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 27, 2018
Commission File Number: 001-32827
MACRO BANK
INC.
(Translation of registrant’s name into
English)
Avenida Eduardo Madero 1182
Ciudad Autónoma de Buenos Aires C1106
ACY
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):
|
3Q18 Earnings Release
|
Banco Macro Announces Results
for the Third Quarter of 2018
Buenos Aires, Argentina, November 27, 2018
– 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.
3Q18 Earnings Release Conference Call
Wednesday, November 28, 2018
Time: 10:00 a.m. Eastern Time | 12:00 p.m. Buenos Aires Time
|
IR Contacts in Buenos Aires
:
Jorge Scarinci
Chief Financial Officer
|
|
|
To participate, please dial:
Argentina Toll Free:
(011) 3984 5677
Participants Dial In (Toll Free):
+1 (844) 450 3847
Participants International Dial In:
+1 (412) 317 6370
Conference ID: Banco Macro
Webcast:
click here
|
Webcast Replay:
click here
Available from 11/28/2018 through 12/12/2018
|
Nicolás A. Torres
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 (Vice Chairman),
Gustavo Manriquez (CEO) and Jorge Scarinci (CFO).
|
3Q18 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.
|
3Q18 Earnings Release
|
Results
Earnings per outstanding share were Ps.5.78
in 3Q18, 24% higher than 2Q18 and 41% higher than the result posted a year ago.
EARNINGS PER SHARE
|
|
MACRO Consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q17
|
|
|
4Q17
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
|
QoQ
|
|
|
YoY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income -Parent Company- (M $)
|
|
|
2,733.6
|
|
|
|
3,103.0
|
|
|
|
3,542.1
|
|
|
|
3,115.7
|
|
|
|
3,828.2
|
|
|
|
23
|
%
|
|
|
40
|
%
|
Average # of shares outstanding (M)
|
|
|
668.2
|
|
|
|
669.7
|
|
|
|
669.7
|
|
|
|
669.7
|
|
|
|
662.2
|
|
|
|
-1
|
%
|
|
|
-1
|
%
|
Average #of treasury stocks (shares repurchased) (M)
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
7.5
|
|
|
|
100
|
%
|
|
|
100
|
%
|
Book value per avg. Outstanding share ($)
|
|
|
64.9
|
|
|
|
69.8
|
|
|
|
75.1
|
|
|
|
75.2
|
|
|
|
76.1
|
|
|
|
1
|
%
|
|
|
17
|
%
|
Shares Outstanding (M)
|
|
|
669.7
|
|
|
|
669.7
|
|
|
|
669.7
|
|
|
|
669.7
|
|
|
|
648.2
|
|
|
|
-3
|
%
|
|
|
-3
|
%
|
Earnings per avg. outstanding share ($)
|
|
|
4.09
|
|
|
|
4.63
|
|
|
|
5.29
|
|
|
|
4.65
|
|
|
|
5.78
|
|
|
|
24
|
%
|
|
|
41
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per avg. issued ADS (USD)
|
|
|
37.59
|
|
|
|
37.18
|
|
|
|
37.28
|
|
|
|
26.06
|
|
|
|
18.62
|
|
|
|
-29
|
%
|
|
|
-50
|
%
|
Earnings per avg. outstanding ADS (USD)
|
|
|
2.36
|
|
|
|
2.47
|
|
|
|
2.64
|
|
|
|
1.61
|
|
|
|
1.41
|
|
|
|
-12
|
%
|
|
|
-40
|
%
|
Banco Macro’s 3Q18 net income of Ps.3.8
billion was 22% or Ps.695 million higher than the previous quarter and 39% or Ps.1.1 billion higher YoY. This result represented
an accumulated ROAE and ROAA of 27.8 % and 5.6% respectively.
Net operating income (before G&A and personnel
expenses) was Ps.12.9 billion in 3Q18, increasing 41% or Ps.3.7 billion YoY.
Operating income (after G&A and personnel
expenses) was Ps.5.5 billion in 3Q18, 31% or Ps.1.3 billion higher than a year ago.
It is important to emphasize that this result
was obtained with a leverage of 6.1x assets to equity ratio.
INCOME STATEMENT
|
|
MACRO Consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q17
|
|
|
4Q17
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
|
QoQ
|
|
|
YoY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
|
|
6,085.9
|
|
|
|
7,405.2
|
|
|
|
7,941.1
|
|
|
|
9,092.8
|
|
|
|
10,322.8
|
|
|
|
14
|
%
|
|
|
70
|
%
|
Net fee income
|
|
|
1,576.7
|
|
|
|
1,414.7
|
|
|
|
1,650.6
|
|
|
|
1,906.6
|
|
|
|
2,085.0
|
|
|
|
9
|
%
|
|
|
32
|
%
|
Subtotal (Net Interest Income + Net Fee Income)
|
|
|
7,662.6
|
|
|
|
8,819.9
|
|
|
|
9,591.7
|
|
|
|
10,999.4
|
|
|
|
12,407.8
|
|
|
|
13
|
%
|
|
|
62
|
%
|
Net Income from financial instruments at fair value through P&L
|
|
|
211.1
|
|
|
|
199.1
|
|
|
|
249.2
|
|
|
|
-46.3
|
|
|
|
498.9
|
|
|
|
1178
|
%
|
|
|
136
|
%
|
Income from assets at amortized cost
|
|
|
18.4
|
|
|
|
-26.1
|
|
|
|
-2.9
|
|
|
|
-
|
|
|
|
-3.0
|
|
|
|
-100
|
%
|
|
|
-116
|
%
|
Differences in quoted prices of gold and foreign currency
|
|
|
578.0
|
|
|
|
255.0
|
|
|
|
150.6
|
|
|
|
-1,012.3
|
|
|
|
-1,244.4
|
|
|
|
23
|
%
|
|
|
-315
|
%
|
Other operating income
|
|
|
1,050.8
|
|
|
|
1,177.1
|
|
|
|
1,304.0
|
|
|
|
1,375.7
|
|
|
|
1,985.7
|
|
|
|
44
|
%
|
|
|
89
|
%
|
Provision for loan losses
|
|
|
343.1
|
|
|
|
421.8
|
|
|
|
566.8
|
|
|
|
571.3
|
|
|
|
732.3
|
|
|
|
28
|
%
|
|
|
113
|
%
|
Net Operating Income
|
|
|
9,177.9
|
|
|
|
10,003.3
|
|
|
|
10,725.8
|
|
|
|
10,745.2
|
|
|
|
12,912.7
|
|
|
|
20
|
%
|
|
|
41
|
%
|
Employee benefits
|
|
|
1,928.3
|
|
|
|
2,185.4
|
|
|
|
2,017.7
|
|
|
|
2,443.1
|
|
|
|
2,719.8
|
|
|
|
11
|
%
|
|
|
41
|
%
|
Administrative expenses
|
|
|
1,186.6
|
|
|
|
1,394.2
|
|
|
|
1,402.0
|
|
|
|
1,549.5
|
|
|
|
1,775.8
|
|
|
|
15
|
%
|
|
|
50
|
%
|
Depreciation and impairment of assets
|
|
|
145.0
|
|
|
|
179.5
|
|
|
|
162.9
|
|
|
|
172.6
|
|
|
|
186.5
|
|
|
|
8
|
%
|
|
|
29
|
%
|
Other operating expenses
|
|
|
1,690.1
|
|
|
|
2,097.4
|
|
|
|
2,029.2
|
|
|
|
2,317.6
|
|
|
|
2,693.0
|
|
|
|
16
|
%
|
|
|
59
|
%
|
Operating Income
|
|
|
4,227.8
|
|
|
|
4,146.8
|
|
|
|
5,114.0
|
|
|
|
4,262.4
|
|
|
|
5,537.6
|
|
|
|
30
|
%
|
|
|
31
|
%
|
Result from associates & joint ventures
|
|
|
45.9
|
|
|
|
108.3
|
|
|
|
75.4
|
|
|
|
145.1
|
|
|
|
12.4
|
|
|
|
-91
|
%
|
|
|
-73
|
%
|
Result before taxes from continuing operations
|
|
|
4,273.7
|
|
|
|
4,255.1
|
|
|
|
5,189.4
|
|
|
|
4,407.5
|
|
|
|
5,550.0
|
|
|
|
26
|
%
|
|
|
30
|
%
|
Income tax
|
|
|
1,519.7
|
|
|
|
1,123.2
|
|
|
|
1,624.9
|
|
|
|
1,270.7
|
|
|
|
1,717.7
|
|
|
|
35
|
%
|
|
|
13
|
%
|
Net income from continuing operations
|
|
|
2,754.0
|
|
|
|
3,131.9
|
|
|
|
3,564.5
|
|
|
|
3,136.8
|
|
|
|
3,832.3
|
|
|
|
22
|
%
|
|
|
39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income of the period
|
|
|
2,754.0
|
|
|
|
3,131.9
|
|
|
|
3,564.5
|
|
|
|
3,136.8
|
|
|
|
3,832.3
|
|
|
|
22
|
%
|
|
|
39
|
%
|
Net income of the period attributable to parent company
|
|
|
2,733.6
|
|
|
|
3,103.0
|
|
|
|
3,542.1
|
|
|
|
3,115.7
|
|
|
|
3,828.2
|
|
|
|
23
|
%
|
|
|
40
|
%
|
Net income of the period atributable to minority interest
|
|
|
20.4
|
|
|
|
28.9
|
|
|
|
22.4
|
|
|
|
21.1
|
|
|
|
4.1
|
|
|
|
-81
|
%
|
|
|
-80
|
%
|
|
3Q18 Earnings Release
|
The Bank’s 3Q18 net interest income totaled
Ps.10.3 billion, 14% or Ps.1.2 billion higher than in 2Q18 and 70% or Ps.4.2 higher YoY.
In 3Q18 interest income totaled Ps.16.8 billion,
23% or Ps.3.2 billion higher than in 2Q18 and 90% or Ps.7.9 billion higher than in 3Q17.
Income from interest on loans and other financing
totaled Ps.12.3 billion, 19% or Ps.2.0 billion higher compared with the previous quarter and 72% or Ps.5.2 billion higher than
a year ago.
In 3Q18 income from government and private
securities increased 39% or Ps.1.3 billion QoQ and 168% or Ps.2.8 billion compared with the same period of last year. 91% of this
result is explained by income from government and private securities through other comprehensive income (Central Bank Notes) and
the remaining 9% is explained by income of government and private securities at amortized cost. This positive result more than
offset the loss sustained by the short dollar position.
