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
November 9, 2016
Commission File Number: 001-32827
MACRO BANK INC.
(Translation of registrant’s name
into English)
Sarmiento 447
Buenos Aires C1 1041
Tel: 54 11 5222 6500
(Address of registrant’s principal
executive offices)
Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.
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
|
3Q16
Earnings Release
|
Banco Macro Announces Results
for the Third Quarter of 2016
Buenos Aires, Argentina, November 9,
2016
– Banco Macro S.A. (NYSE: BMA; BCBA: BMA) (“Banco Macro” or “BMA” or the “Bank”)
announced today its results for the third quarter ended September 30, 2016 (“3Q16”). All figures are in Argentine pesos
(Ps.) and have been prepared in accordance with Argentine GAAP.
Summary
• The Bank’s net income
totaled Ps.1.6 billion in 3Q16. This result was 48% higher than the Ps.1.1 billion posted in the third quarter of 2015 (“3Q15”).
In 3Q16, the accumulated annualized return on average equity (“ROAE”) and the accumulated annualized return on average
assets (“ROAA”) were 35.2% and 5.4%, respectively.
• In 3Q16, Banco Macro’s
financing to the private sector grew 8% or Ps.5.7 billion quarter over quarter (“QoQ”) totaling Ps.76.5 billion, and
grew 35% or 19.7 billion, year over year (“YoY”). In the quarter, commercial lines stand out, among which, Documents
and Overdrafts grew 26% and 16% QoQ, respectively. Among consumer loans, growth was driven by personal loans and credit cards which
grew 6% and 2% QoQ, respectively. As of September 2016, Banco Macro has granted Ps.3.7 billion loans, regarding the “Credit
Line for Productive Financing and Financial Inclusion” program.
• In 3Q16, Banco Macro’s
total deposits grew 12% QoQ, totaling Ps.101.9 billion and representing 88% of the Bank’s total liabilities. Private sector
deposits grew 9% QoQ.
• Banco Macro continued showing
a strong solvency ratio, with an excess capital of Ps.10.5 billion (23.6% capitalization ratio/ 17.3% regulatory capital - Basel
III). In addition, the Bank’s liquid assets remained at an adequate level, reaching 44.7% of its total deposits in 3Q16.
• In 3Q16, the Bank’s
non-performing to total financing ratio was 1.46% and the coverage ratio reached 155.15%.
3Q16 Earnings Release Conference Call
Thursday, November 10, 2016
Time: 10:00 a.m. Eastern Time | 12:00 p.m. Buenos Aires Time
|
IR Contacts in Buenos Aires
:
Jorge Scarinci
Finance & IR Manager
|
To participate, please dial:
Argentine Participants: (0800) 444 2930
U.S. Participants: +1 (844) 839 2185
Participants from outside the U.S.:
+1 (412) 317 2506
Conference ID: Banco Macro
Webcast:
click here
|
|
Webcast Replay:
click here
Available from 11/10/2016 through 11/24/2016
|
Ines Lanusse
Head of Investor Relations
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 (General Manager), Jorge Scarinci (Finance and IR Manager) and Ines Lanusse (Head of Investor Relations).
|
3Q16
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.
|
3Q16
Earnings Release
|
Results
Earnings per outstanding share were Ps.2.79
in 3Q16, 10% lower than in 2Q16´s levels and 48% higher than in 3Q15.
EARNINGS PER SHARE
|
|
MACRO consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q15
|
|
|
4Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
3Q16
|
|
|
Quarterly
|
|
|
Annualy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (M $)
|
|
|
1,104.6
|
|
|
|
1,966.9
|
|
|
|
1,407.6
|
|
|
|
1,805.3
|
|
|
|
1,632.6
|
|
|
|
-10
|
%
|
|
|
48
|
%
|
Average shares issued (M)
|
|
|
584.5
|
|
|
|
584.5
|
|
|
|
584.5
|
|
|
|
584.5
|
|
|
|
584.5
|
|
|
|
0
|
%
|
|
|
0
|
%
|
Book value per issued share ($)
|
|
|
23.80
|
|
|
|
27.16
|
|
|
|
30.20
|
|
|
|
32.13
|
|
|
|
34.92
|
|
|
|
9
|
%
|
|
|
47
|
%
|
Earnings per outstanding share ($)
|
|
|
1.89
|
|
|
|
3.37
|
|
|
|
2.41
|
|
|
|
3.09
|
|
|
|
2.79
|
|
|
|
-10
|
%
|
|
|
48
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per issued ADS (USD)
|
|
|
25.27
|
|
|
|
20.89
|
|
|
|
20.71
|
|
|
|
21.53
|
|
|
|
22.88
|
|
|
|
6
|
%
|
|
|
-9
|
%
|
Earnings per outstanding ADS (USD)
|
|
|
2.01
|
|
|
|
2.59
|
|
|
|
1.65
|
|
|
|
2.07
|
|
|
|
1.83
|
|
|
|
-12
|
%
|
|
|
-9
|
%
|
Banco Macro’s 3Q16 net income of
Ps.1.6 billion was 10% or Ps.172.7 million lower QoQ and 48% or Ps.528 million higher YoY. This result represented a ROAE and ROAA
of 35.2% and 5.4%, respectively.
The operating result for 3Q16 was Ps.2.5
billion, decreasing 6% or Ps.162.2 million QoQ, and increasing 39% or Ps.710.3 million YoY. Had income from government and private
securities been excluded, the operating result would have been 38% higher QoQ.
It is important to emphasize that this
result was obtained with the leverage of 6.7x assets to equity ratio.
INCOME STATEMENT
|
|
MACRO consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q15
|
|
|
4Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
3Q16
|
|
|
Quarterly
|
|
|
Annualy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net financial income
|
|
|
2,743.8
|
|
|
|
3,710.8
|
|
|
|
3,265.3
|
|
|
|
4,154.9
|
|
|
|
3,972.2
|
|
|
|
-4
|
%
|
|
|
45
|
%
|
Provision for loan losses
|
|
|
-138.1
|
|
|
|
-320.0
|
|
|
|
-178.2
|
|
|
|
-298.5
|
|
|
|
-242.4
|
|
|
|
-19
|
%
|
|
|
76
|
%
|
Net fee income
|
|
|
1,109.9
|
|
|
|
1,248.1
|
|
|
|
1,162.1
|
|
|
|
1,272.6
|
|
|
|
1,398.0
|
|
|
|
10
|
%
|
|
|
26
|
%
|
|
|
|
3,715.6
|
|
|
|
4,638.9
|
|
|
|
4,249.2
|
|
|
|
5,129.0
|
|
|
|
5,127.8
|
|
|
|
0
|
%
|
|
|
38
|
%
|
Administrative expenses
|
|
|
-1,896.1
|
|
|
|
-2,003.7
|
|
|
|
-2,120.9
|
|
|
|
-2,437.0
|
|
|
|
-2,598.0
|
|
|
|
7
|
%
|
|
|
37
|
%
|
Operating result
|
|
|
1,819.5
|
|
|
|
2,635.2
|
|
|
|
2,128.3
|
|
|
|
2,692.0
|
|
|
|
2,529.8
|
|
|
|
-6
|
%
|
|
|
39
|
%
|
Minority interest in subsidiaries
|
|
|
-9.1
|
|
|
|
-9.8
|
|
|
|
-10.6
|
|
|
|
-14.7
|
|
|
|
-12.6
|
|
|
|
-14
|
%
|
|
|
38
|
%
|
Net other income
|
|
|
-25.7
|
|
|
|
7.7
|
|
|
|
52.3
|
|
|
|
100.2
|
|
|
|
17.4
|
|
|
|
-83
|
%
|
|
|
-168
|
%
|
Net income before income tax
|
|
|
1,784.7
|
|
|
|
2,633.1
|
|
|
|
2,170.0
|
|
|
|
2,777.5
|
|
|
|
2,534.6
|
|
|
|
-9
|
%
|
|
|
42
|
%
|
Income tax
|
|
|
-680.1
|
|
|
|
-666.2
|
|
|
|
-762.4
|
|
|
|
-972.2
|
|
|
|
-902.0
|
|
|
|
-7
|
%
|
|
|
33
|
%
|
NET INCOME
|
|
|
1,104.6
|
|
|
|
1,966.9
|
|
|
|
1,407.6
|
|
|
|
1,805.3
|
|
|
|
1,632.6
|
|
|
|
-10
|
%
|
|
|
48
|
%
|
The Bank’s 3Q16 financial income
totaled Ps.7.4 billion, decreasing 2% (Ps.117.7 million) compared to 2Q16 and increasing 48% (Ps.2.4 billion) YoY.
Interest on loans represented 75% of total
financial income in 3Q16. Interest on loans was 5% or Ps.245.5 million higher than 2Q16’s level due to an increase of the
average volume of the loan portfolio of 10% and a decrease in the average interest lending rates of 190bp. On an annual basis,
interest on loans grew 43% or Ps.1.7 billion.
|
3Q16
Earnings Release
|
In 3Q16, net income from government and
private securities decreased 20% or Ps.407.2 million QoQ mainly due to a reduction of 50% in Other Government bond portfolio income
in Pesos. On an annual basis, net income from government and private securities increased 73% or Ps.676.6 million.
Also in this quarter, an increase of 20%
or Ps.14.3 million in income from Guaranteed Loans and in CER Adjustment was observed. On an annual basis, income from Guaranteed
Loans and in CER Adjustment also increased Ps.57.3 million.
Income from differences in quoted prices
of gold and foreign currency increased 42% or Ps.29.6 million QoQ, mainly due to higher foreign currency position (mainly greater
exports pre-financing and financing) and a lower peso depreciation compared with the previous quarter. On an annual basis, a decrease
of 10% or Ps.10.7 million was experienced.
Other financial income decreased 1% or
Ps.0.5 million compared to 2Q16, and a reduction of 13% or Ps.8.3 million was experienced YoY.
FINANCIAL INCOME
|
|
MACRO consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q15
|
|
|
4Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
3Q16
|
|
|
Quarterly
|
|
|
Annualy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on cash and due from banks
|
|
|
0.0
|
|
|
|
0.1
|
|
|
|
0.3
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
|
0
|
%
|
|
|
100
|
%
|
Interest on loans to the financial sector
|
|
|
31.7
|
|
|
|
14.1
|
|
|
|
32.8
|
|
|
|
55.5
|
|
|
|
71.8
|
|
|
|
29
|
%
|
|
|
126
|
%
|
Interest on overdrafts
|
|
|
350.4
|
|
|
|
397.1
|
|
|
|
520.3
|
|
|
|
652.9
|
|
|
|
670.7
|
|
|
|
3
|
%
|
|
|
91
|
%
|
Interest on documents
|
|
|
286.8
|
|
|
|
350.7
|
|
|
|
395.4
|
|
|
|
373.1
|
|
|
|
390.9
|
|
|
|
5
|
%
|
|
|
36
|
%
|
Interest on mortgages loans
|
|
|
142.3
|
|
|
|
169.4
|
|
|
|
184.9
|
|
|
|
184.5
|
|
|
|
183.8
|
|
|
|
0
|
%
|
|
|
29
|
%
|
Interest on pledges loans
|
|
|
103.8
|
|
|
|
102.9
|
|
|
|
100.5
|
|
|
|
89.7
|
|
|
|
84.2
|
|
|
|
-6
|
%
|
|
|
-19
|
%
|
Interest on credit cards loans
|
|
|
637.3
|
|
|
|
737.7
|
|
|
|
919.3
|
|
|
|
1,012.6
|
|
|
|
977.9
|
|
|
|
-3
|
%
|
|
|
53
|
%
|
Interest on financial leases
|
|
|
21.0
|
|
|
|
22.6
|
|
|
|
23.5
|
|
|
|
23.9
|
|
|
|
21.9
|
|
|
|
-8
|
%
|
|
|
4
|
%
|
Interest on other loans
|
|
|
2,309.5
|
|
|
|
2,568.9
|
|
|
|
2,784.9
|
|
|
|
2,921.3
|
|
|
|
3,157.8
|
|
|
|
8
|
%
|
|
|
37
|
%
|
Net Income from government & private securities
(1)
|
|
|
931.9
|
|
|
|
1,465.2
|
|
|
|
1,015.6
|
|
|
|
2,015.7
|
|
|
|
1,608.5
|
|
|
|
-20
|
%
|
|
|
73
|
%
|
Interest on other receivables from financial interm.
