|
|
|
88.3
|
%
|
|
|
90.0
|
%
|
|
|
92.2
|
%
|
|
|
86.5
|
%
|
|
|
80.0
|
%
|
Liquid assets as a percentage of total deposits
|
|
|
29.5
|
%
|
|
|
30.2
|
%
|
|
|
33.3
|
%
|
|
|
40.3
|
%
|
|
|
44.3
|
%
|
Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity as a percentage of total assets
|
|
|
13.2
|
%
|
|
|
13.5
|
%
|
|
|
14.6
|
%
|
|
|
14.4
|
%
|
|
|
13.6
|
%
|
Regulatory capital as a percentage of risk weighted assets
|
|
|
21.7
|
%
|
|
|
23.1
|
%
|
|
|
25.3
|
%
|
|
|
22.7
|
%
|
|
|
23.2
|
%
|
Asset Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowances over total loans
|
|
|
2.7
|
%
|
|
|
2.6
|
%
|
|
|
2.5
|
%
|
|
|
2.6
|
%
|
|
|
2.7
|
%
|
Non-performing financing as a percentage of total financing
|
|
|
1.9
|
%
|
|
|
1.8
|
%
|
|
|
1.7
|
%
|
|
|
1.9
|
%
|
|
|
2.0
|
%
|
Allowances as a percentage of non-performing financing
|
|
|
143.9
|
%
|
|
|
147.5
|
%
|
|
|
149.1
|
%
|
|
|
137.2
|
%
|
|
|
133.1
|
%
|
(1)
Net interest margin excluding income from government
securities and guaranteed loans
ACCUMULATED ANNUALIZED RATIOS
|
|
MACRO consolidated
|
|
|
|
II13
|
|
|
III13
|
|
|
IV13
|
|
|
I14
|
|
|
II14
|
|
Profitability & performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
12.6
|
%
|
|
|
13.3
|
%
|
|
|
13.7
|
%
|
|
|
15.7
|
%
|
|
|
15.2
|
%
|
Net interest margin adjusted
(1)
|
|
|
13.3
|
%
|
|
|
13.6
|
%
|
|
|
13.9
|
%
|
|
|
15.0
|
%
|
|
|
14.2
|
%
|
Net fee income ratio
|
|
|
33.7
|
%
|
|
|
31.6
|
%
|
|
|
30.4
|
%
|
|
|
23.4
|
%
|
|
|
27.4
|
%
|
Efficiency ratio
|
|
|
52.8
|
%
|
|
|
50.9
|
%
|
|
|
48.7
|
%
|
|
|
38.0
|
%
|
|
|
44.0
|
%
|
Net fee income as a percentage of adm expenses
|
|
|
63.8
|
%
|
|
|
62.1
|
%
|
|
|
62.5
|
%
|
|
|
61.7
|
%
|
|
|
62.4
|
%
|
Return on average assets
|
|
|
3.6
|
%
|
|
|
3.8
|
%
|
|
|
4.6
|
%
|
|
|
7.6
|
%
|
|
|
5.9
|
%
|
Return on average equity
|
|
|
27.3
|
%
|
|
|
28.3
|
%
|
|
|
33.3
|
%
|
|
|
50.4
|
%
|
|
|
39.2
|
%
|
Liquidity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans as a percentage of total deposits
|
|
|
88.3
|
%
|
|
|
90.0
|
%
|
|
|
92.2
|
%
|
|
|
86.5
|
%
|
|
|
80.0
|
%
|
Liquid assets as a percentage of total deposits
|
|
|
29.5
|
%
|
|
|
30.2
|
%
|
|
|
33.3
|
%
|
|
|
40.3
|
%
|
|
|
44.3
|
%
|
Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity as a percentage of total assets
|
|
|
13.2
|
%
|
|
|
13.5
|
%
|
|
|
14.6
|
%
|
|
|
14.4
|
%
|
|
|
13.6
|
%
|
Regulatory capital as a percentage of risk weighted assets
|
|
|
21.7
|
%
|
|
|
23.1
|
%
|
|
|
25.3
|
%
|
|
|
22.7
|
%
|
|
|
23.2
|
%
|
Asset Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowances over total loans
|
|
|
2.7
|
%
|
|
|
2.6
|
%
|
|
|
2.5
|
%
|
|
|
2.6
|
%
|
|
|
2.7
|
%
|
Non-performing financing as a percentage of total financing
|
|
|
1.9
|
%
|
|
|
1.8
|
%
|
|
|
1.7
|
%
|
|
|
1.9
|
%
|
|
|
2.0
|
%
|
Allowances as a percentage of non-performing financing
|
|
|
143.9
|
%
|
|
|
147.5
|
%
|
|
|
149.1
|
%
|
|
|
137.2
|
%
|
|
|
133.1
|
%
|
(1)
Net interest margin excluding income from government
securities and guaranteed loans
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: August 6, 2014
|
MACRO BANK INC.
|
|
|
|
|
By:
|
/s/ Luis Cerolini
|
|
Name: Luis Cerolini
|
|
Title: Director
|
Banco Macro (NYSE:BMA)
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