In 3Q18 Differences in quoted prices of gold
and foreign currency decreased Ps.232 million, totaling a Ps.1.2 billion loss, due to the 42% argentine peso depreciation against
the US dollar and the Bank’s short dollar position. So far in FY2018 FX losses have been related to:
DIFFERENCES IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY
|
|
MACRO Consolidated
|
|
|
Variation QoQ
|
|
In MILLION $
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
|
%
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Translation of FX assets and liabilities to Pesos
|
|
|
21.0
|
|
|
|
-1,336.5
|
|
|
|
-1,759.1
|
|
|
|
32
|
%
|
|
|
-422.6
|
|
Income from foreign currency exchange
|
|
|
129.6
|
|
|
|
324.2
|
|
|
|
514.7
|
|
|
|
59
|
%
|
|
|
190.5
|
|
|
|
|
150.6
|
|
|
|
-1,012.3
|
|
|
|
-1,244.4
|
|
|
|
23
|
%
|
|
|
-232.1
|
|
INTEREST INCOME
|
|
MACRO Consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q17
|
|
|
4Q17
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
|
QoQ
|
|
|
YoY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on Cash and due from Banks
|
|
|
6.1
|
|
|
|
6.7
|
|
|
|
3.0
|
|
|
|
2.0
|
|
|
|
4.7
|
|
|
|
135
|
%
|
|
|
-23
|
%
|
Interest from government securities
|
|
|
1,606.4
|
|
|
|
2,005.6
|
|
|
|
2,087.0
|
|
|
|
3,144.1
|
|
|
|
4,380.2
|
|
|
|
39
|
%
|
|
|
173
|
%
|
Interest from private securities
|
|
|
52.3
|
|
|
|
-0.2
|
|
|
|
52.2
|
|
|
|
50.2
|
|
|
|
71.2
|
|
|
|
42
|
%
|
|
|
36
|
%
|
Interest on loans and other financing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To the financial sector
|
|
|
125.5
|
|
|
|
177.7
|
|
|
|
166.9
|
|
|
|
204.5
|
|
|
|
311.8
|
|
|
|
52
|
%
|
|
|
148
|
%
|
To the public non financial sector
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0
|
%
|
|
|
0
|
%
|
Interest on overdrafts
|
|
|
680.0
|
|
|
|
753.8
|
|
|
|
780.6
|
|
|
|
961.7
|
|
|
|
1,448.1
|
|
|
|
51
|
%
|
|
|
113
|
%
|
Interest on mortgages loans
|
|
|
208.8
|
|
|
|
228.5
|
|
|
|
578.6
|
|
|
|
785.0
|
|
|
|
1,101.0
|
|
|
|
40
|
%
|
|
|
427
|
%
|
Interest on pledged loans
|
|
|
133.5
|
|
|
|
141.8
|
|
|
|
148.8
|
|
|
|
142.6
|
|
|
|
142.2
|
|
|
|
0
|
%
|
|
|
7
|
%
|
Interest on personal loans
|
|
|
3,774.3
|
|
|
|
4,197.5
|
|
|
|
4,574.9
|
|
|
|
5,021.2
|
|
|
|
5,446.8
|
|
|
|
8
|
%
|
|
|
44
|
%
|
Interest on credit cards loans
|
|
|
1,064.3
|
|
|
|
1,212.3
|
|
|
|
1,356.2
|
|
|
|
1,545.2
|
|
|
|
1,788.3
|
|
|
|
16
|
%
|
|
|
68
|
%
|
Interest on financial leases
|
|
|
29.3
|
|
|
|
31.4
|
|
|
|
33.9
|
|
|
|
33.8
|
|
|
|
39.6
|
|
|
|
17
|
%
|
|
|
35
|
%
|
Interest on other loans
|
|
|
1,172.3
|
|
|
|
1,586.6
|
|
|
|
1,519.5
|
|
|
|
1,680.7
|
|
|
|
2,067.5
|
|
|
|
23
|
%
|
|
|
76
|
%
|
Interest on Repos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From the BCRA
|
|
|
15.1
|
|
|
|
71.4
|
|
|
|
15.6
|
|
|
|
7.1
|
|
|
|
0.0
|
|
|
|
-100
|
%
|
|
|
-100
|
%
|
Other financial institutions
|
|
|
1.6
|
|
|
|
28.1
|
|
|
|
19.5
|
|
|
|
38.7
|
|
|
|
7.7
|
|
|
|
-80
|
%
|
|
|
381
|
%
|
Total Interest income
|
|
|
8,869.5
|
|
|
|
10,441.2
|
|
|
|
11,336.8
|
|
|
|
13,616.8
|
|
|
|
16,809.1
|
|
|
|
23
|
%
|
|
|
90
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Interest on loans
|
|
|
7,188.0
|
|
|
|
8,329.6
|
|
|
|
9,159.5
|
|
|
|
10,374.7
|
|
|
|
12,345.3
|
|
|
|
19
|
%
|
|
|
72
|
%
|
The Bank’s 3Q18 interest expense totaled
Ps.6.5 billion, increasing 43% (Ps.2 billion) compared to the previous quarter and 133% (Ps.3.7 billion) compared to 3Q17.
In 3Q18, interest on deposits represented 88%
of the Bank’s total interest expense, increasing 47% or Ps.1.8 billion QoQ. This increase was mainly driven by a 334b.p increase
in the average interest rate on time deposits and a 22% increase in the average volume of time deposits. On a yearly basis, interest
on deposits increased 139% or Ps.3.3 billion.
Expenses related to interest on corporate bonds
increased 45% or Ps.78 million, due to the argentine peso depreciation in the quarter.
|
3Q18 Earnings Release
|
Expenses related to interest on repos with
other financial institutions increased 170% or Ps.41 million in 3Q18.
INTEREST EXPENSE
|
|
MACRO Consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q17
|
|
|
4Q17
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
|
QoQ
|
|
|
YoY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on checking accounts
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
142.1
|
|
|
|
100
|
%
|
|
|
100
|
%
|
Interest on saving accounts
|
|
|
30.7
|
|
|
|
37.1
|
|
|
|
53.6
|
|
|
|
64.2
|
|
|
|
91.1
|
|
|
|
42
|
%
|
|
|
197
|
%
|
Interest on time deposits
|
|
|
2,352.0
|
|
|
|
2,618.8
|
|
|
|
2,955.9
|
|
|
|
3,813.8
|
|
|
|
5,463.6
|
|
|
|
43
|
%
|
|
|
132
|
%
|
Interest on other financing from BCRA and financial inst.
|
|
|
17.2
|
|
|
|
14.5
|
|
|
|
13.4
|
|
|
|
21.6
|
|
|
|
47.6
|
|
|
|
120
|
%
|
|
|
177
|
%
|
Repos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial institutions
|
|
|
51.8
|
|
|
|
30.8
|
|
|
|
31.0
|
|
|
|
24.3
|
|
|
|
65.7
|
|
|
|
170
|
%
|
|
|
27
|
%
|
Interest on corporate bonds
|
|
|
202.7
|
|
|
|
203.3
|
|
|
|
200.8
|
|
|
|
422.2
|
|
|
|
405.8
|
|
|
|
-4
|
%
|
|
|
100
|
%
|
Interest on subordinated bonds
|
|
|
122.3
|
|
|
|
126.8
|
|
|
|
139.1
|
|
|
|
174.4
|
|
|
|
252.1
|
|
|
|
45
|
%
|
|
|
106
|
%
|
Interest on other financial liabilities
|
|
|
6.9
|
|
|
|
4.6
|
|
|
|
1.9
|
|
|
|
3.5
|
|
|
|
18.3
|
|
|
|
423
|
%
|
|
|
165
|
%
|
Total financial expense
|
|
|
2,783.6
|
|
|
|
3,035.9
|
|
|
|
3,395.7
|
|
|
|
4,524.0
|
|
|
|
6,486.3
|
|
|
|
43
|
%
|
|
|
133
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses from interest on deposits
|
|
|
2,382.7
|
|
|
|
2,655.9
|
|
|
|
3,009.5
|
|
|
|
3,878.0
|
|
|
|
5,696.8
|
|
|
|
47
|
%
|
|
|
139
|
%
|
As of 3Q18, the Bank’s net interest margin
was 15.3%, higher than the 15.2% posted in 2Q18.
ASSETS
& LIABILITIES PERFORMANCE
|
|
MACRO
Consolidated
|
|
In MILLON $
|
|
3Q17
|
|
|
4Q17
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
Yields & rates in annualized nominal
%
|
|
AVERAGE
BALANCE
|
|
|
INT
|
|
|
AVERAGE
BALANCE
|
|
|
INT
|
|
|
AVERAGE
BALANCE
|
|
|
INT
|
|
|
AVERAGE
BALANCE
|
|
|
INT
|
|
|
AVERAGE
BALANCE
|
|
|
INT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Deposits in Banks
|
|
|
37,902.5
|
|
|
|
0.1
|
%
|
|
|
43,217.9
|
|
|
|
0.1
|
%
|
|
|
32,708.3
|
|
|
|
0.0
|
%
|
|
|
35,266.5
|
|
|
|
0
|
%
|
|
|
54,562.8
|
|
|
|
0
|
%
|
Goverment & Securities at fair value trhough P&L
|
|
|
541.8
|
|
|
|
17.9
|
%
|
|
|
4,041.2
|
|
|
|
18.7
|
%
|
|
|
1,059.6
|
|
|
|
64.4
|
%
|
|
|
949.5
|
|
|
|
-2.0
|
%
|
|
|
1,694.6
|
|
|
|
-1.0
|
%
|
Loans & Other Financing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public Sector
|
|
|
1,685.6
|
|
|
|
27.3
|
%
|
|
|
1,561.5
|
|
|
|
36.8
|
%
|
|
|
1,881.5
|
|
|
|
30.2
|
%
|
|
|
1,937.2
|
|
|
|
32.2
|
%
|
|
|
2,166.7
|
|
|
|
45.1
|
%
|
Financial Sector
|
|
|
2,771.0
|
|
|
|
20.4
|
%
|
|
|
2,371.3
|
|
|
|
29.7
|
%
|
|
|
3,228.7
|
|
|
|
11.8
|
%
|
|
|
3,624.4
|
|
|
|
21.5
|
%
|
|
|
4,234.7
|
|
|
|
15.0
|
%
|
Private Sector
|
|
|
112,057.0
|
|
|
|
24.5
|
%
|
|
|
125,248.9
|
|
|
|
25.3
|
%
|
|
|
133,915.6
|
|
|
|
26.9
|
%
|
|
|
145,808.9
|
|
|
|
27.7
|
%
|
|
|
155,049.6
|
|
|
|
30.3
|
%
|
Other debt securities
|
|
|
33,521.2
|
|
|
|
21.2
|
%
|
|
|
66,911.3
|
|
|
|
12.0
|
%
|
|
|
34,532.5
|
|
|
|
25.5
|
%
|
|
|
40,264.8
|
|
|
|
31.3
|
%
|
|
|
42,518.3
|
|
|
|
43.4
|
%
|
Other interest-earning assets
|
|
|
4,807.3
|
|
|
|
3.0
|
%
|
|
|
6,366.2
|
|
|
|
7.2
|
%
|
|
|
8,756.8
|
|
|
|
2.9
|
%
|
|
|
9,260.2
|
|
|
|
1.7
|
%
|
|
|
9,705.0
|
|
|
|
2.2
|
%
|
Total interest-earning assets
|
|
|
193,286.4
|
|
|
|
18.5
|
%
|
|
|
249,718.3
|
|
|
|
16.9
|
%
|
|
|
216,083.0
|
|
|
|
21.6
|
%
|
|
|
237,111.5
|
|
|
|
23.0
|
%
|
|
|
269,931.7
|
|
|
|
24.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest-earning assets
|
|
|
8,737.9
|
|
|
|
|
|
|
|
11,147.9
|
|
|
|
|
|
|
|
10,718.4
|
|
|
|
|
|
|
|
10,792.3
|
|
|
|
|
|
|
|
11,456.2
|
|
|
|
|
|
Total Average Assets
|
|
|
202,024.3
|
|
|
|
|
|
|
|
260,866.2
|
|
|
|
|
|
|
|
226,801.4
|
|
|
|
|
|
|
|
247,903.8
|
|
|
|
|
|
|
|
281,387.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public Sector
|
|
|
15,132.1
|
|
|
|
5.1
|
%
|
|
|
10,256.4
|
|
|
|
7.0
|
%
|
|
|
13,865.7
|
|
|
|
7.1
|
%
|
|
|
14,499.7
|
|
|
|
8.4
|
%
|
|
|
16,986.9
|
|
|
|
12.6
|
%
|
Financial Sector
|
|
|
69.5
|
|
|
|
0.0
|
%
|
|
|
77.5
|
|
|
|
0.0
|
%
|
|
|
97.2
|
|
|
|
0.0
|
%
|
|
|
111.2
|
|
|
|
0.0
|
%
|
|
|
0.0
|
|
|
|
0.0
|
%
|
Private Sector
|
|
|
117,021.9
|
|
|
|
7.6
|
%
|
|
|
121,986.5
|
|
|
|
8.2
|
%
|
|
|
130,993.4
|
|
|
|
8.8
|
%
|
|
|
143,472.9
|
|
|
|
10.2
|
%
|
|
|
167,919.4
|
|
|
|
12.4
|
%
|
BCRA and other financial institutions
|
|
|
2,047.8
|
|
|
|
2.3
|
%
|
|
|
1,630.3
|
|
|
|
1.8
|
%
|
|
|
736.5
|
|
|
|
6.9
|
%
|
|
|
1,058.0
|
|
|
|
7.6
|
%
|
|
|
2,885.7
|
|
|
|
8.9
|
%
|
Corporate bonds
|
|
|
4,808.4
|
|
|
|
16.7
|
%
|
|
|
4,669.1
|
|
|
|
17.3
|
%
|
|
|
4,809.4
|
|
|
|
16.9
|
%
|
|
|
7,746.3
|
|
|
|
21.9
|
%
|
|
|
7,119.9
|
|
|
|
22.6
|
%
|
Subordinated bonds
|
|
|
6,976.4
|
|
|
|
7.6
|
%
|
|
|
7,180.9
|
|
|
|
7.6
|
%
|
|
|
7,986.8
|
|
|
|
7.1
|
%
|
|
|
9,474.3
|
|
|
|
7.5
|
%
|
|
|
12,987.1
|
|
|
|
7.7
|
%
|
Other interest-bearing liabilities
|
|
|
292.4
|
|
|
|
62.6
|
%
|
|
|
1,015.7
|
|
|
|
18.7
|
%
|
|
|
601.1
|
|
|
|
20.9
|
%
|
|
|
347.6
|
|
|
|
35.0
|
%
|
|
|
540.1
|
|
|
|
48.3
|
%
|
Total interest-bearing liabilities
|
|
|
146,348.5
|
|
|
|
7.7
|
%
|
|
|
146,816.4
|
|
|
|
8.4
|
%
|
|
|
159,090.1
|
|
|
|
8.8
|
%
|
|
|
176,710.0
|
|
|
|
10.4
|
%
|
|
|
208,439.1
|
|
|
|
12.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non interest-bearing liab. & equity
|
|
|
55,675.8
|
|
|
|
|
|
|
|
114,049.8
|
|
|
|
|
|
|
|
67,711.3
|
|
|
|
|
|
|
|
71,193.8
|
|
|
|
|
|
|
|
72,948.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Average Liabilities & Equity
|
|
|
202,024.3
|
|
|
|
|
|
|
|
260,866.2
|
|
|
|
|
|
|
|
226,801.4
|
|
|
|
|
|
|
|
247,903.8
|
|
|
|
|
|
|
|
281,387.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets Performance
|
|
|
|
|
|
|
9,029.0
|
|
|
|
|
|
|
|
10,632.9
|
|
|
|
|
|
|
|
11,522.3
|
|
|
|
|
|
|
|
13,593.1
|
|
|
|
|
|
|
|
16,958.1
|
|
Liabilities Performance
|
|
|
|
|
|
|
2,832.3
|
|
|
|
|
|
|
|
3,112.3
|
|
|
|
|
|
|
|
3,459.7
|
|
|
|
|
|
|
|
4,598.9
|
|
|
|
|
|
|
|
6,568.0
|
|
Net Interest Income
|
|
|
|
|
|
|
6,196.7
|
|
|
|
|
|
|
|
7,520.6
|
|
|
|
|
|
|
|
8,062.6
|
|
|
|
|
|
|
|
8,994.2
|
|
|
|
|
|
|
|
10,390.1
|
|
Total interest-earning assets
|
|
|
|
|
|
|
193,286.4
|
|
|
|
|
|
|
|
249,718.3
|
|
|
|
|
|
|
|
216,083.0
|
|
|
|
|
|
|
|
237,111.5
|
|
|
|
|
|
|
|
269,931.7
|
|
Net Interest Margin (NIM)
|
|
|
|
|
|
|
12.7
|
%
|
|
|
|
|
|
|
11.9
|
%
|
|
|
|
|
|
|
15.1
|
%
|
|
|
|
|
|
|
15.2
|
%
|
|
|
|
|
|
|
15.3
|
%
|
In 3Q18, Banco Macro’s net fee income
totaled Ps.2.1 billion, 9% or Ps.178 million higher than 2Q18, and 32% or Ps.508 million higher than 2Q17.