|
|
|
1.2
|
|
|
|
0.5
|
|
|
|
1.2
|
|
|
|
1.4
|
|
|
|
2.0
|
|
|
|
43
|
%
|
|
|
67
|
%
|
Income from Guaranteed Loans - Decree 1387/01
|
|
|
6.3
|
|
|
|
6.6
|
|
|
|
7.0
|
|
|
|
7.7
|
|
|
|
10.1
|
|
|
|
31
|
%
|
|
|
60
|
%
|
CER adjustment
|
|
|
23.1
|
|
|
|
24.9
|
|
|
|
56.9
|
|
|
|
64.7
|
|
|
|
76.6
|
|
|
|
18
|
%
|
|
|
232
|
%
|
CVS adjustment
|
|
|
0.3
|
|
|
|
0.3
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0
|
%
|
|
|
-33
|
%
|
Difference in quoted prices of gold and foreign currency
|
|
|
111.1
|
|
|
|
379.2
|
|
|
|
258.8
|
|
|
|
70.8
|
|
|
|
100.4
|
|
|
|
42
|
%
|
|
|
-10
|
%
|
Other
|
|
|
64.0
|
|
|
|
100.9
|
|
|
|
117.6
|
|
|
|
56.2
|
|
|
|
55.7
|
|
|
|
-1
|
%
|
|
|
-13
|
%
|
Total financial income
|
|
|
5,020.7
|
|
|
|
6,341.1
|
|
|
|
6,419.2
|
|
|
|
7,530.6
|
|
|
|
7,412.9
|
|
|
|
-2
|
%
|
|
|
48
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Net Income from government & private
securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LEBAC / NOBAC
|
|
|
642.8
|
|
|
|
537.6
|
|
|
|
664.2
|
|
|
|
1,079.0
|
|
|
|
1,101.9
|
|
|
|
2
|
%
|
|
|
71
|
%
|
Other Govermnet Securities
|
|
|
380.3
|
|
|
|
633.7
|
|
|
|
223.2
|
|
|
|
715.3
|
|
|
|
357.9
|
|
|
|
-50
|
%
|
|
|
-6
|
%
|
Local Shares
|
|
|
-216.1
|
|
|
|
346.9
|
|
|
|
57.0
|
|
|
|
138.1
|
|
|
|
103.2
|
|
|
|
-25
|
%
|
|
|
-148
|
%
|
Others
|
|
|
124.9
|
|
|
|
-53.0
|
|
|
|
71.2
|
|
|
|
83.3
|
|
|
|
45.5
|
|
|
|
-45
|
%
|
|
|
-64
|
%
|
Total
|
|
|
931.9
|
|
|
|
1,465.2
|
|
|
|
1,015.6
|
|
|
|
2,015.7
|
|
|
|
1,608.5
|
|
|
|
-20
|
%
|
|
|
73
|
%
|
The Bank’s 3Q16 financial expense
totaled Ps.3.4 billion, increasing 2% (Ps.65 million) compared to the previous quarter and increasing 51% (Ps.1.2 billion) compared
to 3Q15.
In 3Q16, interest on deposits represented
79% of the Bank’s total financial expense. Interest on deposits increased 1% or Ps.24 million QoQ due to an 11% increase
in the average volume of time deposits portfolio and partially compensated by a 240bp decrease in the average time deposit interest
rate. On a yearly basis, interest on deposits grew 55% or Ps.964.1 million.
In 3Q16 the Contribution to Deposit Guarantee
Fund increased 9% or Ps.3.1 million. On a yearly basis, the result was also 64% or Ps.69.5 million lower.
Other financial expense grew 6% or Ps.32.1
million QoQ mainly due to higher provincial taxes and increased 67% or Ps.234 million YoY.
|
3Q16
Earnings Release
|
FINANCIAL EXPENSE
|
|
MACRO consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q15
|
|
|
4Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
3Q16
|
|
|
Quarterly
|
|
|
Annualy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on saving accounts
|
|
|
17.8
|
|
|
|
20.8
|
|
|
|
20.7
|
|
|
|
22.9
|
|
|
|
22.8
|
|
|
|
0
|
%
|
|
|
28
|
%
|
Interest on time deposits
|
|
|
1,741.6
|
|
|
|
2,003.8
|
|
|
|
2,453.6
|
|
|
|
2,676.6
|
|
|
|
2,700.7
|
|
|
|
1
|
%
|
|
|
55
|
%
|
Interest on interfinancing received loans
|
|
|
1.4
|
|
|
|
1.1
|
|
|
|
1.0
|
|
|
|
0.1
|
|
|
|
0.7
|
|
|
|
600
|
%
|
|
|
-50
|
%
|
Interest on other financing from the finan. institu.
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.1
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0
|
%
|
|
|
0
|
%
|
Interest on subordinated bonds
|
|
|
34.0
|
|
|
|
37.8
|
|
|
|
53.6
|
|
|
|
51.3
|
|
|
|
55.1
|
|
|
|
7
|
%
|
|
|
62
|
%
|
Other Interest
|
|
|
0.6
|
|
|
|
0.6
|
|
|
|
0.9
|
|
|
|
1.4
|
|
|
|
1.1
|
|
|
|
-21
|
%
|
|
|
83
|
%
|
Interest on other liabilities from fin intermediation
|
|
|
24.1
|
|
|
|
26.4
|
|
|
|
35.7
|
|
|
|
34.9
|
|
|
|
36.3
|
|
|
|
4
|
%
|
|
|
51
|
%
|
CER adjustment
|
|
|
1.1
|
|
|
|
0.9
|
|
|
|
3.5
|
|
|
|
2.7
|
|
|
|
3.0
|
|
|
|
11
|
%
|
|
|
173
|
%
|
Contribution to Deposit Guarantee Fund
|
|
|
108.1
|
|
|
|
117.1
|
|
|
|
96.4
|
|
|
|
35.5
|
|
|
|
38.6
|
|
|
|
9
|
%
|
|
|
-64
|
%
|
Other
|
|
|
348.2
|
|
|
|
421.8
|
|
|
|
488.4
|
|
|
|
550.1
|
|
|
|
582.2
|
|
|
|
6
|
%
|
|
|
67
|
%
|
Total financial expense
|
|
|
2,276.9
|
|
|
|
2,630.3
|
|
|
|
3,153.9
|
|
|
|
3,375.7
|
|
|
|
3,440.7
|
|
|
|
2
|
%
|
|
|
51
|
%
|
As of 3Q16, the Bank’s net interest
margin was 18.5%, lower than the 18.8% posted in 2Q16 and higher the 17.3% posted in 3Q15. Had income from government and private
securities and guaranteed loans been excluded, the Bank’s net interest margin would have been 15.2% in 3Q16, relatively lower
than the 15.3% posted in 2Q16 and the 15.8% posted in 3Q15.
ASSETS & LIABILITIES
PERFORMANCE
|
|
MACRO
consolidated
|
|
In MILLON $
|
|
3Q15
|
|
|
4Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
3Q16
|
|
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
|
|
|
16,357.7
|
|
|
|
24.8
|
%
|
|
|
15,031.4
|
|
|
|
31.1
|
%
|
|
|
17,185.8
|
|
|
|
20.9
|
%
|
|
|
20,414.7
|
|
|
|
35.4
|
%
|
|
|
22,933.0
|
|
|
|
25.4
|
%
|
Loans
|
|
|
53,017.2
|
|
|
|
29.3
|
%
|
|
|
58,579.2
|
|
|
|
29.8
|
%
|
|
|
63,168.6
|
|
|
|
32.0
|
%
|
|
|
65,811.0
|
|
|
|
32.9
|
%
|
|
|
72,253.9
|
|
|
|
31.1
|
%
|
Private Sector
|
|
|
52,524.2
|
|
|
|
29.3
|
%
|
|
|
58,079.2
|
|
|
|
29.8
|
%
|
|
|
62,398.6
|
|
|
|
31.8
|
%
|
|
|
64,943.9
|
|
|
|
32.7
|
%
|
|
|
71,261.2
|
|
|
|
30.8
|
%
|
Public Sector
|
|
|
493.0
|
|
|
|
28.2
|
%
|
|
|
500.0
|
|
|
|
28.0
|
%
|
|
|
770.0
|
|
|
|
48.2
|
%
|
|
|
867.1
|
|
|
|
49.3
|
%
|
|
|
992.7
|
|
|
|
49.6
|
%
|
Financial trusts
|
|
|
198.3
|
|
|
|
25.2
|
%
|
|
|
207.9
|
|
|
|
28.1
|
%
|
|
|
364.3
|
|
|
|
30.7
|
%
|
|
|
497.8
|
|
|
|
35.9
|
%
|
|
|
394.9
|
|
|
|
31.0
|
%
|
Other interest-earning assets
|
|
|
3,088.3
|
|
|
|
-5.8
|
%
|
|
|
3,524.4
|
|
|
|
37.6
|
%
|
|
|
4,385.6
|
|
|
|
15.2
|
%
|
|
|
3,875.8
|
|
|
|
24.4
|
%
|
|
|
3,535.9
|
|
|
|
19.0
|
%
|
Total interest-earning assets
|
|
|
72,661.5
|
|
|
|
26.8
|
%
|
|
|
77,342.9
|
|
|
|
30.4
|
%
|
|
|
85,104.3
|
|
|
|
28.9
|
%
|
|
|
90,599.3
|
|
|
|
33.1
|
%
|
|
|
99,117.7
|
|
|
|
29.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-earning assets
|
|
|
16,706.0
|
|
|
|
|
|
|
|
20,573.3
|
|
|
|
|
|
|
|
25,301.3
|
|
|
|
|
|
|
|
26,166.1
|
|
|
|
|
|
|
|
29,986.8
|
|
|
|
|
|
Total Average Assets
|
|
|
89,367.5
|
|
|
|
|
|
|
|
97,916.2
|
|
|
|
|
|
|
|
110,405.6
|
|
|
|
|
|
|
|
116,765.4
|
|
|
|
|
|
|
|
129,104.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking accounts
(*)
|
|
|
1,745.0
|
|
|
|
0.0
|
%
|
|
|
2,037.7
|
|
|
|
0.0
|
%
|
|
|
2,802.8
|
|
|
|
0.0
|
%
|
|
|
2,838.4
|
|
|
|
0.0
|
%
|
|
|
2,783.8
|
|
|
|
0.0
|
%
|
Saving accounts
(*)
|
|
|
12,083.7
|
|
|
|
0.6
|
%
|
|
|
13,230.6
|
|
|
|
0.6
|
%
|
|
|
14,109.8
|
|
|
|
0.6
|
%
|
|
|
14,940.7
|
|
|
|
0.6
|
%
|
|
|
17,288.7
|
|
|
|
0.5
|
%
|
Time deposits
(*)
|
|
|
32,892.3
|
|
|
|
21.0
|
%
|
|
|
34,920.2
|
|
|
|
22.8
|
%
|
|
|
42,577.3
|
|
|
|
23.2
|
%
|
|
|
45,867.7
|
|
|
|
23.5
|
%
|
|
|
51,054.3
|
|
|
|
21.1
|
%
|
Corporate Bonds
|
|
|
2,371.0
|
|
|
|
9.2
|
%
|
|
|
2,608.4
|
|
|
|
9.3
|
%
|
|
|
3,700.1
|
|
|
|
9.4
|
%
|
|
|
3,645.3
|
|
|
|
9.2
|
%
|
|
|
3,831.8
|
|
|
|
9.3
|
%
|
BCRA
|
|
|
8.5
|
|
|
|
8.6
|
%
|
|
|
6.9
|
|
|
|
8.6
|
%
|
|
|
5.4
|
|
|
|
8.4
|
%
|
|
|
3.7
|
|
|
|
8.2
|
%
|
|
|
1.2
|
|
|
|
5.2
|
%
|
Other interest-bearing liabilities
|
|
|
188.6
|
|
|
|
12.8
|
%
|
|
|
226.1
|
|
|
|
13.7
|
%
|
|
|
154.5
|
|
|
|
21.2
|
%
|
|
|
298.5
|
|
|
|
26.7
|
%
|
|
|
260.0
|
|
|
|
32.7
|
%
|
Total interest-bearing liabilities
|
|
|
49,289.1
|
|
|
|
14.7
|
%
|
|
|
53,029.9
|
|
|
|
15.7
|
%
|
|
|
63,349.9
|
|
|
|
16.3
|
%
|
|
|
67,594.3
|
|
|
|
16.7
|
%
|
|
|
75,219.8
|
|
|
|
15.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits
(*)
|
|
|
22,705.8
|
|
|
|
|
|
|
|
23,656.5
|
|
|
|
|
|
|
|
22,650.6
|
|
|
|
|
|
|
|
23,781.8
|
|
|
|
|
|
|
|
26,586.1
|
|
|
|
|
|
Other non interest-bearing libilities & equity
|
|
|
17,372.6
|
|
|
|
|
|
|
|
21,229.8
|
|
|
|
|
|
|
|
24,405.1
|
|
|
|
|
|
|
|
25,389.3
|
|
|
|
|
|
|
|
27,298.6
|
|
|
|
|
|
Total non interest-bearing liabilities &
equity
|
|
|
40,078.4
|
|
|
|
|
|
|
|
44,886.3
|
|
|
|
|
|
|
|
47,055.7
|
|
|
|
|
|
|
|
49,171.1
|
|
|
|
|
|
|
|
53,884.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Average Liabilities & Equity
|
|
|
89,367.5
|
|
|
|
|
|
|
|
97,916.2
|
|
|
|
|
|
|
|
110,405.6
|
|
|
|
|
|
|
|
116,765.4
|
|
|
|
|
|
|
|
129,104.5
|
|
|
|
|
|
(*) The average cost of funds is calculated
only considering deposits with and without interest-bearnig cost.
