Banco Macro Announces Results for the Third Quarter of 2018

BUENOS AIRES, Nov. 27, 2018 /PRNewswire/ -- 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, 2018 ("3Q18"). All figures are in Argentine pesos (Ps.)

As from FY2018 Banco Macro results are reported in accordance with Communication "A" 6114 of the Central Bank of Argentina (Convergence of accounting standards to IFRS -International Financial Reporting Standards-). Figures for FY2017 have been restated in accordance with IFRS and some items have been reclassified in order to make comparisons between periods possible.

Summary

The Bank's net income totaled Ps.3.8 billion in 3Q18. This result was 22% higher than the Ps.3.1 billion posted in 2Q18 and 39% higher than in 3Q17. In 3Q18, the accumulated annualized return on average equity ("ROAE") and the accumulated annualized return on average assets ("ROAA") were 27.8 % and 5.6%, respectively.
In 3Q18, Banco Macro's financing to the private sector grew 11% or Ps.16.7 billion quarter over quarter ("QoQ") totaling Ps.167.9 billion and increased 43% or Ps.50.7 billion year over year ("YoY"). In the quarter, growth was driven by commercial loans, among which Overdrafts, Others and Documents stand out, which grew 52%, 31% and 14% QoQ, respectively. Meanwhile within consumer loans, mortgage loans and personal loans rose 9% and 3% QoQ, respectively.
In 3Q18, the efficiency ratio reached 39.1%, better than the 41.9% posted in 2Q18 and the 41.6% in 3Q17.
In 3Q18, Banco Macro's total deposits grew 18% QoQ, totaling Ps.212.6 billion and representing 82% of the Bank's total liabilities. Private sector deposits grew 20% QoQ.
Banco Macro continued showing a strong solvency ratio, with excess capital of Ps.44.1 billion 26.4% regulatory capital ratio – Basel III and 18.9% Tier 1 Ratio. In addition, the Bank's liquid assets remained at an adequate level, reaching 51.7% of its total deposits in 3Q18.
In 3Q18, the Bank's non-performing to total financing ratio was 1.63% and the coverage ratio reached 131.05%. Banco Macro continued showing outstanding asset quality metrics, with one of the lowest non-performing to total financing ratio in the industry.

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