In the quarter, fee income totaled Ps.2.3 billion,
10% or Ps.200 million higher than in 2Q18. Fees charged on deposit accounts stand out, with an 11% (Ps.139 million) increase; also
insurance fees increased 16% or Ps.27 million QoQ. On a yearly basis, fee income increased 32% or Ps.554 million.
In the quarter, total fee expenses increased
12% or Ps.22 million. On a yearly basis, fee expenses increased 29% or Ps.46 million.
|
3Q18 Earnings Release
|
NET FEE INCOME
|
|
MACRO Consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q17
|
|
|
4Q17
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
|
QoQ
|
|
|
YoY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee charged on deposit accounts
|
|
|
1,027.2
|
|
|
|
853.0
|
|
|
|
1,082.0
|
|
|
|
1,270.4
|
|
|
|
1,409.6
|
|
|
|
11
|
%
|
|
|
37
|
%
|
Debit and credit card fees (*)
|
|
|
46.3
|
|
|
|
46.9
|
|
|
|
53.9
|
|
|
|
55.2
|
|
|
|
48.0
|
|
|
|
-13
|
%
|
|
|
4
|
%
|
Fees on collection services
|
|
|
266.8
|
|
|
|
275.0
|
|
|
|
279.8
|
|
|
|
338.7
|
|
|
|
356.0
|
|
|
|
5
|
%
|
|
|
33
|
%
|
Insurance fees
|
|
|
156.1
|
|
|
|
164.2
|
|
|
|
177.6
|
|
|
|
175.8
|
|
|
|
203.2
|
|
|
|
16
|
%
|
|
|
30
|
%
|
Fees on private securities
|
|
|
101.1
|
|
|
|
100.4
|
|
|
|
99.4
|
|
|
|
107.6
|
|
|
|
117.7
|
|
|
|
9
|
%
|
|
|
16
|
%
|
Credit related fees
|
|
|
0.8
|
|
|
|
0.8
|
|
|
|
0.4
|
|
|
|
0.1
|
|
|
|
0.4
|
|
|
|
300
|
%
|
|
|
-50
|
%
|
Fees related to transferable securities
|
|
|
16.0
|
|
|
|
20.6
|
|
|
|
21.8
|
|
|
|
25.5
|
|
|
|
20.0
|
|
|
|
-22
|
%
|
|
|
25
|
%
|
Other fees related to foreign trade
|
|
|
44.3
|
|
|
|
39.7
|
|
|
|
41.4
|
|
|
|
50.8
|
|
|
|
69.7
|
|
|
|
37
|
%
|
|
|
57
|
%
|
Other
|
|
|
73.7
|
|
|
|
74.0
|
|
|
|
52.1
|
|
|
|
62.1
|
|
|
|
61.6
|
|
|
|
-1
|
%
|
|
|
-16
|
%
|
Total fee income
|
|
|
1,732.3
|
|
|
|
1,574.6
|
|
|
|
1,808.4
|
|
|
|
2,086.2
|
|
|
|
2,286.2
|
|
|
|
10
|
%
|
|
|
32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fee expense (*)
|
|
|
155.6
|
|
|
|
159.9
|
|
|
|
157.8
|
|
|
|
179.6
|
|
|
|
201.2
|
|
|
|
12
|
%
|
|
|
29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net fee income
|
|
|
1,576.7
|
|
|
|
1,414.7
|
|
|
|
1,650.6
|
|
|
|
1,906.6
|
|
|
|
2,085.0
|
|
|
|
9
|
%
|
|
|
32
|
%
|
(*) In 3Q18 some items were reclassified, as a consequence there
were changes in Fee Income and Fee Expenses 3Q18 (57,1M), 2Q18 (30M), 1Q18 (27.1M), 4Q17 (24.3M), 1Q17 (23.1M). Not withstanding
Net Fee Income is the same as the one shown in the Income Statement.
In 3Q18 Net Income from financial assets and
liabilities at fair value through profit or loss totaled Ps.499 million, with government securities and derivative financial instruments
standing out.
NET INCOME FROM FINANCIAL ASSETS AND LIABILITIES AT FAIR
VALUE THROUGH PROFIT OR LOSS
|
|
MACRO Consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q17
|
|
|
4Q17
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
|
QoQ
|
|
|
YoY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
|
|
|
%
|
|
Profit or loss from government securities
|
|
|
141.5
|
|
|
|
-80.5
|
|
|
|
55.0
|
|
|
|
39.0
|
|
|
|
214.7
|
|
|
|
451
|
%
|
|
|
52
|
%
|
Profit or loss from private securities
|
|
|
21.2
|
|
|
|
6.5
|
|
|
|
30.8
|
|
|
|
20.2
|
|
|
|
66.2
|
|
|
|
228
|
%
|
|
|
212
|
%
|
Profit or loss from investment in derivative financing instruments
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
3.3
|
|
|
|
-3.3
|
|
|
|
234.5
|
|
|
|
-7206
|
%
|
|
|
100
|
%
|
Profit or loss from other financial assets
|
|
|
22.4
|
|
|
|
8.3
|
|
|
|
36.1
|
|
|
|
9.0
|
|
|
|
62.0
|
|
|
|
589
|
%
|
|
|
177
|
%
|
Profit or loss from investment in equity instruments
|
|
|
20.4
|
|
|
|
132.4
|
|
|
|
34.6
|
|
|
|
5.3
|
|
|
|
0.5
|
|
|
|
-91
|
%
|
|
|
-98
|
%
|
Profit or loss from the sale of financial assets at fair value
|
|
|
0.0
|
|
|
|
10.6
|
|
|
|
89.4
|
|
|
|
-110.5
|
|
|
|
-85.0
|
|
|
|
-23
|
%
|
|
|
-100
|
%
|
Income from financial assets at fair value through profit or loss
|
|
|
205.5
|
|
|
|
77.3
|
|
|
|
249.2
|
|
|
|
-40.3
|
|
|
|
492.9
|
|
|
|
-1323
|
%
|
|
|
140
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit or loss from derivative financing instruments
|
|
|
5.6
|
|
|
|
6.5
|
|
|
|
0.0
|
|
|
|
-6.0
|
|
|
|
6.0
|
|
|
|
-200
|
%
|
|
|
7
|
%
|
Income from financial liabilities at fair value through profit or loss
|
|
|
5.6
|
|
|
|
6.5
|
|
|
|
0.0
|
|
|
|
-6.0
|
|
|
|
6.0
|
|
|
|
-200
|
%
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME FROM FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
|
|
|
211.1
|
|
|
|
59.2
|
|
|
|
249.2
|
|
|
|
-46.3
|
|
|
|
498.9
|
|
|
|
-1178
|
%
|
|
|
136
|
%
|
In the quarter Other Operating Income increased
44% or Ps.610 million, with Other income standing out with a 317% or Ps.565 increase related to the buyback of our corporate bonds.
On a yearly basis Other Operating Income increased 89% or Ps.935 million.
OTHER OPERATING INCOME
|
|
MACRO Consolidated
|
|
|
Variation
|
|
IN MILLION $
|
|
3Q17
|
|
|
4Q17
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
|
QoQ
|
|
|
YoY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit and debit cards
|
|
|
690.0
|
|
|
|
762.3
|
|
|
|
735.5
|
|
|
|
803.8
|
|
|
|
816.2
|
|
|
|
2
|
%
|
|
|
18
|
%
|
Lease of safe deposit boxes
|
|
|
44.5
|
|
|
|
49.0
|
|
|
|
49.5
|
|
|
|
50.5
|
|
|
|
57.3
|
|
|
|
13
|
%
|
|
|
29
|
%
|
Other service related fees
|
|
|
181.5
|
|
|
|
218.2
|
|
|
|
227.9
|
|
|
|
241.1
|
|
|
|
247.7
|
|
|
|
3
|
%
|
|
|
36
|
%
|
Sale of real estate and other non-financial assets
|
|
|
2.8
|
|
|
|
6.7
|
|
|
|
109.9
|
|
|
|
27.2
|
|
|
|
0.1
|
|
|
|
-100
|
%
|
|
|
-96
|
%
|
Other adjustments and interest from other receivables
|
|
|
23.5
|
|
|
|
16.2
|
|
|
|
39.9
|
|
|
|
40.2
|
|
|
|
73.1
|
|
|
|
82
|
%
|
|
|
211
|
%
|
Initial recognition of loans
|
|
|
0.0
|
|
|
|
-35.0
|
|
|
|
22.8
|
|
|
|
33.7
|
|
|
|
47.4
|
|
|
|
41
|
%
|
|
|
100
|
%
|
Sale of property, plant and equipment
|
|
|
0.0
|
|
|
|
2.6
|
|
|
|
0.7
|
|
|
|
0.8
|
|
|
|
0.8
|
|
|
|
0
|
%
|
|
|
100
|
%
|
Others
|
|
|
108.4
|
|
|
|
124.5
|
|
|
|
117.8
|
|
|
|
178.4
|
|
|
|
743.1
|
|
|
|
317
|
%
|
|
|
586
|
%
|
Other Operating Income
|
|
|
1,050.8
|
|
|
|
1,144.5
|
|
|
|
1,304.0
|
|
|
|
1,375.7
|
|
|
|
1,985.7
|
|
|
|
44
|
%
|
|
|
89
|
%
|
|
3Q18 Earnings Release
|
In 3Q18 Banco Macro’s administrative
expenses plus employee benefits totaled Ps.4.5 billion, 13% or Ps.503 million higher than the previous quarter. On a yearly basis
administrative expenses plus employee benefits increased 44% or Ps.1.4 billion, due to higher expenses related to employee benefits
(salary increases), maintenance, conservation and repair expenses and others.
Employee benefits increased 11% or Ps.277 million
QoQ, mainly as a result of the salary increases agreed with the Union. Employee benefits increased 41% or Ps.792 million YoY.
In 3Q18, the efficiency ratio reached 39.1%,
lower than the 41.9% posted in 2Q18. In 3Q18 expenses (employee benefits + G&A expenses + depreciation and impairment of assets)
increased 12%, while income (net interest income + net fee income + differences in quoted prices of gold and foreign currency +
other operating income + net income from financial assets at fair value through profit or loss – (Turnover Tax + Insurance
on deposits)) increased 21%.