In 3Q16, Banco Macro’s net fee income
totaled Ps.1.4 billion, 10% or Ps.125.4 million higher than 2Q16, and 26% or Ps.288.1 million higher than 3Q15.
In the quarter, fee income increased 11%
or Ps.197.3 million. Fee charges on debit and credit card and deposit accounts fees stand out, which increased 13% and 10% respectively.
On a yearly basis, fee income increased 31% or Ps.484.1 million, having the same concepts stand out (43% and 29% increase, respectively).
In the quarter, total fee expenses grew
12% or Ps.71.9 million, having higher charges paid to debit/credit card brands and other commission. On a yearly basis, the same
concepts stand out, this increased 60% and 43% respectively.
|
3Q16
Earnings Release
|
NET FEE INCOME
|
|
MACRO consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q15
|
|
|
4Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
3Q16
|
|
|
Quarterly
|
|
|
Annualy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee charges on deposit accounts
|
|
|
923.1
|
|
|
|
992.1
|
|
|
|
1,026.4
|
|
|
|
1,081.3
|
|
|
|
1,192.4
|
|
|
|
10
|
%
|
|
|
29
|
%
|
Debit and credit card fees
|
|
|
408.3
|
|
|
|
514.5
|
|
|
|
470.0
|
|
|
|
517.3
|
|
|
|
583.7
|
|
|
|
13
|
%
|
|
|
43
|
%
|
Other fees related to foreign trade
|
|
|
24.9
|
|
|
|
29.8
|
|
|
|
38.8
|
|
|
|
30.5
|
|
|
|
32.1
|
|
|
|
5
|
%
|
|
|
29
|
%
|
Credit-related fees
|
|
|
25.3
|
|
|
|
42.8
|
|
|
|
17.4
|
|
|
|
31.7
|
|
|
|
33.9
|
|
|
|
7
|
%
|
|
|
34
|
%
|
Lease of safe-deposit boxes
|
|
|
24.7
|
|
|
|
26.6
|
|
|
|
26.7
|
|
|
|
27.1
|
|
|
|
31.0
|
|
|
|
14
|
%
|
|
|
26
|
%
|
Other
|
|
|
169.7
|
|
|
|
167.1
|
|
|
|
158.6
|
|
|
|
174.9
|
|
|
|
187.0
|
|
|
|
7
|
%
|
|
|
10
|
%
|
Total fee income
|
|
|
1,576.0
|
|
|
|
1,772.9
|
|
|
|
1,737.9
|
|
|
|
1,862.8
|
|
|
|
2,060.1
|
|
|
|
11
|
%
|
|
|
31
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debit and Credit card expenses
|
|
|
214.0
|
|
|
|
241.6
|
|
|
|
283.5
|
|
|
|
287.8
|
|
|
|
343.3
|
|
|
|
19
|
%
|
|
|
60
|
%
|
Turnover tax and municipal assessments
|
|
|
77.7
|
|
|
|
92.3
|
|
|
|
97.8
|
|
|
|
101.5
|
|
|
|
109.0
|
|
|
|
7
|
%
|
|
|
40
|
%
|
Comission paid to lending agencies
|
|
|
67.3
|
|
|
|
76.5
|
|
|
|
76.4
|
|
|
|
75.9
|
|
|
|
56.2
|
|
|
|
-26
|
%
|
|
|
-16
|
%
|
Foreign trade comissions
|
|
|
1.9
|
|
|
|
1.9
|
|
|
|
2.1
|
|
|
|
2.2
|
|
|
|
3.0
|
|
|
|
36
|
%
|
|
|
58
|
%
|
Others
|
|
|
105.2
|
|
|
|
112.5
|
|
|
|
116.0
|
|
|
|
122.8
|
|
|
|
150.6
|
|
|
|
23
|
%
|
|
|
43
|
%
|
Total fee expense
|
|
|
466.1
|
|
|
|
524.8
|
|
|
|
575.8
|
|
|
|
590.2
|
|
|
|
662.1
|
|
|
|
12
|
%
|
|
|
42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net fee income
|
|
|
1,109.9
|
|
|
|
1,248.1
|
|
|
|
1,162.1
|
|
|
|
1,272.6
|
|
|
|
1,398.0
|
|
|
|
10
|
%
|
|
|
26
|
%
|
In 3Q16 Banco Macro’s administrative
expenses reached Ps.2.6 billion, 7% or Ps.161 million higher than the previous quarter, mainly due to higher personnel expenses
and other operating expenses. Administrative expenses increased 37%
or Ps.701.9 million YoY due to an increase in personnel
expenses (mainly salaries increases and other concepts) and other operating expenses.
Personnel expenses grew 8% or Ps.123.6
million QoQ, basically due to the gratifications and other benefits for the personnel. Personal expenses increased 43% or Ps.484.8
million compared to 3Q15
As of September 2016, the accumulated efficiency
ratio reached 47%, slightly higher from the 46.3% posted in 2Q16 but lower than the 48.8% one year ago. Administrative expenses
grew 57%, while net financial income and net fee income increased 54% as a whole.
ADMINISTRATIVE EXPENSES
|
|
MACRO consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q15
|
|
|
4Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
3Q16
|
|
|
Quarterly
|
|
|
Annualy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses
|
|
|
1,131.7
|
|
|
|
1,195.4
|
|
|
|
1,245.6
|
|
|
|
1,492.9
|
|
|
|
1,616.5
|
|
|
|
8
|
%
|
|
|
43
|
%
|
Directors & statutory auditors´fees
|
|
|
66.1
|
|
|
|
72.0
|
|
|
|
67.6
|
|
|
|
84.3
|
|
|
|
80.1
|
|
|
|
-5
|
%
|
|
|
21
|
%
|
Other professional fees
|
|
|
58.9
|
|
|
|
58.7
|
|
|
|
57.9
|
|
|
|
70.7
|
|
|
|
68.9
|
|
|
|
-3
|
%
|
|
|
17
|
%
|
Advertising & publicity
|
|
|
31.7
|
|
|
|
45.5
|
|
|
|
47.8
|
|
|
|
35.3
|
|
|
|
39.4
|
|
|
|
12
|
%
|
|
|
24
|
%
|
Taxes
|
|
|
104.3
|
|
|
|
113.3
|
|
|
|
115.1
|
|
|
|
137.3
|
|
|
|
132.1
|
|
|
|
-4
|
%
|
|
|
27
|
%
|
Depreciation of equipment
|
|
|
44.3
|
|
|
|
45.0
|
|
|
|
46.4
|
|
|
|
49.5
|
|
|
|
52.6
|
|
|
|
6
|
%
|
|
|
19
|
%
|
Amortization of organization costs
|
|
|
38.8
|
|
|
|
40.6
|
|
|
|
43.3
|
|
|
|
48.5
|
|
|
|
51.3
|
|
|
|
6
|
%
|
|
|
32
|
%
|
Other operating expenses
|
|
|
273.9
|
|
|
|
273.5
|
|
|
|
318.7
|
|
|
|
332.2
|
|
|
|
362.6
|
|
|
|
9
|
%
|
|
|
32
|
%
|
Other
|
|
|
146.4
|
|
|
|
159.7
|
|
|
|
178.5
|
|
|
|
186.3
|
|
|
|
194.5
|
|
|
|
4
|
%
|
|
|
33
|
%
|
Total Administrative Expenses
|
|
|
1,896.1
|
|
|
|
2,003.7
|
|
|
|
2,120.9
|
|
|
|
2,437.0
|
|
|
|
2,598.0
|
|
|
|
7
|
%
|
|
|
37
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Employees
|
|
|
8,717
|
|
|
|
8,727
|
|
|
|
8,749
|
|
|
|
8,768
|
|
|
|
8,626
|
|
|
|
-2
|
%
|
|
|
-1
|
%
|
Branches
|
|
|
437
|
|
|
|
439
|
|
|
|
439
|
|
|
|
438
|
|
|
|
444
|
|
|
|
1
|
%
|
|
|
2
|
%
|
Efficiency ratio
|
|
|
49.2
|
%
|
|
|
40.4
|
%
|
|
|
47.9
|
%
|
|
|
44.9
|
%
|
|
|
48.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated efficiency ratio
|
|
|
48.8
|
%
|
|
|
46.1
|
%
|
|
|
47.9
|
%
|
|
|
46.3
|
%
|
|
|
47.0
|
%
|
|
|
|
|
|
|
|
|
In 3Q16, the Bank’s net other income/losses
totaled a gain of Ps.17.4 million, decreasing from the previous quarter in Ps.82.9 million. In 2Q16 registered an excess of provision
of taxes, and in 3Q16 a higher charges from other receivables uncollectability and other losses, were experienced.
|
3Q16
Earnings Release
|
NET OTHER INCOME/LOSSES
|
|
MACRO consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q15
|
|
|
4Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
3Q16
|
|
|
Quarterly
|
|
|
Annualy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Penalty interest
|
|
|
22.6
|
|
|
|
15.2
|
|
|
|
20.5
|
|
|
|
21.8
|
|
|
|
21.3
|
|
|
|
-2
|
%
|
|
|
-6
|
%
|
Recovered loans and reversed allowances
|
|
|
51.8
|
|
|
|
44.7
|
|
|
|
39.9
|
|
|
|
55.0
|
|
|
|
49.2
|
|
|
|
-11
|
%
|
|
|
-5
|
%
|
Other
|
|
|
46.4
|
|
|
|
37.4
|
|
|
|
78.8
|
|
|
|
109.3
|
|
|
|
48.4
|
|
|
|
-56
|
%
|
|
|
4
|
%
|
Total Other Income
|
|
|
120.8
|
|
|
|
97.3
|
|
|
|
139.2
|
|
|
|
186.1
|
|
|
|
118.9
|
|
|
|
-36
|
%
|
|
|
-2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charges for other receivables uncollectibility and other allowances
|
|
|
64.8
|
|
|
|
51.7
|
|
|
|
32.8
|
|
|
|
39.4
|
|
|
|
51.4
|
|
|
|
30
|
%
|
|
|
-21
|
%
|
Goodwill amortization
|
|
|
3.5
|
|
|
|
3.6
|
|
|
|
3.5
|
|
|
|
3.2
|
|
|
|
2.0
|
|
|
|
-38
|
%
|
|
|
-43
|
%
|
Other Expense
|
|
|
78.2
|
|
|
|
34.3
|
|
|
|
50.5
|
|
|
|
43.3
|
|
|
|
48.2
|
|
|
|
11
|
%
|
|
|
-38
|
%
|
Total Other Expense
|
|
|
146.5
|
|
|
|
89.6
|
|
|
|
86.8
|
|
|
|
85.9
|
|
|
|
101.6
|
|
|
|
18
|
%
|
|
|
-31
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Other Income/Losses
|
|
|
-25.7
|
|
|
|
7.7
|
|
|
|
52.3
|
|
|
|
100.2
|
|
|
|
17.4
|
|
|
|
-83
|
%
|
|
|
-168
|
%
|
In 3Q16, Banco Macro's effective income
tax rate was 35.6%, lower than the 38.1% posted in 3Q15.