PERSONNEL & ADMINISTRATIVE EXPENSES
|
|
MACRO Consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q17
|
|
|
4Q17
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
|
QoQ
|
|
|
YoY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee benefits
|
|
|
1,928.3
|
|
|
|
2,185.4
|
|
|
|
2,017.7
|
|
|
|
2,443.1
|
|
|
|
2,719.8
|
|
|
|
11
|
%
|
|
|
41
|
%
|
Administrative Expenses
|
|
|
1,186.6
|
|
|
|
1,394.2
|
|
|
|
1,402.0
|
|
|
|
1,549.5
|
|
|
|
1,775.8
|
|
|
|
15
|
%
|
|
|
50
|
%
|
Taxes
|
|
|
179.9
|
|
|
|
206.4
|
|
|
|
226.2
|
|
|
|
223.6
|
|
|
|
214.4
|
|
|
|
-4
|
%
|
|
|
19
|
%
|
Maintenance, conservation fees
|
|
|
150.6
|
|
|
|
193.0
|
|
|
|
166.3
|
|
|
|
207.8
|
|
|
|
242.7
|
|
|
|
17
|
%
|
|
|
61
|
%
|
Directors & statutory auditors´fees
|
|
|
121.5
|
|
|
|
138.2
|
|
|
|
162.5
|
|
|
|
147.4
|
|
|
|
174.0
|
|
|
|
18
|
%
|
|
|
43
|
%
|
Security services
|
|
|
135.8
|
|
|
|
157.6
|
|
|
|
147.3
|
|
|
|
167.5
|
|
|
|
200.4
|
|
|
|
20
|
%
|
|
|
48
|
%
|
Electricity & Communications
|
|
|
90.6
|
|
|
|
93.2
|
|
|
|
115.4
|
|
|
|
121.9
|
|
|
|
154.4
|
|
|
|
27
|
%
|
|
|
70
|
%
|
Other professional fees
|
|
|
92.2
|
|
|
|
104.6
|
|
|
|
105.1
|
|
|
|
124.4
|
|
|
|
145.2
|
|
|
|
17
|
%
|
|
|
57
|
%
|
Rental agreemets
|
|
|
58.3
|
|
|
|
61.8
|
|
|
|
64.2
|
|
|
|
73.7
|
|
|
|
87.6
|
|
|
|
19
|
%
|
|
|
50
|
%
|
Advertising & publicity
|
|
|
56.0
|
|
|
|
95.1
|
|
|
|
32.3
|
|
|
|
55.3
|
|
|
|
80.6
|
|
|
|
46
|
%
|
|
|
44
|
%
|
Personnel allowances
|
|
|
23.1
|
|
|
|
22.6
|
|
|
|
22.8
|
|
|
|
30.5
|
|
|
|
30.0
|
|
|
|
-2
|
%
|
|
|
30
|
%
|
Stationary & Office Supplies
|
|
|
10.7
|
|
|
|
11.6
|
|
|
|
12.9
|
|
|
|
13.2
|
|
|
|
16.6
|
|
|
|
26
|
%
|
|
|
55
|
%
|
Insurance
|
|
|
10.7
|
|
|
|
10.7
|
|
|
|
10.7
|
|
|
|
13.3
|
|
|
|
14.8
|
|
|
|
11
|
%
|
|
|
38
|
%
|
Hired administrative services
|
|
|
4.8
|
|
|
|
4.7
|
|
|
|
3.5
|
|
|
|
4.5
|
|
|
|
4.9
|
|
|
|
9
|
%
|
|
|
2
|
%
|
Other
|
|
|
252.4
|
|
|
|
294.7
|
|
|
|
332.8
|
|
|
|
366.4
|
|
|
|
410.2
|
|
|
|
12
|
%
|
|
|
63
|
%
|
Total Administrative Expenses
|
|
|
3,114.9
|
|
|
|
3,579.6
|
|
|
|
3,419.7
|
|
|
|
3,992.6
|
|
|
|
4,495.6
|
|
|
|
13
|
%
|
|
|
44
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Employees
|
|
|
8,721
|
|
|
|
8,774
|
|
|
|
8,915
|
|
|
|
8,949
|
|
|
|
9,096
|
|
|
|
|
|
|
|
|
|
Branches
|
|
|
448
|
|
|
|
445
|
|
|
|
454
|
|
|
|
455
|
|
|
|
473
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
|
|
|
41.6
|
%
|
|
|
37.3
|
%
|
|
|
35.6
|
%
|
|
|
41.9
|
%
|
|
|
39.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated efficiency ratio
|
|
|
41.2
|
%
|
|
|
40.0
|
%
|
|
|
35.6
|
%
|
|
|
38.7
|
%
|
|
|
38.9
|
%
|
|
|
|
|
|
|
|
|
In 3Q18, Other Operating Expenses totaled Ps.2.7
billion, with Turnover Tax and Other expenses standing out with 22% (Ps.291 million) and 5% (Ps.36 million) increases respectively.
In 3Q18 Other Operating Expenses increased 16% or Ps.376 million. On a yearly basis Other Operating Expenses increased 59% or Ps.
1.0 billion.
OTHER OPERATING EXPENSES
|
|
MACRO Consolidated
|
|
|
Variation
|
|
MILLION $
|
|
3Q17
|
|
|
4Q17
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
|
QoQ
|
|
|
YoY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover Tax
|
|
|
885.1
|
|
|
|
987.8
|
|
|
|
1,155.9
|
|
|
|
1,309.3
|
|
|
|
1,600.1
|
|
|
|
22
|
%
|
|
|
81
|
%
|
Other provision charges
|
|
|
170.9
|
|
|
|
343.2
|
|
|
|
165.8
|
|
|
|
187.6
|
|
|
|
223.8
|
|
|
|
19
|
%
|
|
|
31
|
%
|
Deposit Guarantee Fund Contributions
|
|
|
54.2
|
|
|
|
59.4
|
|
|
|
64.0
|
|
|
|
68.9
|
|
|
|
81.7
|
|
|
|
19
|
%
|
|
|
51
|
%
|
Donations
|
|
|
24.7
|
|
|
|
25.2
|
|
|
|
22.9
|
|
|
|
24.7
|
|
|
|
20.1
|
|
|
|
-19
|
%
|
|
|
-19
|
%
|
Insurance claims
|
|
|
12.0
|
|
|
|
8.1
|
|
|
|
10.4
|
|
|
|
11.7
|
|
|
|
15.6
|
|
|
|
33
|
%
|
|
|
30
|
%
|
Initial loan recognition
|
|
|
-7.8
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0
|
%
|
|
|
-100
|
%
|
Late charges and charges payable to the Central Bank
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.1
|
|
|
|
100
|
%
|
|
|
100
|
%
|
Others
|
|
|
551.0
|
|
|
|
640.2
|
|
|
|
610.2
|
|
|
|
715.3
|
|
|
|
751.6
|
|
|
|
5
|
%
|
|
|
36
|
%
|
Other Operating Expenses
|
|
|
1,690.1
|
|
|
|
2,063.9
|
|
|
|
2,029.2
|
|
|
|
2,317.5
|
|
|
|
2,693.0
|
|
|
|
16
|
%
|
|
|
59
|
%
|
|
3Q18 Earnings Release
|
In 3Q18, Banco Macro's effective income tax
rate was 30.9%, compared to 28.8% in 2Q18 and 35.6% in 3Q17. The lower effective tax rate is explained by the reduction in statutory
tax rates included in the latest tax reform bill approved by Congress (Law 27.430/2017). As of January 2018 statutory tax rate
is reduced from 35% to 30% and starting from January 2020 statutory tax rate will be further reduced to 25%.
Financial Assets
Private sector financing
The volume of “core” financing
to the private sector (including loans, financial trust and leasing portfolio) totaled Ps.167.9 billion, increasing 11% or Ps.16.7
billion QoQ and 43% or Ps.50.7 billion YoY.
Within commercial loans, growth was driven
by Overdrafts, Others and Documents, which grew 52%, 31% and 14% QoQ, respectively.
The main growth in consumer lending was driven
by mortgage loans and personal loans which grew 9% and 3% QoQ, respectively.
As of 3Q18, Banco Macro´s market share
over private sector loans was 7.5%.
FINANCING TO THE PRIVATE SECTOR
|
|
MACRO Consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q17
|
|
|
4Q17
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
|
QoQ
|
|
|
YoY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overdrafts
|
|
|
12,170.4
|
|
|
|
8,829.3
|
|
|
|
12,015.4
|
|
|
|
10,636.2
|
|
|
|
16,120.9
|
|
|
|
52
|
%
|
|
|
32
|
%
|
Discounted documents
|
|
|
14,452.7
|
|
|
|
17,272.1
|
|
|
|
18,200.5
|
|
|
|
19,462.6
|
|
|
|
22,280.9
|
|
|
|
14
|
%
|
|
|
54
|
%
|
Mortgages loans
|
|
|
6,247.0
|
|
|
|
8,057.5
|
|
|
|
10,226.5
|
|
|
|
11,882.6
|
|
|
|
12,998.5
|
|
|
|
9
|
%
|
|
|
108
|
%
|
Pledged loans
|
|
|
3,551.3
|
|
|
|
4,150.1
|
|
|
|
4,133.0
|
|
|
|
4,406.0
|
|
|
|
5,010.3
|
|
|
|
14
|
%
|
|
|
41
|
%
|
Personal loans
|
|
|
42,361.4
|
|
|
|
47,376.8
|
|
|
|
51,663.4
|
|
|
|
55,195.0
|
|
|
|
56,691.5
|
|
|
|
3
|
%
|
|
|
34
|
%
|
Credit Card loans
|
|
|
21,507.2
|
|
|
|
24,971.9
|
|
|
|
26,350.0
|
|
|
|
28,073.9
|
|
|
|
27,701.4
|
|
|
|
-1
|
%
|
|
|
29
|
%
|
Others
|
|
|
15,356.1
|
|
|
|
16,308.1
|
|
|
|
18,551.6
|
|
|
|
20,144.5
|
|
|
|
26,414.9
|
|
|
|
31
|
%
|
|
|
72
|
%
|
IFRS adjustment
|
|
|
-276.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loan portfolio
|
|
|
115,370.0
|
|
|
|
126,965.8
|
|
|
|
141,140.3
|
|
|
|
149,800.6
|
|
|
|
167,218.4
|
|
|
|
12
|
%
|
|
|
45
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial trusts
|
|
|
1,281.8
|
|
|
|
1,011.8
|
|
|
|
683.4
|
|
|
|
919.4
|
|
|
|
189.1
|
|
|
|
-79
|
%
|
|
|
-85
|
%
|
Leasing
|
|
|
526.3
|
|
|
|
587.5
|
|
|
|
550.5
|
|
|
|
515.8
|
|
|
|
480.4
|
|
|
|
-7
|
%
|
|
|
-9
|
%
|
Total financing to the private sector
|
|
|
117,178.0
|
|
|
|
128,565.1
|
|
|
|
142,374.2
|
|
|
|
151,235.8
|
|
|
|
167,887.9
|
|
|
|
11
|
%
|
|
|
43
|
%
|
Public Sector Assets
In 3Q18, the Bank’s public sector assets
(excluding LEBACs/LELIQs) to total assets ratio was 4.2%, higher than the 3.0% registered in the previous quarter, and than the
3.1% posted in 3Q17.
In 3Q18, a 98% decrease in LEBACs position
and a Ps.34.3 billion increase in LELIQs position securities stand out. Other government securities increased 85% or Ps.5.1 billion
during 3Q18.
|
3Q18 Earnings Release
|
PUBLIC SECTOR ASSETS
|
|
MACRO Consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q17
|
|
|
4Q17
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
|
QoQ
|
|
|
YoY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lebacs
|
|
|
26,461.8
|
|
|
|
35,645.3
|
|
|
|
31,674.0
|
|
|
|
40,000.8
|
|
|
|
650.9
|
|
|
|
-98
|
%
|
|
|
-98
|
%
|
Leliqs
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
1,294.6
|
|
|
|
0.0
|
|
|
|
34,260.2
|
|
|
|
100
|
%
|
|
|
100
|
%
|
Other
|
|
|
4,638.5
|
|
|
|
1,930.0
|
|
|
|
1,786.1
|
|
|
|
6,012.2
|
|
|
|
11,140.6
|
|
|
|
85
|
%
|
|
|
140
|
%
|
Government securities
|
|
|
31,100.3
|
|
|
|
37,575.3
|
|
|
|
34,754.7
|
|
|
|
46,013.0
|
|
|
|
46,051.7
|
|
|
|
0
|
%
|
|
|
48
|
%
|
Provincial loans
|
|
|
1,832.2
|
|
|
|
1,797.3
|
|
|
|
1,826.9
|
|
|
|
1,973.4
|
|
|
|
1,856.0
|
|
|
|
-6
|
%
|
|
|
1
|
%
|
Loans
|
|
|
1,832.2
|
|
|
|
1,797.3
|
|
|
|
1,826.9
|
|
|
|
1,973.4
|
|
|
|
1,856.0
|
|
|
|
-6
|
%
|
|
|
1
|
%
|
Purchase of government bonds
|
|
|
39.5
|
|
|
|
42.1
|
|
|
|
44.5
|
|
|
|
59.7
|
|
|
|
59.7
|
|
|
|
0
|
%
|
|
|
51
|
%
|
Other receivables
|
|
|
39.5
|
|
|
|
42.1
|
|
|
|
44.5
|
|
|
|
59.7
|
|
|
|
59.7
|
|
|
|
0
|
%
|
|
|
51
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL PUBLIC SECTOR ASSETS
|
|
|
32,972.0
|
|
|
|
39,414.7
|
|
|
|
36,626.1
|
|
|
|
48,046.1
|
|
|
|
47,967.4
|
|
|
|
0
|
%
|
|
|
45
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL PUBLIC SECTOR LIABILITIES
|
|
|
10.1
|
|
|
|
4.5
|
|
|
|
1.0
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0
|
%
|
|
|
-99
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net exposure
|
|
|
32,961.9
|
|
|
|
39,410.2
|
|
|
|
36,625.1
|
|
|
|
48,046.0
|
|
|
|
47,967.3
|
|
|
|
0
|
%
|
|
|
46
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)
|
|
|
6,510.2
|
|
|
|
3,769.4
|
|
|
|
3,657.5
|
|
|
|
8,045.3
|
|
|
|
13,056.3
|
|
|
|
62
|
%
|
|
|
101
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS
|
|
|
3.1
|
%
|
|
|
1.7
|
%
|
|
|
1.6
|
%
|
|
|
3.0
|
%
|
|
|
4.2
|
%
|
|
|
|
|
|
|
|
|
Funding
Deposits
Banco Macro’s deposit base totaled Ps.212.6
billion in 3Q18, growing 18% or Ps.33.1 billion QoQ and 56% or Ps.76 billion YoY and representing 82% of the Bank’s total
liabilities.
On a quarterly basis, private sector deposits
grew 20% or Ps.32.4 billion, while public sector deposits increased 3% or Ps.669 billion.
The increase in private sector deposits was
led by time deposits, which grew 23% or Ps.18.2 billion QoQ. In addition, sight deposits increased 18% or Ps.13.2 billion QoQ.
Within private sector deposits, peso deposits
increased 7% or Ps.8 billion, while US dollar deposits increased 9% or USD137 million.
As of 3Q18, Banco Macro´s market share
over private sector deposits was 6.8%.
|
3Q18 Earnings Release
|
DEPOSITS
|
|
MACRO Consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q17
|
|
|
4Q18
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
|
QoQ
|
|
|
YoY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public sector
|
|
|
16,461.9
|
|
|
|
12,890.7
|
|
|
|
13,846.7
|
|
|
|
19,404.9
|
|
|
|
20,073.8
|
|
|
|
3
|
%
|
|
|
22
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial sector
|
|
|
54.6
|
|
|
|
81.4
|
|
|
|
93.2
|
|
|
|
125.4
|
|
|
|
149.9
|
|
|
|
20
|
%
|
|
|
174
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private sector
|
|
|
120,009.6
|
|
|
|
131,157.1
|
|
|
|
135,548.2
|
|
|
|
159,942.9
|
|
|
|
192,344.9
|
|
|
|
20
|
%
|
|
|
60
|
%
|
Checking accounts
|
|
|
20,950.4
|
|
|
|
20,778.6
|
|
|
|
20,381.7
|
|
|
|
21,225.6
|
|
|
|
23,808.2
|
|
|
|
12
|
%
|
|
|
14
|
%
|
Savings accounts
|
|
|
35,039.4
|
|
|
|
44,531.9
|
|
|
|
43,307.7
|
|
|
|
53,507.2
|
|
|
|
64,110.0
|
|
|
|
20
|
%
|
|
|
83
|
%
|
Time deposits
|
|
|
59,147.1
|
|
|
|
61,602.4
|
|
|
|
66,881.0
|
|
|
|
80,250.3
|
|
|
|
98,430.5
|
|
|
|
23
|
%
|
|
|
66
|
%
|
Other
|
|
|
4,872.7
|
|
|
|
4,244.2
|
|
|
|
4,977.8
|
|
|
|
4,959.8
|
|
|
|
5,996.2
|
|
|
|
21
|
%
|
|
|
23
|
%
|
Total
|
|
|
136,526.1
|
|
|
|
144,129.2
|
|
|
|
149,488.1
|
|
|
|
179,473.2
|
|
|
|
212,568.6
|
|
|
|
18
|
%
|
|
|
56
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pesos
|
|
|
106,659.7
|
|
|
|
112,978.6
|
|
|
|
119,483.6
|
|
|
|
131,597.9
|
|
|
|
140,558.2
|
|
|
|
7
|
%
|
|
|
32
|
%
|
Foreign Currency (Pesos)
|
|
|
29,866.4
|
|
|
|
31,150.6
|
|
|
|
30,004.5
|
|
|
|
47,875.3
|
|
|
|
72,010.4
|
|
|
|
50
|
%
|
|
|
141
|
%
|
Foreign Currency (USD)
|
|
|
1,724.6
|
|
|
|
1,659.2
|
|
|
|
1,489.6
|
|
|
|
1,658.8
|
|
|
|
1,760.8
|
|
|
|
6
|
%
|
|
|
2
|
%
|
Banco Macro’s transactional deposits
represent approximately 46% of its total deposit base as of 3Q18. These accounts are low cost and are not sensitive to interest
rate increases.
Other sources of funds
In 3Q18, the total amount of other sources
of funds increased 8% or Ps.5.8 billion compared to 2Q18. In 3Q18 Subordinated corporate bonds stands out with a 44% or Ps.5.2
billion increase as a consequence of the argentine peso depreciation registered during the quarter.
Shareholders’ Equity increased 2% or Ps.817
million during the quarter, given that net income for the period was offset by the share buyback program.
OTHER SOURCES OF FUNDS
|
|
MACRO Consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q17
|
|
|
4Q17
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
|
QoQ
|
|
|
YoY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
|
|
|
9.8
|
|
|
|
11.5
|
|
|
|
13.3
|
|
|
|
16.1
|
|
|
|
22.1
|
|
|
|
37
|
%
|
|
|
126
|
%
|
Banks and international institutions
|
|
|
423.7
|
|
|
|
167.4
|
|
|
|
3.3
|
|
|
|
1,180.1
|
|
|
|
2,389.1
|
|
|
|
102
|
%
|
|
|
464
|
%
|
Financing received from Argentine financial institutions
|
|
|
1,204.4
|
|
|
|
995.2
|
|
|
|
470.4
|
|
|
|
632.8
|
|
|
|
814.8
|
|
|
|
29
|
%
|
|
|
-32
|
%
|
Subordinated corporate bonds
|
|
|
7,088.6
|
|
|
|
7,565.8
|
|
|
|
8,257.8
|
|
|
|
11,646.2
|
|
|
|
16,796.4
|
|
|
|
44
|
%
|
|
|
137
|
%
|
Corporate bonds
|
|
|
4,913.2
|
|
|
|
4,712.2
|
|
|
|
4,913.0
|
|
|
|
8,125.3
|
|
|
|
6,512.6
|
|
|
|
-20
|
%
|
|
|
33
|
%
|
Shareholders´ equity
|
|
|
43,316.8
|
|
|
|
46,535.0
|
|
|
|
50,085.7
|
|
|
|
50,145.9
|
|
|
|
50,962.6
|
|
|
|
2
|
%
|
|
|
18
|
%
|
Total other source of funds
|
|
|
56,956.5
|
|
|
|
59,987.1
|
|
|
|
63,743.5
|
|
|
|
71,746.4
|
|
|
|
77,497.6
|
|
|
|
8
|
%
|
|
|
36
|
%
|
Liquid Assets
In 3Q18, the Bank’s liquid assets amounted
to Ps.110 billion, showing a 17% or Ps.16.1 billion increase QoQ, and a 60% or Ps.41.4 billion increase on a yearly basis.
In 3Q18, Cash increased 37% or Ps.18.6 billion.
Also in the quarter LEBAC/LELIQ own portfolio decreased 8% or Ps.3.1 billion.
In 3Q18 Banco Macro’s liquid assets to
total deposits ratio reached 51.7%.
|
3Q18 Earnings Release
|
LIQUID ASSETS
|
|
MACRO Consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q17
|
|
|
4Q17
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
|
QoQ
|
|
|
YoY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
37,693.3
|
|
|
|
35,561.6
|
|
|
|
29,440.8
|
|
|
|
50,309.6
|
|
|
|
68,919.1
|
|
|
|
37
|
%
|
|
|
83
|
%
|
Guarantees for compensating chambers
|
|
|
3,739.7
|
|
|
|
4,005.7
|
|
|
|
4,141.5
|
|
|
|
4,821.5
|
|
|
|
5,383.6
|
|
|
|
12
|
%
|
|
|
44
|
%
|
Call
|
|
|
410.0
|
|
|
|
146.0
|
|
|
|
1,138.4
|
|
|
|
620.0
|
|
|
|
720.0
|
|
|
|
16
|
%
|
|
|
76
|
%
|
LEBAC own portfolio
|
|
|
26,688.1
|
|
|
|
32,655.9
|
|
|
|
31,674.0
|
|
|
|
38,038.9
|
|
|
|
650.9
|
|
|
|
-98
|
%
|
|
|
-98
|
%
|
Leliq own portfolio
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
1294.6
|
|
|
|
0.0
|
|
|
|
34260.2
|
|
|
|
100
|
%
|
|
|
100
|
%
|
Total
|
|
|
68,531.1
|
|
|
|
72,369.2
|
|
|
|
67,689.3
|
|
|
|
93,790.0
|
|
|
|
109,933.8
|
|
|
|
17
|
%
|
|
|
60
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquid assets to total deposits
|
|
|
50.2
|
%
|
|
|
50.2
|
%
|
|
|
45.3
|
%
|
|
|
52.3
|
%
|
|
|
51.7
|
%
|
|
|
|
|
|
|
|
|
Solvency
Banco Macro continued showing high solvency
levels in 3Q18 with an integrated capital (RPC) of Ps.64 billion over a total capital requirement of Ps.19.8 billion. Banco Macro´s
excess capital in 3Q18 was 222% or Ps.44.1 billion.
The regulatory capital ratio (as a percentage
of risk-weighted assets- RWA) was 26.4% in 3Q18, TIER1 Ratio stands at 18.9%
The decreases in the regulatory capital ratio
(120b.p.) and in the TIER1 ratio (260b.p.) originated from the share buyback program. During 3Q18 the Bank repurchased 21,463,005
class B common shares for a total amount of Ps.3,113,924,418.
The Bank’s aim is to make the best use
of this excess capital.
MINIMUM CAPITAL REQUIREMENT
|
|
MACRO Consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q17
|
|
|
4Q17
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
|
QoQ
|
|
|
YoY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit risk requirement
|
|
|
10,942.8
|
|
|
|
11,023.2
|
|
|
|
12,371.2
|
|
|
|
13,184.6
|
|
|
|
15,338.1
|
|
|
|
16
|
%
|
|
|
40
|
%
|
Market risk requirement
|
|
|
711.8
|
|
|
|
184.4
|
|
|
|
188.4
|
|
|
|
450.5
|
|
|
|
302.8
|
|
|
|
-33
|
%
|
|
|
-57
|
%
|
Operational risk requirement
|
|
|
2,959.5
|
|
|
|
3,219.3
|
|
|
|
3,530.4
|
|
|
|
3,843.2
|
|
|
|
4,198.7
|
|
|
|
9
|
%
|
|
|
42
|
%
|
Total capital requirements
|
|
|
14,614.0
|
|
|
|
14,426.9
|
|
|
|
16,090.1
|
|
|
|
17,478.3
|
|
|
|
19,839.6
|
|
|
|
14
|
%
|
|
|
36
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary Capital Level 1 (COn1)
|
|
|
38,899.1
|
|
|
|
41,709.1
|
|
|
|
46,564.4
|
|
|
|
48,526.5
|
|
|
|
49,096.7
|
|
|
|
1
|
%
|
|
|
26
|
%
|
Deductible concepts Level 1 (COn1)
|
|
|
-928.5
|
|
|
|
-1,022.0
|
|
|
|
-2,476.2
|
|
|
|
-2,646.1
|
|
|
|
-3,185.9
|
|
|
|
20
|
%
|
|
|
243
|
%
|
Aditional Capital Level 1 (CAn1)
|
|
|
16.9
|
|
|
|
18.1
|
|
|
|
20.9
|
|
|
|
21.2
|
|
|
|
0.1
|
|
|
|
-99
|
%
|
|
|
-99
|
%
|
Capital Level 2 (COn2)
|
|
|
8,139.3
|
|
|
|
8,836.5
|
|
|
|
9,530.0
|
|
|
|
13,087.2
|
|
|
|
18,057.9
|
|
|
|
38
|
%
|
|
|
122
|
%
|
Integrated capital - RPC (i)
|
|
|
46,126.8
|
|
|
|
49,541.6
|
|
|
|
53,639.1
|
|
|
|
58,988.8
|
|
|
|
63,968.8
|
|
|
|
8
|
%
|
|
|
39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excess capital
|
|
|
31,512.7
|
|
|
|
35,114.7
|
|
|
|
37,549.0
|
|
|
|
41,510.5
|
|
|
|
44,129.2
|
|
|
|
6
|
%
|
|
|
40
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets - RWA (ii)
|
|
|
178,691.4
|
|
|
|
176,323.3
|
|
|
|
196,622.3
|
|
|
|
213,678.7
|
|
|
|
242,411.1
|
|
|
|
13
|
%
|
|
|
36
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory Capital ratio [(i)/(ii)]
|
|
|
25.8
|
%
|
|
|
28.1
|
%
|
|
|
27.3
|
%
|
|
|
27.6
|
%
|
|
|
26.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio TIER 1 [Capital Level 1/RWA]
|
|
|
21.3
|
%
|
|
|
23.1
|
%
|
|
|
22.4
|
%
|
|
|
21.5
|
%
|
|
|
18.9
|
%
|
|
|
|
|
|
|
|
|
RWA
- (ii): Risk Weighetd Assets, considering total capital requirements.
|
3Q18 Earnings Release
|
Asset Quality
In 3Q18, Banco Macro’s non-performing
to total financing ratio reached a level of 1.63%, up form 1.38% in 2Q18, and 1% posted in 3Q17.