Financial Assets
Private sector financing
The volume of “core” financing
to the private sector (including loans, financial trust and leasing portfolio) totaled Ps.76.5 billion, increasing 8% or Ps.5.7
billion QoQ and increasing 35% or Ps.19.7 billion YoY.
Within commercial lines, documents and
overdrafts stand out, which grew 26% and 16% QoQ, respectively. Banco Macro continued supporting the Argentine productive sector
through the “Credit Line for Productive Financing and Financial Inclusion”. As of 3Q16, Ps.3.7 billion loans have been
granted under this program. Also, as of September 2016 we still had a residual loan portfolio from the former “Productive
Investment Program (LIP)” for Ps.4 billion. Total loans to the productive sector from Banco Macro represented 10% of our
financing to the private sector.
The main growth in consumer loans was driven
by personal loans and credit card loans which grew 6% and 2% QoQ, respectively.
As of 3Q16, the market share of Private
Sector Loans was 8%.
FINANCING TO THE PRIVATE SECTOR
|
|
MACRO consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q15
|
|
|
4Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
3Q16
|
|
|
Quarterly
|
|
|
Annualy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overdrafts
|
|
|
5,473.6
|
|
|
|
4,707.9
|
|
|
|
4,478.3
|
|
|
|
7,679.9
|
|
|
|
8,943.5
|
|
|
|
16
|
%
|
|
|
63
|
%
|
Discounted documents
|
|
|
5,818.0
|
|
|
|
6,550.2
|
|
|
|
5,401.8
|
|
|
|
7,449.4
|
|
|
|
9,406.4
|
|
|
|
26
|
%
|
|
|
62
|
%
|
Mortgages loans
|
|
|
2,898.2
|
|
|
|
3,508.5
|
|
|
|
3,286.3
|
|
|
|
3,179.4
|
|
|
|
3,409.6
|
|
|
|
7
|
%
|
|
|
18
|
%
|
Pledges loans
|
|
|
2,172.7
|
|
|
|
2,152.6
|
|
|
|
1,958.2
|
|
|
|
1,767.3
|
|
|
|
1,819.6
|
|
|
|
3
|
%
|
|
|
-16
|
%
|
Personal loans
|
|
|
21,370.8
|
|
|
|
23,231.6
|
|
|
|
24,566.1
|
|
|
|
25,761.3
|
|
|
|
27,251.4
|
|
|
|
6
|
%
|
|
|
28
|
%
|
Credit Card loans
|
|
|
11,406.2
|
|
|
|
14,793.3
|
|
|
|
14,896.4
|
|
|
|
16,052.9
|
|
|
|
16,305.5
|
|
|
|
2
|
%
|
|
|
43
|
%
|
Others
|
|
|
6,732.3
|
|
|
|
7,078.5
|
|
|
|
6,868.4
|
|
|
|
7,910.4
|
|
|
|
8,230.5
|
|
|
|
4
|
%
|
|
|
22
|
%
|
Total loan portfolio
|
|
|
55,871.8
|
|
|
|
62,022.6
|
|
|
|
61,455.5
|
|
|
|
69,800.6
|
|
|
|
75,366.5
|
|
|
|
8
|
%
|
|
|
35
|
%
|
Financial trusts
|
|
|
455.3
|
|
|
|
429.9
|
|
|
|
794.2
|
|
|
|
520.9
|
|
|
|
715.7
|
|
|
|
37
|
%
|
|
|
57
|
%
|
Leasing
|
|
|
430.4
|
|
|
|
432.5
|
|
|
|
416.5
|
|
|
|
393.0
|
|
|
|
369.0
|
|
|
|
-6
|
%
|
|
|
-14
|
%
|
Total financing to the private sector
|
|
|
56,757.5
|
|
|
|
62,885.0
|
|
|
|
62,666.2
|
|
|
|
70,714.5
|
|
|
|
76,451.2
|
|
|
|
8
|
%
|
|
|
35
|
%
|
|
3Q16
Earnings Release
|
Public Sector Assets
In 3Q16, the Bank’s public sector
assets (excluding LEBAC / NOBAC) to total assets ratio was 3.4%, lower than the 4.9% posted in 2Q16 and the 4.4% posted in 3Q15.
The main decrease was in Others Government
securities with 29% of reduction.
Public Sector Assets
|
|
MACRO consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q15
|
|
|
4Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
3Q16
|
|
|
Quarterly
|
|
|
Annualy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LEBAC / NOBAC B.C.R.A.
|
|
|
11,904.3
|
|
|
|
8,303.0
|
|
|
|
12,433.6
|
|
|
|
12,220.5
|
|
|
|
20,259.3
|
|
|
|
66
|
%
|
|
|
70
|
%
|
Other
|
|
|
3,584.7
|
|
|
|
4,507.4
|
|
|
|
4,541.6
|
|
|
|
5,068.2
|
|
|
|
3,593.6
|
|
|
|
-29
|
%
|
|
|
0
|
%
|
Government securities
|
|
|
15,489.0
|
|
|
|
12,810.4
|
|
|
|
16,975.2
|
|
|
|
17,288.7
|
|
|
|
23,852.9
|
|
|
|
38
|
%
|
|
|
54
|
%
|
Guaranteed loans
|
|
|
440.7
|
|
|
|
465.2
|
|
|
|
522.0
|
|
|
|
586.4
|
|
|
|
662.2
|
|
|
|
13
|
%
|
|
|
50
|
%
|
Provincial loans
|
|
|
63.8
|
|
|
|
282.9
|
|
|
|
283.2
|
|
|
|
384.1
|
|
|
|
346.6
|
|
|
|
-10
|
%
|
|
|
443
|
%
|
Government securities loans
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
5.9
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0
|
%
|
|
|
0
|
%
|
Loans
|
|
|
504.5
|
|
|
|
748.1
|
|
|
|
811.1
|
|
|
|
970.5
|
|
|
|
1,008.8
|
|
|
|
4
|
%
|
|
|
100
|
%
|
Purchase of government bonds
|
|
|
25.8
|
|
|
|
32.1
|
|
|
|
32.1
|
|
|
|
35.3
|
|
|
|
35.9
|
|
|
|
2
|
%
|
|
|
39
|
%
|
Other receivables
|
|
|
25.8
|
|
|
|
32.1
|
|
|
|
32.1
|
|
|
|
35.3
|
|
|
|
35.9
|
|
|
|
2
|
%
|
|
|
39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL PUBLIC SECTOR ASSETS
|
|
|
16,019.3
|
|
|
|
13,590.6
|
|
|
|
17,818.4
|
|
|
|
18,294.5
|
|
|
|
24,897.6
|
|
|
|
36
|
%
|
|
|
55
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL PUBLIC SECTOR LIABILITIES
|
|
|
34.3
|
|
|
|
31.6
|
|
|
|
32.2
|
|
|
|
29.9
|
|
|
|
114.5
|
|
|
|
283
|
%
|
|
|
234
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net exposure
|
|
|
15,985.0
|
|
|
|
13,559.0
|
|
|
|
17,786.2
|
|
|
|
18,264.6
|
|
|
|
24,783.1
|
|
|
|
36
|
%
|
|
|
55
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC / NOBAC )
|
|
|
4,115.0
|
|
|
|
5,287.6
|
|
|
|
5,384.8
|
|
|
|
6,074.0
|
|
|
|
4,638.3
|
|
|
|
-24
|
%
|
|
|
13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC / NOBAC) /TOTAL ASSETS
|
|
|
4.4
|
%
|
|
|
5.0
|
%
|
|
|
4.7
|
%
|
|
|
4.9
|
%
|
|
|
3.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net exposure (net of LEBAC/NOBAC) / TOTAL ASSETS
|
|
|
4.4
|
%
|
|
|
5.0
|
%
|
|
|
4.7
|
%
|
|
|
4.9
|
%
|
|
|
3.3
|
%
|
|
|
|
|
|
|
|
|
Funding
Deposits
Banco Macro’s deposit base totaled
Ps.101.9 billion in 3Q16, increasing 12% or Ps.11 billion QoQ and 47% or Ps.32.4 billion YoY and representing 88% of the Bank’s
total liabilities.
On a quarterly basis, private sector deposits
increased 9% or Ps.7 billion while public sector deposits also increased 38% or Ps.4 billion. Within private sector deposits, an
increase in foreign currency deposits of 10% or USD90.4 million was observed, while peso deposits increased 8% or Ps.5.3 billion
QoQ.
The increase in private sector deposits
was led by time deposits, which grew 12% or Ps.5 billion QoQ. In addition, sight deposits increased just 4% or Ps.1.4 billion QoQ.
Within the public sector deposits, time deposits stand out with an increase of 56%.
As of 3Q16, the Market share of Private
Sector Deposits was 7%.
|
3Q16
Earnings Release
|
DEPOSITS
|
|
MACRO consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q15
|
|
|
4Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
3Q16
|
|
|
Quarterly
|
|
|
Annualy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public sector
|
|
|
10,691.9
|
|
|
|
9,588.4
|
|
|
|
9,197.9
|
|
|
|
10,548.6
|
|
|
|
14,531.6
|
|
|
|
38
|
%
|
|
|
36
|
%
|
Financial sector
|
|
|
29.6
|
|
|
|
40.1
|
|
|
|
41.1
|
|
|
|
44.4
|
|
|
|
42.0
|
|
|
|
-5
|
%
|
|
|
42
|
%
|
Private sector
|
|
|
58,737.2
|
|
|
|
66,893.1
|
|
|
|
74,533.0
|
|
|
|
80,346.8
|
|
|
|
87,326.3
|
|
|
|
9
|
%
|
|
|
49
|
%
|
Checking accounts
|
|
|
13,578.0
|
|
|
|
14,062.9
|
|
|
|
15,381.4
|
|
|
|
16,796.4
|
|
|
|
17,777.6
|
|
|
|
6
|
%
|
|
|
31
|
%
|
Savings accounts
|
|
|
13,150.0
|
|
|
|
15,507.9
|
|
|
|
15,836.7
|
|
|
|
19,406.5
|
|
|
|
19,850.3
|
|
|
|
2
|
%
|
|
|
51
|
%
|
Time deposits
|
|
|
29,634.6
|
|
|
|
34,719.8
|
|
|
|
40,359.4
|
|
|
|
41,108.1
|
|
|
|
46,146.1
|
|
|
|
12
|
%
|
|
|
56
|
%
|
Other
|
|
|
2,374.6
|
|
|
|
2,602.5
|
|
|
|
2,955.5
|
|
|
|
3,035.8
|
|
|
|
3,552.3
|
|
|
|
17
|
%
|
|
|
50
|
%
|
Total
|
|
|
69,458.7
|
|
|
|
76,521.6
|
|
|
|
83,772.0
|
|
|
|
90,939.8
|
|
|
|
101,899.9
|
|
|
|
12
|
%
|
|
|
47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pesos
|
|
|
64,255.4
|
|
|
|
66,046.4
|
|
|
|
71,307.6
|
|
|
|
76,789.6
|
|
|
|
86,045.1
|
|
|
|
12
|
%
|
|
|
34
|
%
|
Foreign Currency
|
|
|
5,203.3
|
|
|
|
10,475.2
|
|
|
|
12,464.4
|
|
|
|
14,150.2
|
|
|
|
15,854.8
|
|
|
|
12
|
%
|
|
|
205
|
%
|
Other sources of funds
In 3Q16, the total amount of other sources
of funds increased 8% or Ps.1.8 billion compared to 2Q16, as a result of a 9% or Ps.1.6 billion increase in the shareholder’s
equity. This results turns out from the quarter result.