Both Commercial and Consumer portfolio non-performing
loans increased 27bp in 3Q18.
The coverage ratio reached 131.05% in 3Q18.
Write-offs over total loans totaled 0.21%.
The Bank is committed to continue working in
this area to maintain excellent asset quality standards. Banco Macro’s low non-performing to total financing ratio and high
coverage ratio are among the best in the industry.
ASSET QUALITY
|
|
MACRO Consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q17
|
|
|
4Q17
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
|
QoQ
|
|
|
YoY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial portfolio
|
|
|
48,541.0
|
|
|
|
48,851.6
|
|
|
|
56,697.6
|
|
|
|
59,005.7
|
|
|
|
69,497.4
|
|
|
|
18
|
%
|
|
|
43
|
%
|
Non-performing
|
|
|
127.7
|
|
|
|
187.6
|
|
|
|
222.1
|
|
|
|
367.6
|
|
|
|
624.1
|
|
|
|
70
|
%
|
|
|
389
|
%
|
Consumer portfolio
|
|
|
75,910.0
|
|
|
|
87,734.1
|
|
|
|
95,573.9
|
|
|
|
102,220.6
|
|
|
|
110,947.5
|
|
|
|
9
|
%
|
|
|
46
|
%
|
Non-performing
|
|
|
1,121.5
|
|
|
|
1,275.9
|
|
|
|
1,468.7
|
|
|
|
1,857.4
|
|
|
|
2,315.7
|
|
|
|
25
|
%
|
|
|
106
|
%
|
Total portfolio
|
|
|
124,451.0
|
|
|
|
136,585.7
|
|
|
|
152,271.5
|
|
|
|
161,226.3
|
|
|
|
180,444.9
|
|
|
|
12
|
%
|
|
|
45
|
%
|
Non-performing
|
|
|
1,249.2
|
|
|
|
1,463.5
|
|
|
|
1,690.8
|
|
|
|
2,225.0
|
|
|
|
2,939.8
|
|
|
|
32
|
%
|
|
|
135
|
%
|
Total non-performing/ Total portfolio
|
|
|
1.00
|
%
|
|
|
1.07
|
%
|
|
|
1.11
|
%
|
|
|
1.38
|
%
|
|
|
1.63
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowances
|
|
|
2,489.0
|
|
|
|
2,666.7
|
|
|
|
3,015.5
|
|
|
|
3,321.9
|
|
|
|
3,852.7
|
|
|
|
16
|
%
|
|
|
55
|
%
|
Coverage ratio w/allowances
|
|
|
199.25
|
%
|
|
|
182.21
|
%
|
|
|
178.35
|
%
|
|
|
149.30
|
%
|
|
|
131.05
|
%
|
|
|
|
|
|
|
|
|
Write Offs
|
|
|
225.0
|
|
|
|
285.1
|
|
|
|
239.7
|
|
|
|
385.9
|
|
|
|
383.3
|
|
|
|
-1
|
%
|
|
|
70
|
%
|
Write Offs/ Total portfolio
|
|
|
0.16
|
%
|
|
|
0.19
|
%
|
|
|
0.16
|
%
|
|
|
0.24
|
%
|
|
|
0.21
|
%
|
|
|
|
|
|
|
|
|
|
3Q18 Earnings Release
|
CER Exposure
and Foreign Currency Position
CER EXPOSURE
|
|
MACRO Consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q17
|
|
|
4Q17
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
|
QoQ
|
|
|
YoY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CER adjustable ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private sector loans
(*)
|
|
|
3,442.7
|
|
|
|
3,582.2
|
|
|
|
10,661.6
|
|
|
|
12,845.4
|
|
|
|
12,758.8
|
|
|
|
-1
|
%
|
|
|
271
|
%
|
Other loans
|
|
|
0.3
|
|
|
|
10.5
|
|
|
|
0.4
|
|
|
|
0.5
|
|
|
|
0.8
|
|
|
|
60
|
%
|
|
|
167
|
%
|
Total CER adjustable assets
|
|
|
3,443.0
|
|
|
|
3,592.7
|
|
|
|
10,662.0
|
|
|
|
12,845.9
|
|
|
|
12,759.6
|
|
|
|
-1
|
%
|
|
|
271
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CER adjustable LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
(*)
|
|
|
98.1
|
|
|
|
86.7
|
|
|
|
536.0
|
|
|
|
737.3
|
|
|
|
834.6
|
|
|
|
13
|
%
|
|
|
751
|
%
|
Other liabilities from financial intermediation
|
|
|
8.7
|
|
|
|
3.9
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0
|
%
|
|
|
-100
|
%
|
Total CER adjustable liabilities
|
|
|
106.8
|
|
|
|
90.6
|
|
|
|
536.0
|
|
|
|
737.3
|
|
|
|
834.6
|
|
|
|
13
|
%
|
|
|
681
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET CER EXPOSURE
|
|
|
3,336.2
|
|
|
|
3,502.1
|
|
|
|
10,126.0
|
|
|
|
12,108.6
|
|
|
|
11,925.0
|
|
|
|
-2
|
%
|
|
|
257
|
%
|
(*) Includes Loans &Time Deposits CER adjustable (UVAs)
FOREIGN CURRENCY POSITION
|
|
MACRO
Consolidated
|
|
|
Variation
|
|
In MILLION $
|
|
3Q17
|
|
|
4Q17
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
|
QoQ
|
|
|
YoY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits in Banks
|
|
|
25,191.5
|
|
|
|
21,049.4
|
|
|
|
13,224.8
|
|
|
|
27,819.2
|
|
|
|
38,954.1
|
|
|
|
40
|
%
|
|
|
55
|
%
|
Cash
|
|
|
1,099.8
|
|
|
|
1,602.8
|
|
|
|
1,409.7
|
|
|
|
1,802.9
|
|
|
|
3,351.4
|
|
|
|
86
|
%
|
|
|
205
|
%
|
Central Bank of Argentina
|
|
|
13,071.0
|
|
|
|
14,366.4
|
|
|
|
9,670.9
|
|
|
|
20,866.1
|
|
|
|
25,970.3
|
|
|
|
24
|
%
|
|
|
99
|
%
|
Other financial institutions local and abroad
|
|
|
11,019.6
|
|
|
|
3,765.0
|
|
|
|
1,929.3
|
|
|
|
5,109.9
|
|
|
|
9,353.5
|
|
|
|
83
|
%
|
|
|
-15
|
%
|
Others
|
|
|
1.1
|
|
|
|
1,315.2
|
|
|
|
214.9
|
|
|
|
40.3
|
|
|
|
278.9
|
|
|
|
592
|
%
|
|
|
25255
|
%
|
Net Income from financial instruments at fair value through P&L
|
|
|
45.8
|
|
|
|
50.9
|
|
|
|
112.1
|
|
|
|
230.8
|
|
|
|
250.4
|
|
|
|
8
|
%
|
|
|
447
|
%
|
Derivatives
|
|
|
0.0
|
|
|
|
0.6
|
|
|
|
0.0
|
|
|
|
0.7
|
|
|
|
0.0
|
|
|
|
-100
|
%
|
|
|
0
|
%
|
Other financial assets
|
|
|
677.7
|
|
|
|
875.4
|
|
|
|
1,220.3
|
|
|
|
1,233.8
|
|
|
|
1,697.1
|
|
|
|
38
|
%
|
|
|
150
|
%
|
Loans and other financing
|
|
|
18,928.8
|
|
|
|
18,771.0
|
|
|
|
22,541.5
|
|
|
|
27,830.1
|
|
|
|
45,775.0
|
|
|
|
64
|
%
|
|
|
142
|
%
|
Non financial public sector
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.1
|
|
|
|
100
|
%
|
|
|
100
|
%
|
Other financial institutions
|
|
|
178.9
|
|
|
|
175.1
|
|
|
|
500.4
|
|
|
|
254.7
|
|
|
|
567.0
|
|
|
|
123
|
%
|
|
|
217
|
%
|
Non financial private sector & foreign residents
|
|
|
18,749.9
|
|
|
|
18,595.9
|
|
|
|
22,041.1
|
|
|
|
27,575.4
|
|
|
|
45,207.9
|
|
|
|
64
|
%
|
|
|
141
|
%
|
Other debt securities
|
|
|
2,014.0
|
|
|
|
1,092.9
|
|
|
|
1,095.1
|
|
|
|
1,306.6
|
|
|
|
3,105.3
|
|
|
|
138
|
%
|
|
|
54
|
%
|
Guarantess received
|
|
|
216.6
|
|
|
|
247.0
|
|
|
|
263.8
|
|
|
|
581.9
|
|
|
|
988.1
|
|
|
|
70
|
%
|
|
|
356
|
%
|
Investment in equity instruments
|
|
|
4.2
|
|
|
|
4.0
|
|
|
|
4.5
|
|
|
|
5.9
|
|
|
|
7.3
|
|
|
|
24
|
%
|
|
|
74
|
%
|
Investment in associates and joint ventures
|
|
|
0.1
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0
|
%
|
|
|
-100
|
%
|
Total Assets
|
|
|
47,078.7
|
|
|
|
42,091.2
|
|
|
|
38,462.1
|
|
|
|
59,009.0
|
|
|
|
90,777.3
|
|
|
|
54
|
%
|
|
|
93
|
%
|
Deposits
|
|
|
29,868.4
|
|
|
|
31,150.6
|
|
|
|
30,004.5
|
|
|
|
47,875.3
|
|
|
|
72,010.4
|
|
|
|
50
|
%
|
|
|
141
|
%
|
Non financial public sector
|
|
|
3,817.1
|
|
|
|
3,927.0
|
|
|
|
1,409.9
|
|
|
|
2,676.0
|
|
|
|
2,347.6
|
|
|
|
-12
|
%
|
|
|
-38
|
%
|
Financial sector
|
|
|
34.4
|
|
|
|
45.9
|
|
|
|
54.0
|
|
|
|
77.4
|
|
|
|
113.8
|
|
|
|
47
|
%
|
|
|
231
|
%
|
Non financial private sector & foreign residents
|
|
|
26,016.9
|
|
|
|
27,177.7
|
|
|
|
28,540.6
|
|
|
|
45,121.9
|
|
|
|
69,549.0
|
|
|
|
54
|
%
|
|
|
167
|
%
|
Derivatives
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.6
|
|
|
|
100
|
%
|
|
|
100
|
%
|
Other liabilities from financial intermediation
|
|
|
1,503.9
|
|
|
|
1,382.7
|
|
|
|
1,475.7
|
|
|
|
2,406.0
|
|
|
|
3,516.4
|
|
|
|
46
|
%
|
|
|
134
|
%
|
Non-subordinated corporate bonds
|
|
|
1,551.9
|
|
|
|
887.3
|
|
|
|
265.2
|
|
|
|
1,180.1
|
|
|
|
2,405.0
|
|
|
|
104
|
%
|
|
|
55
|
%
|
Subordinated corporate bonds
|
|
|
7,090.7
|
|
|
|
7,589.9
|
|
|
|
8,279.4
|
|
|
|
11,646.2
|
|
|
|
16,796.4
|
|
|
|
44
|
%
|
|
|
137
|
%
|
Other liabilities
|
|
|
5.3
|
|
|
|
49.1
|
|
|
|
16.3
|
|
|
|
24.9
|
|
|
|
40.3
|
|
|
|
62
|
%
|
|
|
660
|
%
|
Total Liabilities
|
|
|
39,991.8
|
|
|
|
41,035.5
|
|
|
|
40,019.5
|
|
|
|
63,132.5
|
|
|
|
94,769.1
|
|
|
|
50
|
%
|
|
|
137
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET FX POSITION (Pesos)
|
|
|
7,086.9
|
|
|
|
1,055.7
|
|
|
|
-1,557.4
|
|
|
|
-4,123.5
|
|
|
|
-3,991.8
|
|
|
|
-3
|
%
|
|
|
-156
|
%
|
NET FX POSITION (USD)
|
|
|
409.2
|
|
|
|
56.2
|
|
|
|
-77.3
|
|
|
|
-142.9
|
|
|
|
-97.6
|
|
|
|
-32
|
%
|
|
|
-124
|
%
|
|
3Q18 Earnings Release
|
Relevant
and Recent Events
|
·
|
Interest Payment Class C Peso denominated
Notes.
In October 2018, the Bank paid quarterly interest on Class C peso denominated notes in the amount of Ps.325,508,523.97
|
|
·
|
Interest Payment Class A subordinated
Notes.
In November 2018, the Bank paid semiannual interest on Class A subordinated notes in the amount of USD 13,500,000
|
|
·
|
Interest Payment Class B peso denominated
notes.
In November 2018, the Bank paid semiannual interest on Class B peso denominated notes in the amount of Ps.296,717,050
|
|
·
|
Cancellation of Class B peso denominated
notes.
In October 2018, the Board of Directors of the Bank decided to cancel Class B, 17.5%, with final maturity in 2022 peso
denominated notes for an aggregate principal amount of Ps.1,229,518.000
|
|
·
|
Share Repurchase Program.
On August
8th, 2018 the Board of Directors of the Bank established the terms and conditions for the repurchase of shares issued by the Bank.
On August 30th, 2018 this decision was further extended until September 25th, 2018. The maximum amount of the investment that was
approved at the time was up to Ps.5,000,000,000 and the maximum amount of shares to be acquired was set at 33,483,151 shares (equivalent
to 5% of the Bank’s capital stock). During the last buyback 21,463,005 shares were repurchased for a total amount of Ps.3,113,924,418
with a pending use of funds of Ps.1,886,075,582. On October 17, 2018 in accordance with Article 64 of Law No. 26,831 and the Rules
of the CNV the Board of Directors decided to resume the repurchase of shares and established the following terms and conditions
for the acquisition of shares issued by the Bank:
|
|
1.
|
Maximum amount of the investment: Up to Ps$. 1,886,075,582
|
|
2.
|
Maximum number of shares to be acquired: 12,020,146 shares
|
|
3.
|
Maximum payable price: Up to Ps$. 158.00 per share.
|
|
4.
|
Term for the acquisition: Until November 2nd, 2018.
|
As of November
2, 2018 6,774,019 shares had been repurchased (bringing the total amount of shares repurchased to 28,237,024) for a total of Ps.995,785,668.1
(Ps.4,109,710,086.1)
|
·
|
Extension of the Agreement with the
Province of Misiones.
In October the Bank was notified of the extension of the term of the Agreement with the Province of Misiones
by which the Bank serves as financial agent to the Province. In this regard, the Agreement has been extended for a period of ten
years starting on January 1st, 2020, consequently, expiring on December 31st, 2029.
|
Regulatory Changes
|
·
|
Reserve Requirements.
On August
30
th
, 2018, through Communication “A” 6552 the Central Bank of Argentina (BCRA) increased reserve requirements
by 500bp. for sight and time deposits. This increase in reserve requirements can be integrated with Pesos or Leliq/Nobac.
|
|
·
|
Reserve Requirements.
On September
14
th
, 2018, through Communication “A” 6559 the Central Central Bank of Argentina (BCRA) increased reserve
requirements by 500bp. for sight and time deposits. This increase in reserve requirements can be integrated with Pesos or Leliq/Nobac.
|
|
·
|
Reserve Requirements.
On September
28
th
, 2018, through Communication “A” 6575 the Central Central Bank of Argentina (BCRA) increased reserve
requirements by 300bp. for sight and time deposits. This increase in reserve requirements can be integrated with Pesos or Leliq/Nobac
|
|
·
|
Reserve Requirements.
On November
8th, 2018 the Central Bank of Argentina, through communication “A” 6595 established reserve requirements for foreign
capital inflows, in attempt to discourage the inflow of short term speculative funds. Reserve requirements stand at 23% for funds
that will stay in the country up to 29 days; 17% for funds that will stay up to 59 days; 11% for funds that will stay at least
90 days, and 0% for funds that stay over a year.
|
|
3Q18 Earnings Release
|
RESERVE REQUIREMENTS
|
|
Total
Res. Req.
|
|
|
Non
Remunerated Res. Req.
|
|
|
Remunerated
Res. Req.
|
|
|
|
Trans.
Deposits
|
|
|
Time
Deposits
|
|
|
Trans.
Deposits
|
|
|
Time
Deposits
|
|
|
Trans.
Deposits
|
|
|
Time
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
17.0
|
%
|
|
|
13.0
|
%
|
|
|
17.0
|
%
|
|
|
13.0
|
%
|
|
|
0.0
|
%
|
|
|
0.0
|
%
|
August 2017
|
|
|
20.0
|
%
|
|
|
14.0
|
%
|
|
|
20.0
|
%
|
|
|
14.0
|
%
|
|
|
0.0
|
%
|
|
|
0.0
|
%
|
18 June 2018
|
|
|
23.0
|
%
|
|
|
17.0
|
%
|
|
|
20.0
|
%
|
|
|
14.0
|
%
|
|
|
3.0
|
%
|
|
|
3.0
|
%
|
02 July 2018
|
|
|
26.0
|
%
|
|
|
20.0
|
%
|
|
|
23.0
|
%
|
|
|
17.0
|
%
|
|
|
3.0
|
%
|
|
|
3.0
|
%
|
18 July 2018
|
|
|
28.0
|
%
|
|
|
22.0
|
%
|
|
|
23.0
|
%
|
|
|
17.0
|
%
|
|
|
5.0
|
%
|
|
|
5.0
|
%
|
16 August 2018
|
|
|
31.0
|
%
|
|
|
25.0
|
%
|
|
|
26.0
|
%
|
|
|
20.0
|
%
|
|
|
5.0
|
%
|
|
|
5.0
|
%
|
01 September 2018
|
|
|
36.0
|
%
|
|
|
30.0
|
%
|
|
|
26.0
|
%
|
|
|
20.0
|
%
|
|
|
10.0
|
%
|
|
|
10.0
|
%
|
19 September 2018
|
|
|
41.0
|
%
|
|
|
35.0
|
%
|
|
|
31.0
|
%
|
|
|
20.0
|
%
|
|
|
10.0
|
%
|
|
|
15.0
|
%
|
28 September 2018
|
|
|
44.0
|
%
|
|
|
38.0
|
%
|
|
|
31.0
|
%
|
|
|
20.0
|
%
|
|
|
13.0
|
%
|
|
|
18.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in Reserve Requirements
|
|
|
24.0
|
%
|
|
|
24.0
|
%
|
|
|
11.0
|
%
|
|
|
6.0
|
%
|
|
|
13.0
|
%
|
|
|
18.0
|
%
|
|
·
|
Inflation Adjustment.
As of September
30, 2018, rules and regulations from the Central Bank of Argentina and C.N.V. (National Securities Commission) prevent the application
of the inflation adjustment, in accordance with the provisions of Decree N°664/03 of the Executive Branch. Therefore, the criteria
for restating the financial information established in IAS 29 has not been used. IAS 29 refers to the recognition of the effects
of inflation on the entity's equity and results, expressing them in constant currency as of the date of the financial reports,
and as a consequence they would differ significantly from the figures currently reported.
|
|
3Q18 Earnings Release
|
QUARTERLY BALANCE SHEET
|
|
MACRO
Consolidated
|
|
|
Variation
|
|
IN MILLIONS $
|
|
3Q17
|
|
|
4Q17
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
|
QoQ
|
|
|
YoY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits in Banks
|
|
|
37,693.3
|
|
|
|
35,561.6
|
|
|
|
29,440.8
|
|
|
|
50,309.6
|
|
|
|
68,919.1
|
|
|
|
37
|
%
|
|
|
83
|
%
|
Cash
|
|
|
5,735.3
|
|
|
|
6,761.4
|
|
|
|
7,386.0
|
|
|
|
6,588.0
|
|
|
|
8,827.6
|
|
|
|
34
|
%
|
|
|
54
|
%
|
Central Bank of Argentina
|
|
|
20,909.2
|
|
|
|
23,703.5
|
|
|
|
19,891.7
|
|
|
|
38,529.5
|
|
|
|
50,419.0
|
|
|
|
31
|
%
|
|
|
141
|
%
|
Other locan & foreign entities
|
|
|
11,047.7
|
|
|
|
3,781.5
|
|
|
|
1,948.2
|
|
|
|
5,151.8
|
|
|
|
9,393.7
|
|
|
|
82
|
%
|
|
|
-15
|
%
|
Other
|
|
|
1.1
|
|
|
|
1,315.2
|
|
|
|
214.9
|
|
|
|
40.3
|
|
|
|
279.0
|
|
|
|
592
|
%
|
|
|
25264
|
%
|
Debt securities at fair value through profit & loss
|
|
|
805.0
|
|
|
|
1,086.0
|
|
|
|
605.2
|
|
|
|
1,339.7
|
|
|
|
1,759.5
|
|
|
|
31
|
%
|
|
|
119
|
%
|
Derivatives
|
|
|
4.9
|
|
|
|
8.2
|
|
|
|
4.6
|
|
|
|
43.0
|
|
|
|
71.4
|
|
|
|
66
|
%
|
|
|
1350
|
%
|
Repo Transactions
|
|
|
956.8
|
|
|
|
1,419.8
|
|
|
|
587.3
|
|
|
|
156.2
|
|
|
|
0.0
|
|
|
|
-100
|
%
|
|
|
-100
|
%
|
Other financial assets
|
|
|
2,740.0
|
|
|
|
2,272.7
|
|
|
|
3,055.0
|
|
|
|
2,515.4
|
|
|
|
3,308.6
|
|
|
|
32
|
%
|
|
|
21
|
%
|
Loans & other recievables
|
|
|
120,336.3
|
|
|
|
132,658.7
|
|
|
|
147,618.8
|
|
|
|
155,620.5
|
|
|
|
174,288.3
|
|
|
|
12
|
%
|
|
|
45
|
%
|
Non Financial Public Sector
|
|
|
1,890.3
|
|
|
|
1,865.9
|
|
|
|
1,886.0
|
|
|
|
2,040.8
|
|
|
|
1,942.5
|
|
|
|
-5
|
%
|
|
|
3
|
%
|
Financial Sector
|
|
|
2,999.9
|
|
|
|
3,239.5
|
|
|
|
4,042.0
|
|
|
|
3,263.3
|
|
|
|
4,647.1
|
|
|
|
42
|
%
|
|
|
55
|
%
|
Non Financial private sector and foreign
|
|
|
115,446.0
|
|
|
|
127,553.3
|
|
|
|
141,690.8
|
|
|
|
150,316.4
|
|
|
|
167,698.9
|
|
|
|
12
|
%
|
|
|
45
|
%
|
Other debt securities
|
|
|
31,889.0
|
|
|
|
34,703.8
|
|
|
|
34,745.7
|
|
|
|
43,162.6
|
|
|
|
44,976.1
|
|
|
|
4
|
%
|
|
|
41
|
%
|
Financial assets in guarantee
|
|
|
4,347.2
|
|
|
|
7,638.4
|
|
|
|
4,729.2
|
|
|
|
7,477.1
|
|
|
|
6,241.2
|
|
|
|
-17
|
%
|
|
|
44
|
%
|
Investments in equity instruments