OTHER SOURCE OF FUNDS
|
|
MACRO consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q15
|
|
|
4Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
3Q16
|
|
|
Quarterly
|
|
|
Annualy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
|
|
|
12.7
|
|
|
|
12.9
|
|
|
|
10.3
|
|
|
|
10.6
|
|
|
|
7.1
|
|
|
|
-33
|
%
|
|
|
-44
|
%
|
Banks and international institutions
|
|
|
126.4
|
|
|
|
98.6
|
|
|
|
29.7
|
|
|
|
42.6
|
|
|
|
38.6
|
|
|
|
-9
|
%
|
|
|
-69
|
%
|
Financing received from Argentine financial institutions
|
|
|
44.3
|
|
|
|
85.9
|
|
|
|
42.7
|
|
|
|
40.6
|
|
|
|
134.0
|
|
|
|
230
|
%
|
|
|
202
|
%
|
Subordinated corporate bonds
|
|
|
1,451.9
|
|
|
|
1,957.6
|
|
|
|
2,248.3
|
|
|
|
2,245.3
|
|
|
|
2,352.7
|
|
|
|
5
|
%
|
|
|
62
|
%
|
Non-subordinated corporate bonds
|
|
|
1,016.1
|
|
|
|
1,432.7
|
|
|
|
1,573.4
|
|
|
|
1,643.3
|
|
|
|
1,646.6
|
|
|
|
0
|
%
|
|
|
62
|
%
|
Shareholders´ equity
|
|
|
13,910.7
|
|
|
|
15,877.6
|
|
|
|
17,653.7
|
|
|
|
18,778.0
|
|
|
|
20,410.6
|
|
|
|
9
|
%
|
|
|
47
|
%
|
Total other source of funds
|
|
|
16,562.1
|
|
|
|
19,465.3
|
|
|
|
21,558.1
|
|
|
|
22,760.4
|
|
|
|
24,589.6
|
|
|
|
8
|
%
|
|
|
48
|
%
|
As of September 2016, Banco Macro’s
average cost of funds reached 11.8%. Banco Macro’s transactional deposits represented approximately 42% of its deposit base.
These accounts are low cost and are not sensitive to interest rate increases.
Liquid Assets
In 3Q16, the Bank’s liquid assets
amounted to Ps.45.6 billion, showing higher level as the previous quarter and increasing 22% or Ps.8.3 billion on a yearly basis.
In 3Q16, Banco Macro experienced an increase
in LEBACS (own portfolio) of Ps.7.7 billion and Cash for Ps.3.9 billion, which was mainly compensated with less LEBACS (reverse
repos) of Ps3.7 billion.
In 3Q16 Banco Macro’s liquid assets
to total deposits ratio reached 44.7%.
|
3Q16
Earnings Release
|
LIQUID ASSETS
|
|
MACRO consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q15
|
|
|
4Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
3Q16
|
|
|
Quarterly
|
|
|
Annualy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
11,712.5
|
|
|
|
19,402.8
|
|
|
|
21,189.3
|
|
|
|
18,457.0
|
|
|
|
22,353.1
|
|
|
|
21
|
%
|
|
|
91
|
%
|
Guarantees for compensating chambers
|
|
|
1,039.9
|
|
|
|
1,541.4
|
|
|
|
1,877.6
|
|
|
|
1,934.1
|
|
|
|
2,031.1
|
|
|
|
5
|
%
|
|
|
95
|
%
|
Call
|
|
|
470.0
|
|
|
|
160.0
|
|
|
|
245.9
|
|
|
|
265.0
|
|
|
|
548.0
|
|
|
|
107
|
%
|
|
|
17
|
%
|
Reverse repos from other securities
|
|
|
293.6
|
|
|
|
3.5
|
|
|
|
272.3
|
|
|
|
16.2
|
|
|
|
-
|
|
|
|
-100
|
%
|
|
|
-100
|
%
|
Reverse repos from LEBAC/NOBAC
|
|
|
1,094.2
|
|
|
|
-
|
|
|
|
1,151.5
|
|
|
|
4,260.5
|
|
|
|
577.3
|
|
|
|
-86
|
%
|
|
|
-47
|
%
|
LEBAC / NOBAC own portfolio
|
|
|
11,904.4
|
|
|
|
8,302.9
|
|
|
|
12,433.6
|
|
|
|
12,337.2
|
|
|
|
20,050.4
|
|
|
|
63
|
%
|
|
|
68
|
%
|
Total
|
|
|
26,514.6
|
|
|
|
29,410.6
|
|
|
|
37,170.2
|
|
|
|
37,270.0
|
|
|
|
45,559.9
|
|
|
|
22
|
%
|
|
|
72
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquid assets to total deposits
|
|
|
38.2
|
%
|
|
|
38.4
|
%
|
|
|
44.4
|
%
|
|
|
41.0
|
%
|
|
|
44.7
|
%
|
|
|
|
|
|
|
|
|
Solvency
Banco Macro continued showing high solvency
levels in 3Q16 with an integrated capital (RPC) of Ps.20 billion over a total capital requirement of Ps.9.4 billion. Banco Macro´s
excess capital in 3Q16 was 111% or Ps.10.5 billion.
The capitalization ratio (as a percentage
of credit risk-weighted assets- RWAc) was 23.6% in 3Q16. As of 3Q16, the regulatory capital ratio (as a percentage of total risk-weighted
assets- RWA – Basel III) was 17.3%, 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
|
|
|
Variation
|
|
In MILLION $
|
|
3Q15
|
|
|
4Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
3Q16
|
|
|
Quarterly
|
|
|
Annualy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit risk requirement
|
|
|
5,192.7
|
|
|
|
6,088.4
|
|
|
|
6,103.9
|
|
|
|
6,662.7
|
|
|
|
6,986.9
|
|
|
|
5
|
%
|
|
|
35
|
%
|
Market risk requirement
|
|
|
487.2
|
|
|
|
568.8
|
|
|
|
642.1
|
|
|
|
477.6
|
|
|
|
253.9
|
|
|
|
-47
|
%
|
|
|
-48
|
%
|
Operational risk requirement
|
|
|
1,570.1
|
|
|
|
1,734.9
|
|
|
|
1,887.7
|
|
|
|
2,027.2
|
|
|
|
2,203.7
|
|
|
|
9
|
%
|
|
|
40
|
%
|
Total capital requirements
|
|
|
7,250.0
|
|
|
|
8,392.1
|
|
|
|
8,633.7
|
|
|
|
9,167.5
|
|
|
|
9,444.6
|
|
|
|
3
|
%
|
|
|
30
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary Capital Level 1 (COn1)
|
|
|
13,334.7
|
|
|
|
14,892.6
|
|
|
|
16,948.4
|
|
|
|
17,796.9
|
|
|
|
19,571.0
|
|
|
|
10
|
%
|
|
|
47
|
%
|
Deductible concepts Level 1 (COn1)
|
|
|
-477.7
|
|
|
|
-535.1
|
|
|
|
-526.7
|
|
|
|
-600.7
|
|
|
|
-638.6
|
|
|
|
6
|
%
|
|
|
34
|
%
|
Aditional Capital Level 1 (CAn1)
|
|
|
321.0
|
|
|
|
321.0
|
|
|
|
275.1
|
|
|
|
275.1
|
|
|
|
275.1
|
|
|
|
0
|
%
|
|
|
-14
|
%
|
Capital Level 2 (COn2)
|
|
|
563.9
|
|
|
|
629.2
|
|
|
|
626.5
|
|
|
|
709.7
|
|
|
|
765.1
|
|
|
|
8
|
%
|
|
|
36
|
%
|
Integrated capital - RPC (i)
|
|
|
13,741.9
|
|
|
|
15,307.7
|
|
|
|
17,323.4
|
|
|
|
18,181.0
|
|
|
|
19,972.5
|
|
|
|
10
|
%
|
|
|
45
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets - RWAc (ii)
|
|
|
62,954.0
|
|
|
|
73,636.8
|
|
|
|
73,793.0
|
|
|
|
80,791.8
|
|
|
|
84,777.6
|
|
|
|
5
|
%
|
|
|
35
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excess capital
|
|
|
6,491.9
|
|
|
|
6,915.6
|
|
|
|
8,689.7
|
|
|
|
9,013.5
|
|
|
|
10,528.0
|
|
|
|
17
|
%
|
|
|
62
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization ratio [(i)/(ii)]
|
|
|
21.8
|
%
|
|
|
20.8
|
%
|
|
|
23.5
|
%
|
|
|
22.5
|
%
|
|
|
23.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets - RWA (iii)
|
|
|
90,624.8
|
|
|
|
104,900.9
|
|
|
|
105,699.0
|
|
|
|
112,168.3
|
|
|
|
115,513.4
|
|
|
|
3
|
%
|
|
|
27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory Capital ratio [(i)/(iii)]
|
|
|
15.2
|
%
|
|
|
14.6
|
%
|
|
|
16.4
|
%
|
|
|
16.2
|
%
|
|
|
17.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio TIER 1 [Capital Level 1/RWA]
|
|
|
14.5
|
%
|
|
|
14.0
|
%
|
|
|
15.8
|
%
|
|
|
15.6
|
%
|
|
|
16.6
|
%
|
|
|
|
|
|
|
|
|
RWAc -(ii): Risk Weighed Assets, just cosidering credit risk
requirement.
RWA - (iii): Risk Weighetd Assets, considering total capital
requirements.
|
3Q16
Earnings Release
|
Asset Quality
In 3Q16, Banco Macro’s non-performing
to total financing ratio reached a level of 1.46% lower than to 2Q16 levels in 6bp.
The coverage ratio reached 155.15% in 3Q16.
The Bank is committed to continue working
in this area to maintain excellent asset quality standards.
ASSET QUALITY
|
|
MACRO consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q15
|
|
|
4Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
3Q16
|
|
|
Quarterly
|
|
|
Annualy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial portfolio
|
|
|
22,175.5
|
|
|
|
23,162.8
|
|
|
|
22,917.1
|
|
|
|
27,614.4
|
|
|
|
30,075.3
|
|
|
|
9
|
%
|
|
|
36
|
%
|
Non-performing
|
|
|
490.9
|
|
|
|
405.7
|
|
|
|
377.5
|
|
|
|
397.1
|
|
|
|
360.3
|
|
|
|
-9
|
%
|
|
|
-27
|
%
|
Consumer portfolio
|
|
|
38,089.1
|
|
|
|
43,516.7
|
|
|
|
44,506.9
|
|
|
|
48,165.3
|
|
|
|
50,485.1
|
|
|
|
5
|
%
|
|
|
33
|
%
|
Non-performing
|
|
|
573.2
|
|
|
|
605.0
|
|
|
|
654.0
|
|
|
|
754.0
|
|
|
|
817.8
|
|
|
|
8
|
%
|
|
|
43
|
%
|
Total portfolio
|
|
|
60,264.6
|
|
|
|
66,679.5
|
|
|
|
67,424.0
|
|
|
|
75,779.7
|
|
|
|
80,560.4
|
|
|
|
6
|
%
|
|
|
34
|
%
|
Non-performing
|
|
|
1,064.1
|
|
|
|
1,010.7
|
|
|
|
1,031.5
|
|
|
|
1,151.1
|
|
|
|
1,178.1
|
|
|
|
2
|
%
|
|
|
11
|
%
|
Total non-performing/ Total portfolio
|
|
|
1.77
|
%
|
|
|
1.52
|
%
|
|
|
1.53
|
%
|
|
|
1.52
|
%
|
|
|
1.46
|
%
|
|
|
|
|
|
|
|
|
Total allowances
|
|
|
1,382.5
|
|
|
|
1,526.6
|
|
|
|
1,562.4
|
|
|
|
1,732.5
|
|
|
|
1,827.8
|
|
|
|
6
|
%
|
|
|
32
|
%
|
Coverage ratio w/allowances
|
|
|
129.92
|
%
|
|
|
151.04
|
%
|
|
|
151.47
|
%
|
|
|
150.51
|
%
|
|
|
155.15
|
%
|
|
|
|
|
|
|
|
|
|
3Q16
Earnings Release
|
CER Exposure
and Foreign Currency Position
CER EXPOSURE
|
|
MACRO consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q15
|
|
|
4Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
3Q16
|
|
|
Quarterly
|
|
|
Annualy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CER adjustable ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guaranteed loans
|
|
|
440.7
|
|
|
|
465.2
|
|
|
|
522.0
|
|
|
|
586.4
|
|
|
|
662.2
|
|
|
|
13
|
%
|
|
|
50
|
%
|
Private sector loans
|
|
|
1.3
|
|
|
|
1.0
|
|
|
|
0.7
|
|
|
|
0.8
|
|
|
|
1.1
|
|
|
|
38
|
%
|
|
|
-15
|
%
|
Other loans
|
|
|
0.1
|
|
|
|
0.3
|
|
|
|
0.2
|
|
|
|
0.5
|
|
|
|
0.7
|
|
|
|
40
|
%
|
|
|
600
|
%
|
Loans
|
|
|
442.1
|
|
|
|
466.5
|
|
|
|
522.9
|
|
|
|
587.7
|
|
|
|
664.0
|
|
|
|
13
|
%
|
|
|
50
|
%
|
Other receivables
|
|
|
0.2
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0
|
%
|
|
|
-100
|
%
|
Total CER adjustable assets
|
|
|
442.3
|
|
|
|
466.5
|
|
|
|
522.9
|
|
|
|
587.7
|
|
|
|
664.0
|
|
|
|
13
|
%
|
|
|
50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CER adjustable LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
(*)
|
|
|
0.3
|
|
|
|
0.3
|
|
|
|
0.4
|
|
|
|
0.9
|
|
|
|
35.7
|
|
|
|
3867
|
%
|
|
|
11800
|
%
|
Other liabilities from financial intermediation
|
|
|
34.1
|
|
|
|
31.4
|
|
|
|
31.1
|
|
|
|
29.6
|
|
|
|
27.2
|
|
|
|
-8
|
%
|
|
|
-20
|
%
|
Total CER adjustable liabilities
|
|
|
34.4
|
|
|
|
31.7
|
|
|
|
31.5
|
|
|
|
30.5
|
|
|
|
62.9
|
|
|
|
106
|
%
|
|
|
83
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET CER EXPOSURE
|
|
|
407.9
|
|
|
|
434.8
|
|
|
|
491.4
|
|
|
|
557.2
|
|
|
|
601.1
|
|
|
|
8
|
%
|
|
|
47
|
%
|
(*) Includes Time Deposits CER adjustable (UVAs)
FOREIGN CURRENCY POSITION
|
|
MACRO consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q15
|
|
|
4Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
3Q16
|
|
|
Quarterly
|
|
|
Annualy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
4,590.8
|
|
|
|
10,102.6
|
|
|
|
12,521.0
|
|
|
|
9,955.9
|
|
|
|
9,254.3
|
|
|
|
-7
|
%
|
|
|
102
|
%
|
Government and private securities
|
|
|
3,446.7
|
|
|
|
3,837.3
|
|
|
|
3,198.2
|
|
|
|
3,515.3
|
|
|
|
3,269.3
|
|
|
|
-7
|
%
|
|
|
-5
|
%
|
Loans
|
|
|
2,439.0
|
|
|
|
1,797.2
|
|
|
|
2,451.0
|
|
|
|
4,843.6
|
|
|
|
7,367.4
|
|
|
|
52
|
%
|
|
|
202
|
%
|
Other receivables from financial intermediation
|
|
|
931.2
|
|
|
|
539.7
|
|
|
|
632.6
|
|
|
|
759.4
|
|
|
|
833.4
|
|
|
|
10
|
%
|
|
|
-11
|
%
|
Other assets
|
|
|
107.2
|
|
|
|
180.2
|
|
|
|
271.3
|
|
|
|
266.6
|
|
|
|
300.4
|
|
|
|
13
|
%
|
|
|
180
|
%
|
Total Assets
|
|
|
11,514.9
|
|
|
|
16,457.0
|
|
|
|
19,074.1
|
|
|
|
19,340.8
|
|
|
|
21,024.8
|
|
|
|
9
|
%
|
|
|
83
|
%
|
Deposits
|
|
|
5,203.4
|
|
|
|
10,475.3
|
|
|
|
12,464.2
|
|
|
|
14,150.2
|
|
|
|
15,854.8
|
|
|
|
12
|
%
|
|
|
205
|
%
|
Other liabilities from financial intermediation
|
|
|
1,041.5
|
|
|
|
928.5
|
|
|
|
1,303.0
|
|
|
|
1,108.8
|
|
|
|
844.7
|
|
|
|
-24
|
%
|
|
|
-19
|
%
|
Non-subordinated corporate bonds
|
|
|
1,016.2
|
|
|
|
1,432.7
|
|
|
|
1,573.4
|
|
|
|
1,643.2
|
|
|
|
1,646.5
|
|
|
|
0
|
%
|
|
|
62
|
%
|
Subordinated corporate bonds
|
|
|
1,451.9
|
|
|
|
1,957.6
|
|
|
|
2,248.3
|
|
|
|
2,245.3
|
|
|
|
2,352.7
|
|
|
|
5
|
%
|
|
|
62
|
%
|
Other liabilities
|
|
|
0.8
|
|
|
|
9.9
|
|
|
|
3.4
|
|
|
|
24.6
|
|
|
|
3.3
|
|
|
|
-87
|
%
|
|
|
313
|
%
|
Total Liabilities
|
|
|
8,713.8
|
|
|
|
14,804.0
|
|
|
|
17,592.3
|
|
|
|
19,172.1
|
|
|
|
20,702.0
|
|
|
|
8
|
%
|
|
|
138
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET FX POSITION
|
|
|
2,801.1
|
|
|
|
1,653.0
|
|
|
|
1,481.8
|
|
|
|
168.7
|
|
|
|
322.8
|
|
|
|
91
|
%
|
|
|
-88
|
%
|
|
3Q16
Earnings Release
|
Relevant
and Recent Events
|
·
|
Senior Notes of USD400 million
.
|
Issuance:
On November
4 2016, the Bank issued Subordinates Resettable Class A Notes due 2026 for USD400 million. The Notes will accrue interest at a
fixed annual rate equal to 6.750% until, but excluding, November 4, 2021 and thereafter at an annual rate equal to the Benchmark
Reset Rate plus 5.463%, as part of a new financing program for the issuance up to USD1.000 million, approved in the Shareholders’
Meeting held on April 26, 2016.
Estimated regulatory capital
ratio:
With this new issue and considering that this note will be included in the RPC (TIER 2), the new estimated regulatory
capital ratio, as of 3Q16, would have been 22.6%.
|
·
|
Optional redemption:
On October
5 2016, BCRA gave us the authorization to exercise of optional redemption of Notes 2036. To the date, the bank is analyzing the
opportunity and convenience for its exercise.
|
|
·
|
Credit Line for Productive Financing
and Financial Inclusion 2017.
|
First Semester 2017:
On October 21 2016, BCRA under the Communication “A” 6084 established the new quota for the first semester of 2017.
In this quota, from January 1
st
2017 to June 30, 2016, the financial entities will comply an amount of financing, equivalent
to 18% of private sector deposits, calculated in average daily of balance of November 2016.
|
·
|
UVAs
. On September 16 2016, BCRA
under Commination “A” 6069, changed the line of UVIs, named UVAs (Acquiring Value Unit) and modified the calculation.
The UVIs were adjusted by the construction index, and now will calculate by CER (Coeficiente de Estabilizacion de Referencia),
based on consumer price index, which have high correlation with the index construction.
|
|
·
|
Full authorization of Board of Director.
All members of the Board of Directors have been authorized by BCRA.
|
|
·
|
General Manager:
On September 22
2016, BCRA confirmed Gustavo Alejandro Manriquez as General Manger of the Bank.
|
|
·
|
Regimen of Voluntary and Extraordinary
Disclosure:
On October 31 2016 the term to open the special accounts in financial entities expired- Law 27.260 – Regimen
of Voluntary and Extraordinary Disclosure. The Regime consists in voluntary and extraordinary affirmation of foreign and local
currency and assets, paying the special tax for recognizing of assets located in Argentina and abroad. The Law offers the possibility
that the abovementioned tax would not apply if the declared funds are used to acquire Common Funds (Fondos Comunes de Inversion),
which purpose is financing investment in real economy, o through the acquisition of some Government bonds that will be issued by
Argentine Government.
|
|
3Q16
Earnings Release
|
QUARTERLY BALANCE SHEET
|
|
MACRO consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q15
|
|
|
4Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
3Q16
|
|
|
Quarterly
|
|
|
Annualy
|
|
ASSETS
|
|
|
95,606.5
|
|
|
|
104,952.0
|
|
|
|
115,697.7
|
|
|
|
127,981.1
|
|
|
|
136,780.4
|
|
|
|
7
|
%
|
|
|
43
|
%
|
Cash
|
|
|
11,712.5
|
|
|
|
19,402.8
|
|
|
|
21,189.3
|
|
|
|
18,457.0
|
|
|
|
22,353.1
|
|
|
|
21
|
%
|
|
|
91
|
%
|
Government and Private Securities
|
|
|
18,721.9
|
|
|
|
15,391.4
|
|
|
|
21,503.2
|
|
|
|
25,149.0
|
|
|
|
27,230.8
|
|
|
|
8
|
%
|
|
|
45
|
%
|
-LEBAC/NOBAC
|
|
|
12,998.6
|
|
|
|
8,303.0
|
|
|
|
13,585.1
|
|
|
|
16,597.7
|
|
|
|
20,627.7
|
|
|
|
24
|
%
|
|
|
59
|
%
|
-Other
|
|
|
5,723.3
|
|
|
|
7,088.4
|
|
|
|
7,918.1
|
|
|
|
8,551.3
|
|
|
|
6,603.1
|
|
|
|
-23
|
%
|
|
|
15
|
%
|
Loans
|
|
|
56,295.7
|
|
|
|
62,332.4
|
|
|
|
62,148.3
|
|
|
|
70,918.6
|
|
|
|
76,870.5
|
|
|
|
8
|
%
|
|
|
37
|
%
|
to the non-financial government sector
|
|
|
504.5
|
|
|
|
748.1
|
|
|
|
805.2
|
|
|
|
970.5
|
|
|
|
1,008.8
|
|
|
|
4
|
%
|
|
|
100
|
%
|
to the financial sector
|
|
|
565.9
|
|
|
|
227.4
|
|
|
|
491.7
|
|
|
|
864.7
|
|
|
|
1,317.5
|
|
|
|
52
|
%
|
|
|
133
|
%
|
to the non-financial private sector and foreign residents
|
|
|
56,585.5
|
|
|
|
62,852.9
|
|
|
|
62,380.2
|
|
|
|
70,790.2
|
|
|
|
76,347.0
|
|
|
|
8
|
%
|
|
|
35
|
%
|
-Overdrafts
|
|
|
5,473.6
|
|
|
|
4,707.9
|
|
|
|
4,478.3
|
|
|
|
7,679.9
|
|
|
|
8,943.5
|
|
|
|
16
|
%
|
|
|
63
|
%
|
-Documents
|
|
|
5,818.0
|
|
|
|
6,550.2
|
|
|
|
5,401.8
|
|
|
|
7,449.4
|
|
|
|
9,406.4
|
|
|
|
26
|
%
|
|
|
62
|
%
|
-Mortgage loans
|
|
|
2,898.2
|
|
|
|
3,508.5
|
|
|
|
3,286.3
|
|
|
|
3,179.4
|
|
|
|
3,409.6
|
|
|
|
7
|
%
|
|
|
18
|
%
|
-Pledge loans
|
|
|
2,172.7
|
|
|
|
2,152.6
|
|
|
|
1,958.2
|
|
|
|
1,767.3
|
|
|
|
1,819.6
|
|
|
|
3
|
%
|
|
|
-16
|
%
|
-Personal loans
|
|
|
21,370.8
|
|
|
|
23,231.6
|
|
|
|
24,566.1
|
|
|
|
25,761.3
|
|
|
|
27,251.4
|
|
|
|
6
|
%
|
|
|
28
|
%
|
-Credit cards
|
|
|
11,406.2
|
|
|
|
14,793.3
|
|
|
|
14,896.4
|
|
|
|
16,052.9
|
|
|
|
16,305.5
|
|
|
|
2
|
%
|
|
|
43
|
%
|
-Other
|
|
|
6,732.3
|
|
|
|
7,078.5
|
|
|
|
6,868.4
|
|
|
|
7,910.4
|
|
|
|
8,230.5
|
|
|
|
4
|
%
|
|
|
22
|
%
|
-Accrued interest, adjustments, price differences receivables and unearned discount
|
|
|
713.7
|
|
|
|
830.3
|
|
|
|
924.7
|
|
|
|
989.6
|
|
|
|
980.5
|
|
|
|
-1
|
%
|
|
|
37
|
%
|
Allowances
|
|
|
-1,360.2
|
|
|
|
-1,496.0
|
|
|
|
-1,528.8
|
|
|
|
-1,706.8
|
|
|
|
-1,802.8
|
|
|
|
6
|
%
|
|
|
33
|
%
|
Other receivables from financial intermediation
|
|
|
4,830.2
|
|
|
|
3,295.3
|
|
|
|
5,996.4
|
|
|
|
8,342.8
|
|
|
|
4,899.6
|
|
|
|
-41
|
%
|
|
|
1
|
%
|
Receivables from financial leases
|
|
|
431.4
|
|
|
|
433.9
|
|
|
|
417.6
|
|
|
|
396.4
|
|
|
|
369.7
|
|
|
|
-7
|
%
|
|
|
-14
|
%
|
Investments in other companies
|
|
|
10.6
|
|
|
|
10.9
|
|
|
|
11.1
|
|
|
|
11.1
|
|
|
|
11.2
|
|
|
|
1
|
%
|
|
|
6
|
%
|
Other receivables
|
|
|
756.9
|
|
|
|
978.9
|
|
|
|
1,156.8
|
|
|
|
1,136.5
|
|
|
|
1,212.2
|
|
|
|
7
|
%
|
|
|
60
|
%
|
Other assets
|
|
|
2,847.3
|
|
|
|
3,106.4
|
|
|
|
3,275.0
|
|
|
|
3,569.7
|
|
|
|
3,833.3
|
|
|
|
7
|
%
|
|
|
35
|
%
|
LIABILITIES
|
|
|
81,697.3
|
|
|
|
89,075.9
|
|
|
|
98,045.5
|
|
|
|
109,203.1
|
|
|
|
116,369.8
|
|
|
|
7
|
%
|
|
|
42
|
%
|
Deposits
|
|
|
69,458.7
|
|
|
|
76,521.6
|
|
|
|
83,772.0
|
|
|
|
90,939.8
|
|
|
|
101,899.9
|
|
|
|
12
|
%
|
|
|
47
|
%
|
From the non-financial government sector
|
|
|
10,691.9
|
|
|
|
9,588.4
|
|
|
|
9,197.9
|
|
|
|
10,548.6
|
|
|
|
14,531.6
|
|
|
|
38
|
%
|
|
|
36
|
%
|
From the financial sector
|
|
|
29.6
|
|
|
|
40.1
|
|
|
|
41.1
|
|
|
|
44.4
|
|
|
|
42.0
|
|
|
|
-5
|
%
|
|
|
42
|
%
|
From the non-financial private sector and foreign residents
|
|
|
58,737.2
|
|
|
|
66,893.1
|
|
|
|
74,533.0
|
|
|
|
80,346.8
|
|
|
|
87,326.3
|
|
|
|
9
|
%
|
|
|
49
|
%
|
-Checking accounts
|
|
|
13,578.0
|
|
|
|
14,062.9
|
|
|
|
15,381.4
|
|
|
|
16,796.4
|
|
|
|
17,777.6
|
|
|
|
6
|
%
|
|
|
31
|
%
|
-Savings accounts
|
|
|
13,150.0
|
|
|
|
15,507.9
|
|
|
|
15,836.7
|
|
|
|
19,406.5
|
|
|
|
19,850.3
|
|
|
|
2
|
%
|
|
|
51
|
%
|
-Time deposits
|
|
|
29,634.6
|
|
|
|
34,719.8
|
|
|
|
40,359.4
|
|
|
|
41,108.1
|
|
|
|
46,146.1
|
|
|
|
12
|
%
|
|
|
56
|
%
|
-Other
|
|
|
2,374.6
|
|
|
|
2,602.5
|
|
|
|
2,955.5
|
|
|
|
3,035.8
|
|
|
|
3,552.3
|
|
|
|
17
|
%
|
|
|
50
|
%
|
Other liabilities from financial intermediation
|
|
|
7,923.1
|
|
|
|
7,537.4
|
|
|
|
9,111.0
|
|
|
|
12,540.1
|
|
|
|
8,695.7
|
|
|
|
-31
|
%
|
|
|
10
|
%
|
Subordinated corporate bonds
|
|
|
1,451.9
|
|
|
|
1,957.6
|
|
|
|
2,248.3
|
|
|
|
2,245.3
|
|
|
|
2,352.7
|
|
|
|
5
|
%
|
|
|
62
|
%
|
Other liabilities
|
|
|
2,863.6
|
|
|
|
3,059.3
|
|
|
|
2,914.2
|
|
|
|
3,477.9
|
|
|
|
3,421.5
|
|
|
|
-2
|
%
|
|
|
19
|
%
|
SHAREHOLDERS' EQUITY
|
|
|
13,909.2
|
|
|
|
15,876.1
|
|
|
|
17,652.2
|
|
|
|
18,778.0
|
|
|
|
20,410.6
|
|
|
|
9
|
%
|
|
|
47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES + SHAREHOLDERS' EQUITY
|
|
|
95,606.5
|
|
|
|
104,952.0
|
|
|
|
115,697.7
|
|
|
|
127,981.1
|
|
|
|
136,780.4
|
|
|
|
7
|
%
|
|
|
43
|
%
|
|
3Q16
Earnings Release
|
QUARTERLY INCOME STATEMENT
|
|
MACRO consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q15
|
|
|
4Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
3Q16
|
|
|
Quarterly
|
|
|
Annualy
|
|
Financial income
|
|
|
5,020.7
|
|
|
|
6,341.1
|
|
|
|
6,419.2
|
|
|
|
7,530.6
|
|
|
|
7,412.9
|
|
|
|
-2
|
%
|
|
|
48
|
%
|
Interest on cash and due from banks
|
|
|
0.0
|
|
|
|
0.1
|
|
|
|
0.3
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
|
0
|
%
|
|
|
0
|
%
|
Interest on loans to the financial sector
|
|
|
31.7
|
|
|
|
14.1
|
|
|
|
32.8
|
|
|
|
55.5
|
|
|
|
71.8
|
|
|
|
29
|
%
|
|
|
126
|
%
|
Interest on overdrafts
|
|
|
350.4
|
|
|
|
397.1
|
|
|
|
520.3
|
|
|
|
652.9
|
|
|
|
670.7
|
|
|
|
3
|
%
|
|
|
91
|
%
|
Interest on documents
|
|
|
286.8
|
|
|
|
350.7
|
|
|
|
395.4
|
|
|
|
373.1
|
|
|
|
390.9
|
|
|
|
5
|
%
|
|
|
36
|
%
|
Interest on mortgage loans
|
|
|
142.3
|
|
|
|
169.4
|
|
|
|
184.9
|
|
|
|
184.5
|
|
|
|
183.8
|
|
|
|
0
|
%
|
|
|
29
|
%
|
Interest on pledge loans
|
|
|
103.8
|
|
|
|
102.9
|
|
|
|
100.5
|
|
|
|
89.7
|
|
|
|
84.2
|
|
|
|
-6
|
%
|
|
|
-19
|
%
|
Interest on credit card loans
|
|
|
637.3
|
|
|
|
737.7
|
|
|
|
919.3
|
|
|
|
1,012.6
|
|
|
|
977.9
|
|
|
|
-3
|
%
|
|
|
53
|
%
|
Interest on financial leases
|
|
|
21.0
|
|
|
|
22.6
|
|
|
|
23.5
|
|
|
|
23.9
|
|
|
|
21.9
|
|
|
|
-8
|
%
|
|
|
4
|
%
|
Interest on other loans
|
|
|
2,309.5
|
|
|
|
2,568.9
|
|
|
|
2,784.9
|
|
|
|
2,921.3
|
|
|
|
3,157.8
|
|
|
|
8
|
%
|
|
|
37
|
%
|
Income from government & private securities, net
|
|
|
931.9
|
|
|
|
1,465.2
|
|
|
|
1,015.6
|
|
|
|
2,015.7
|
|
|
|
1,608.5
|
|
|
|
-20
|
%
|
|
|
73
|
%
|
Interest on other receivables from fin. intermediation
|
|
|
1.2
|
|
|
|
0.5
|
|
|
|
1.2
|
|
|
|
1.4
|
|
|
|
2.0
|
|
|
|
43
|
%
|
|
|
67
|
%
|
Income from Guaranteed Loans - Decree 1387/01
|
|
|
6.3
|
|
|
|
6.6
|
|
|
|
7.0
|
|
|
|
7.7
|
|
|
|
10.1
|
|
|
|
31
|
%
|
|
|
60
|
%
|
CER adjustment
|
|
|
23.1
|
|
|
|
24.9
|
|
|
|
56.9
|
|
|
|
64.7
|
|
|
|
76.6
|
|
|
|
18
|
%
|
|
|
232
|
%
|
CVS adjustment
|
|
|
0.3
|
|
|
|
0.3
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0
|
%
|
|
|
-33
|
%
|
Difference in quoted prices of gold and foreign currency
|
|
|
111.1
|
|
|
|
379.2
|
|
|
|
258.8
|
|
|
|
70.8
|
|
|
|
100.4
|
|
|
|
42
|
%
|
|
|
-10
|
%
|
Other
|
|
|
64.0
|
|
|
|
100.9
|
|
|
|
117.6
|
|
|
|
56.2
|
|
|
|
55.7
|
|
|
|
-1
|
%
|
|
|
-13
|
%
|
Financial expense
|
|
|
-2,276.9
|
|
|
|
-2,630.3
|
|
|
|
-3,153.9
|
|
|
|
-3,375.7
|
|
|
|
-3,440.7
|
|
|
|
2
|
%
|
|
|
51
|
%
|
Interest on saving accounts
|
|
|
-17.8
|
|
|
|
-20.8
|
|
|
|
-20.7
|
|
|
|
-22.9
|
|
|
|
-22.8
|
|
|
|
0
|
%
|
|
|
28
|
%
|
Interest on time deposits
|
|
|
-1,741.6
|
|
|
|
-2,003.8
|
|
|
|
-2,453.6
|
|
|
|
-2,676.6
|
|
|
|
-2,700.7
|
|
|
|
1
|
%
|
|
|
55
|
%
|
Interest on interfinancing received loans
|
|
|
-1.4
|
|
|
|
-1.1
|
|
|
|
-1.0
|
|
|
|
-0.1
|
|
|
|
-0.7
|
|
|
|
600
|
%
|
|
|
-50
|
%
|
Interest on other financing from the financial institutions
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
-0.1
|
|
|
|
-0.2
|
|
|
|
-0.2
|
|
|
|
0
|
%
|
|
|
0
|
%
|
Interest on subordinated bonds
|
|
|
-34.0
|
|
|
|
-37.8
|
|
|
|
-53.6
|
|
|
|
-51.3
|
|
|
|
-55.1
|
|
|
|
7
|
%
|
|
|
62
|
%
|
Other Interest
|
|
|
-0.6
|
|
|
|
-0.6
|
|
|
|
-0.9
|
|
|
|
-1.4
|
|
|
|
-1.1
|
|
|
|
-21
|
%
|
|
|
83
|
%
|
Interests on other liabilities from fin. intermediation
|
|
|
-24.1
|
|
|
|
-26.4
|
|
|
|
-35.7
|
|
|
|
-34.9
|
|
|
|
-36.3
|
|
|
|
4
|
%
|
|
|
51
|
%
|
CER adjustment
|
|
|
-1.1
|
|
|
|
-0.9
|
|
|
|
-3.5
|
|
|
|
-2.7
|
|
|
|
-3.0
|
|
|
|
11
|
%
|
|
|
173
|
%
|
Contribution to Deposit Guarantee Fund
|
|
|
-108.1
|
|
|
|
-117.1
|
|
|
|
-96.4
|
|
|
|
-35.5
|
|
|
|
-38.6
|
|
|
|
9
|
%
|
|
|
-64
|
%
|
Other
|
|
|
-348.2
|
|
|
|
-421.8
|
|
|
|
-488.4
|
|
|
|
-550.1
|
|
|
|
-582.2
|
|
|
|
6
|
%
|
|
|
67
|
%
|
Net financial income
|
|
|
2,743.8
|
|
|
|
3,710.8
|
|
|
|
3,265.3
|
|
|
|
4,154.9
|
|
|
|
3,972.2
|
|
|
|
-4
|
%
|
|
|
45
|
%
|
Provision for loan losses
|
|
|
-138.1
|
|
|
|
-320.0
|
|
|
|
-178.2
|
|
|
|
-298.5
|
|
|
|
-242.4
|
|
|
|
-19
|
%
|
|
|
76
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee income
|
|
|
1,576.0
|
|
|
|
1,772.9
|
|
|
|
1,737.9
|
|
|
|
1,862.8
|
|
|
|
2,060.1
|
|
|
|
11
|
%
|
|
|
31
|
%
|
Fee expense
|
|
|
-466.1
|
|
|
|
-524.8
|
|
|
|
-575.8
|
|
|
|
-590.2
|
|
|
|
-662.1
|
|
|
|
12
|
%
|
|
|
42
|
%
|
Net fee income
|
|
|
1,109.9
|
|
|
|
1,248.1
|
|
|
|
1,162.1
|
|
|
|
1,272.6
|
|
|
|
1,398.0
|
|
|
|
10
|
%
|
|
|
26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
|
|
-1,896.1
|
|
|
|
-2,003.7
|
|
|
|
-2,120.9
|
|
|
|
-2,437.0
|
|
|
|
-2,598.0
|
|
|
|
7
|
%
|
|
|
37
|
%
|
Minority interest in subsidiaries
|
|
|
-9.1
|
|
|
|
-9.8
|
|
|
|
-10.6
|
|
|
|
-14.7
|
|
|
|
-12.6
|
|
|
|
-14
|
%
|
|
|
38
|
%
|
Net other income
|
|
|
-25.7
|
|
|
|
7.7
|
|
|
|
52.3
|
|
|
|
100.2
|
|
|
|
17.4
|
|
|
|
-83
|
%
|
|
|
-168
|
%
|
Earnings before income tax
|
|
|
1,784.7
|
|
|
|
2,633.1
|
|
|
|
2,170.0
|
|
|
|
2,777.5
|
|
|
|
2,534.6
|
|
|
|
-9
|
%
|
|
|
42
|
%
|
Income tax
|
|
|
-680.1
|
|
|
|
-666.2
|
|
|
|
-762.4
|
|
|
|
-972.2
|
|
|
|
-902.0
|
|
|
|
-7
|
%
|
|
|
33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
1,104.6
|
|
|
|
1,966.9
|
|
|
|
1,407.6
|
|
|
|
1,805.3
|
|
|
|
1,632.6
|
|
|
|
-10
|
%
|
|
|
48
|
%
|
|
3Q16
Earnings Release
|
QUARTER ANNUALIZED RATIOS
|
|
MACRO consolidated
|
|
|
|
3Q15
|
|
|
4Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
3Q16
|
|
Profitability & performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(1)
|
|
|
16.8
|
%
|
|
|
19.6
|
%
|
|
|
16.7
|
%
|
|
|
20.7
|
%
|
|
|
17.9
|
%
|
Net interest margin adjusted
(2)
|
|
|
15.4
|
%
|
|
|
15.4
|
%
|
|
|
15.2
|
%
|
|
|
15.3
|
%
|
|
|
15.0
|
%
|
Net fee income ratio
|
|
|
28.8
|
%
|
|
|
25.2
|
%
|
|
|
26.2
|
%
|
|
|
23.4
|
%
|
|
|
26.0
|
%
|
Efficiency ratio
|
|
|
49.2
|
%
|
|
|
40.4
|
%
|
|
|
47.9
|
%
|
|
|
44.9
|
%
|
|
|
48.4
|
%
|
Net fee income as a percentage of adm expenses
|
|
|
58.5
|
%
|
|
|
62.3
|
%
|
|
|
54.8
|
%
|
|
|
52.2
|
%
|
|
|
53.8
|
%
|
Return on average assets
|
|
|
4.9
|
%
|
|
|
8.0
|
%
|
|
|
5.1
|
%
|
|
|
6.2
|
%
|
|
|
5.0
|
%
|
Return on average equity
|
|
|
32.2
|
%
|
|
|
51.6
|
%
|
|
|
33.4
|
%
|
|
|
39.8
|
%
|
|
|
32.5
|
%
|
Liquidity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans as a percentage of total deposits
|
|
|
83.0
|
%
|
|
|
83.4
|
%
|
|
|
76.0
|
%
|
|
|
79.9
|
%
|
|
|
77.2
|
%
|
Liquid assets as a percentage of total deposits
|
|
|
38.2
|
%
|
|
|
38.4
|
%
|
|
|
44.4
|
%
|
|
|
41.0
|
%
|
|
|
44.7
|
%
|
Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity as a percentage of total assets
|
|
|
83.0
|
%
|
|
|
83.4
|
%
|
|
|
76.0
|
%
|
|
|
79.9
|
%
|
|
|
77.2
|
%
|
Capitalization as % of APRc
|
|
|
38.2
|
%
|
|
|
38.4
|
%
|
|
|
44.4
|
%
|
|
|
41.0
|
%
|
|
|
44.7
|
%
|
Regulatory capital as % of APR
|
|
|
15.2
|
%
|
|
|
14.6
|
%
|
|
|
16.4
|
%
|
|
|
16.2
|
%
|
|
|
17.3
|
%
|
Asset Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowances over total loans
|
|
|
2.4
|
%
|
|
|
2.3
|
%
|
|
|
2.4
|
%
|
|
|
2.4
|
%
|
|
|
2.3
|
%
|
Non-performing financing as a percentage of total financing
|
|
|
1.8
|
%
|
|
|
1.5
|
%
|
|
|
1.5
|
%
|
|
|
1.5
|
%
|
|
|
1.5
|
%
|
Allowances as a percentage of non-performing financing
|
|
|
129.9
|
%
|
|
|
151.0
|
%
|
|
|
151.5
|
%
|
|
|
150.5
|
%
|
|
|
155.1
|
%
|
(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
|
|
|
|
3Q15
|
|
|
4Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
3Q16
|
|
Profitability & performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(1)
|
|
|
17.3
|
%
|
|
|
17.9
|
%
|
|
|
16.7
|
%
|
|
|
18.8
|
%
|
|
|
18.5
|
%
|
Net interest margin adjusted
(2)
|
|
|
15.8
|
%
|
|
|
15.6
|
%
|
|
|
15.2
|
%
|
|
|
15.3
|
%
|
|
|
15.2
|
%
|
Net fee income ratio
|
|
|
29.4
|
%
|
|
|
28.1
|
%
|
|
|
26.2
|
%
|
|
|
24.7
|
%
|
|
|
25.2
|
%
|
Efficiency ratio
|
|
|
48.8
|
%
|
|
|
46.1
|
%
|
|
|
47.9
|
%
|
|
|
46.3
|
%
|
|
|
47.0
|
%
|
Net fee income as a percentage of adm expenses
|
|
|
60.4
|
%
|
|
|
60.9
|
%
|
|
|
54.8
|
%
|
|
|
53.4
|
%
|
|
|
53.6
|
%
|
Return on average assets
|
|
|
4.9
|
%
|
|
|
5.8
|
%
|
|
|
5.1
|
%
|
|
|
5.7
|
%
|
|
|
5.4
|
%
|
Return on average equity
|
|
|
31.5
|
%
|
|
|
37.2
|
%
|
|
|
33.4
|
%
|
|
|
36.7
|
%
|
|
|
35.2
|
%
|
Liquidity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans as a percentage of total deposits
|
|
|
83.0
|
%
|
|
|
83.4
|
%
|
|
|
76.0
|
%
|
|
|
79.9
|
%
|
|
|
77.2
|
%
|
Liquid assets as a percentage of total deposits
|
|
|
38.2
|
%
|
|
|
38.4
|
%
|
|
|
44.4
|
%
|
|
|
41.0
|
%
|
|
|
44.7
|
%
|
Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity as a percentage of total assets
|
|
|
14.5
|
%
|
|
|
14.5
|
%
|
|
|
15.1
|
%
|
|
|
15.3
|
%
|
|
|
14.7
|
%
|
Capitalization as % of APRc
|
|
|
21.8
|
%
|
|
|
20.8
|
%
|
|
|
23.5
|
%
|
|
|
22.5
|
%
|
|
|
23.6
|
%
|
Regulatory capital as % of APR
|
|
|
15.2
|
%
|
|
|
14.6
|
%
|
|
|
16.4
|
%
|
|
|
16.2
|
%
|
|
|
17.3
|
%
|
Asset Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowances over total loans
|
|
|
2.4
|
%
|
|
|
2.3
|
%
|
|
|
2.4
|
%
|
|
|
2.4
|
%
|
|
|
2.3
|
%
|
Non-performing financing as a percentage of total financing
|
|
|
1.8
|
%
|
|
|
1.5
|
%
|
|
|
1.5
|
%
|
|
|
1.5
|
%
|
|
|
1.5
|
%
|
Allowances as a percentage of non-performing financing
|
|
|
129.9
|
%
|
|
|
151.0
|
%
|
|
|
151.5
|
%
|
|
|
150.5
|
%
|
|
|
155.1
|
%
|
(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
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: November 9, 2016
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MACRO BANK INC.
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By:
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/s/ Jorge Francisco Scarinci
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Name: Jorge Francisco Scarinci
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Title: Finance Manager
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