|
|
|
177.3
|
|
|
|
282.7
|
|
|
|
110.2
|
|
|
|
50.0
|
|
|
|
51.9
|
|
|
|
4
|
%
|
|
|
-71
|
%
|
Investments in other companies (subsidiaries and joint ventures)
|
|
|
106.2
|
|
|
|
218.9
|
|
|
|
288.0
|
|
|
|
97.8
|
|
|
|
85.4
|
|
|
|
-13
|
%
|
|
|
-20
|
%
|
Property, plant and equipment
|
|
|
6,810.6
|
|
|
|
7,092.0
|
|
|
|
7,233.7
|
|
|
|
7,591.2
|
|
|
|
7,897.6
|
|
|
|
4
|
%
|
|
|
16
|
%
|
Intangible assets
|
|
|
779.0
|
|
|
|
828.0
|
|
|
|
947.3
|
|
|
|
993.8
|
|
|
|
1,147.4
|
|
|
|
15
|
%
|
|
|
47
|
%
|
Deferred income tax assets
|
|
|
31.3
|
|
|
|
27.8
|
|
|
|
33.4
|
|
|
|
46.8
|
|
|
|
56.8
|
|
|
|
21
|
%
|
|
|
81
|
%
|
Other non financial assets
|
|
|
2,261.4
|
|
|
|
2,339.9
|
|
|
|
2,157.6
|
|
|
|
2,204.8
|
|
|
|
2,215.8
|
|
|
|
0
|
%
|
|
|
-2
|
%
|
Non-current assets held for sale
|
|
|
204.7
|
|
|
|
199.9
|
|
|
|
109.4
|
|
|
|
126.6
|
|
|
|
126.5
|
|
|
|
0
|
%
|
|
|
-38
|
%
|
TOTAL ASSETS
|
|
|
209,143.1
|
|
|
|
226,339.1
|
|
|
|
231,666.2
|
|
|
|
271,735.1
|
|
|
|
311,146.0
|
|
|
|
15
|
%
|
|
|
49
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
136,526.1
|
|
|
|
144,129.2
|
|
|
|
149,488.1
|
|
|
|
179,473.2
|
|
|
|
212,568.6
|
|
|
|
18
|
%
|
|
|
56
|
%
|
Non Financial Public Sector
|
|
|
16,461.9
|
|
|
|
12,890.7
|
|
|
|
13,846.7
|
|
|
|
19,404.9
|
|
|
|
20,073.8
|
|
|
|
3
|
%
|
|
|
22
|
%
|
Financial Sector
|
|
|
54.6
|
|
|
|
81.4
|
|
|
|
93.2
|
|
|
|
125.4
|
|
|
|
149.9
|
|
|
|
20
|
%
|
|
|
174
|
%
|
Non Financial private sector and foreign
|
|
|
120,009.6
|
|
|
|
131,157.1
|
|
|
|
135,548.2
|
|
|
|
159,942.9
|
|
|
|
192,344.9
|
|
|
|
20
|
%
|
|
|
60
|
%
|
Liabilities at fair value through profit & loss
|
|
|
-
|
|
|
|
6.5
|
|
|
|
12.8
|
|
|
|
0.0
|
|
|
|
0.2
|
|
|
|
100
|
%
|
|
|
100
|
%
|
Derivatives
|
|
|
1.0
|
|
|
|
23.1
|
|
|
|
13.7
|
|
|
|
34.2
|
|
|
|
211.7
|
|
|
|
519
|
%
|
|
|
21070
|
%
|
Repo Transactions
|
|
|
295.2
|
|
|
|
2,688.1
|
|
|
|
9.2
|
|
|
|
1,829.2
|
|
|
|
0.0
|
|
|
|
-100
|
%
|
|
|
-100
|
%
|
Other financial liabilities
|
|
|
7,668.4
|
|
|
|
10,561.2
|
|
|
|
9,093.9
|
|
|
|
11,195.1
|
|
|
|
12,794.7
|
|
|
|
14
|
%
|
|
|
67
|
%
|
Financig received from Central Bank and Other Financial Institutions
|
|
|
1,637.9
|
|
|
|
1,174.1
|
|
|
|
487.0
|
|
|
|
1,829.0
|
|
|
|
3,245.5
|
|
|
|
77
|
%
|
|
|
98
|
%
|
Issued Corporate Bonds
|
|
|
4,939.5
|
|
|
|
4,712.2
|
|
|
|
4,913.0
|
|
|
|
8,125.3
|
|
|
|
6,512.6
|
|
|
|
-20
|
%
|
|
|
32
|
%
|
Current income tax liabilities
|
|
|
2,433.5
|
|
|
|
3,975.3
|
|
|
|
4,072.1
|
|
|
|
1,781.1
|
|
|
|
2,109.0
|
|
|
|
18
|
%
|
|
|
-13
|
%
|
Subordinated corporate bonds
|
|
|
7,062.3
|
|
|
|
7,565.8
|
|
|
|
8,257.8
|
|
|
|
11,646.2
|
|
|
|
16,796.4
|
|
|
|
44
|
%
|
|
|
138
|
%
|
Provisions
|
|
|
477.5
|
|
|
|
694.9
|
|
|
|
734.6
|
|
|
|
784.6
|
|
|
|
798.4
|
|
|
|
2
|
%
|
|
|
67
|
%
|
Deferred income tax liabilities
|
|
|
974.6
|
|
|
|
496.8
|
|
|
|
357.9
|
|
|
|
211.1
|
|
|
|
131.6
|
|
|
|
-38
|
%
|
|
|
-86
|
%
|
Other non financial liabilities
|
|
|
3,638.3
|
|
|
|
3,576.0
|
|
|
|
3,917.2
|
|
|
|
4,436.0
|
|
|
|
5,012.2
|
|
|
|
13
|
%
|
|
|
38
|
%
|
TOTAL LIABILITIES
|
|
|
165,654.4
|
|
|
|
179,603.2
|
|
|
|
181,357.3
|
|
|
|
221,345.0
|
|
|
|
260,180.9
|
|
|
|
18
|
%
|
|
|
57
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Stock
|
|
|
669.7
|
|
|
|
669.7
|
|
|
|
669.7
|
|
|
|
669.7
|
|
|
|
669.7
|
|
|
|
0
|
%
|
|
|
0
|
%
|
Issued Shares premium
|
|
|
12,426.8
|
|
|
|
12,428.5
|
|
|
|
12,428.5
|
|
|
|
12,428.5
|
|
|
|
12,428.5
|
|
|
|
0
|
%
|
|
|
0
|
%
|
Adjustment to Shareholders' Equity
|
|
|
4.5
|
|
|
|
4.5
|
|
|
|
4.5
|
|
|
|
4.5
|
|
|
|
4.5
|
|
|
|
0
|
%
|
|
|
0
|
%
|
Reserves
|
|
|
20,363.4
|
|
|
|
20,363.4
|
|
|
|
20,363.4
|
|
|
|
26,403.8
|
|
|
|
23,289.9
|
|
|
|
-12
|
%
|
|
|
14
|
%
|
Retained earnings
|
|
|
2,799.1
|
|
|
|
2,799.1
|
|
|
|
12,864.4
|
|
|
|
3,475.7
|
|
|
|
3,264.7
|
|
|
|
-6
|
%
|
|
|
17
|
%
|
Other accumulated comprehensive income
|
|
|
89.3
|
|
|
|
204.6
|
|
|
|
213.0
|
|
|
|
505.9
|
|
|
|
819.3
|
|
|
|
62
|
%
|
|
|
818
|
%
|
Net income for the period / fiscal year
|
|
|
6,964.0
|
|
|
|
10,065.4
|
|
|
|
3,542.2
|
|
|
|
6,657.8
|
|
|
|
10,486.0
|
|
|
|
57
|
%
|
|
|
51
|
%
|
Shareholders' Equity attributable to parent company
|
|
|
43,316.8
|
|
|
|
46,535.0
|
|
|
|
50,085.7
|
|
|
|
50,145.9
|
|
|
|
50,962.6
|
|
|
|
2
|
%
|
|
|
18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity attributable to non controlling
interest
|
|
|
171.9
|
|
|
|
200.9
|
|
|
|
223.2
|
|
|
|
244.2
|
|
|
|
2.5
|
|
|
|
-99
|
%
|
|
|
-99
|
%
|
TOTAL SHAREHOLDERS' EQUITY
|
|
|
43,488.7
|
|
|
|
46,735.9
|
|
|
|
50,308.9
|
|
|
|
50,390.1
|
|
|
|
50,965.1
|
|
|
|
1
|
%
|
|
|
17
|
%
|
|
3Q18 Earnings Release
|
INCOME STATEMENT
|
|
MACRO
Consolidated
|
|
|
Variation
|
|
IN MILLION $
|
|
3Q17
|
|
|
4Q17
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
|
QoQ
|
|
|
YoY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income
|
|
|
8,869.5
|
|
|
|
10,441.2
|
|
|
|
11,336.8
|
|
|
|
13,616.8
|
|
|
|
16,809.1
|
|
|
|
23
|
%
|
|
|
90
|
%
|
Interest Expense
|
|
|
2,783.6
|
|
|
|
3,036.0
|
|
|
|
3,395.7
|
|
|
|
4,524.0
|
|
|
|
6,486.3
|
|
|
|
43
|
%
|
|
|
133
|
%
|
Net Interest Income
|
|
|
6,085.9
|
|
|
|
7,405.2
|
|
|
|
7,941.1
|
|
|
|
9,092.8
|
|
|
|
10,322.8
|
|
|
|
14
|
%
|
|
|
70
|
%
|
Fee income
|
|
|
1,755.4
|
|
|
|
1,598.9
|
|
|
|
1,835.5
|
|
|
|
2,116.2
|
|
|
|
2,229.1
|
|
|
|
5
|
%
|
|
|
27
|
%
|
Fee expense
|
|
|
178.7
|
|
|
|
184.2
|
|
|
|
184.9
|
|
|
|
209.6
|
|
|
|
144.1
|
|
|
|
-31
|
%
|
|
|
-19
|
%
|
Net Fee Income
|
|
|
1,576.7
|
|
|
|
1,414.7
|
|
|
|
1,650.6
|
|
|
|
1,906.6
|
|
|
|
2,085.0
|
|
|
|
9
|
%
|
|
|
32
|
%
|
Subtotal (Net Interest Income + Net Fee Income)
|
|
|
7,662.6
|
|
|
|
8,820.0
|
|
|
|
9,591.7
|
|
|
|
10,999.4
|
|
|
|
12,407.8
|
|
|
|
13
|
%
|
|
|
62
|
%
|
Net Income from financial instruments at Fair Value Through Profit
& Loss
|
|
|
211.1
|
|
|
|
199.1
|
|
|
|
249.2
|
|
|
|
-46.3
|
|
|
|
498.9
|
|
|
|
1178
|
%
|
|
|
136
|
%
|
Result from assets at amortised cost
|
|
|
18.4
|
|
|
|
-26.1
|
|
|
|
-2.9
|
|
|
|
-
|
|
|
|
-3.0
|
|
|
|
-100
|
%
|
|
|
-116
|
%
|
Difference in quoted prices of gold and foreign currency
|
|
|
578.0
|
|
|
|
255.0
|
|
|
|
150.6
|
|
|
|
-1,012.3
|
|
|
|
-1,244.4
|
|
|
|
23
|
%
|
|
|
-315
|
%
|
Other operating income
|
|
|
1,050.8
|
|
|
|
1,177.1
|
|
|
|
1,304.0
|
|
|
|
1,375.7
|
|
|
|
1,985.7
|
|
|
|
44
|
%
|
|
|
89
|
%
|
Provision for loan losses
|
|
|
343.1
|
|
|
|
421.8
|
|
|
|
566.8
|
|
|
|
571.3
|
|
|
|
732.3
|
|
|
|
28
|
%
|
|
|
113
|
%
|
Net Operating Income
|
|
|
9,177.9
|
|
|
|
10,003.3
|
|
|
|
10,725.8
|
|
|
|
10,745.2
|
|
|
|
12,912.7
|
|
|
|
20
|
%
|
|
|
41
|
%
|
Personnel expenses
|
|
|
1,928.3
|
|
|
|
2,185.4
|
|
|
|
2,017.7
|
|
|
|
2,443.1
|
|
|
|
2,719.8
|
|
|
|
11
|
%
|
|
|
41
|
%
|
Administrative expenses
|
|
|
1,186.6
|
|
|
|
1,394.2
|
|
|
|
1,402.0
|
|
|
|
1,549.5
|
|
|
|
1,775.8
|
|
|
|
15
|
%
|
|
|
50
|
%
|
Depreciation and impairment of assets
|
|
|
145.0
|
|
|
|
179.5
|
|
|
|
162.9
|
|
|
|
172.6
|
|
|
|
186.5
|
|
|
|
8
|
%
|
|
|
29
|
%
|
Other operating expense
|
|
|
1,690.1
|
|
|
|
2,097.4
|
|
|
|
2,029.2
|
|
|
|
2,317.6
|
|
|
|
2,693.0
|
|
|
|
16
|
%
|
|
|
63
|
%
|
Operating Income
|
|
|
4,227.8
|
|
|
|
4,146.8
|
|
|
|
5,114.0
|
|
|
|
4,262.4
|
|
|
|
5,537.6
|
|
|
|
30
|
%
|
|
|
31
|
%
|
Income from associates and joint ventures
|
|
|
45.9
|
|
|
|
108.3
|
|
|
|
75.4
|
|
|
|
145.1
|
|
|
|
12.4
|
|
|
|
-91
|
%
|
|
|
-73
|
%
|
Net Income before income tax on continuing operations
|
|
|
4,273.7
|
|
|
|
4,255.1
|
|
|
|
5,189.4
|
|
|
|
4,407.5
|
|
|
|
5,550.0
|
|
|
|
26
|
%
|
|
|
30
|
%
|
Income tax on continuing operations
|
|
|
1,519.7
|
|
|
|
1,123.2
|
|
|
|
1,624.9
|
|
|
|
1,270.7
|
|
|
|
1,717.7
|
|
|
|
35
|
%
|
|
|
13
|
%
|
Net Income from continuing operations
|
|
|
2,754.0
|
|
|
|
3,131.9
|
|
|
|
3,564.5
|
|
|
|
3,136.8
|
|
|
|
3,832.3
|
|
|
|
22
|
%
|
|
|
39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income for the period
|
|
|
2,754.0
|
|
|
|
3,131.9
|
|
|
|
3,564.5
|
|
|
|
3,136.8
|
|
|
|
3,832.3
|
|
|
|
22
|
%
|
|
|
39
|
%
|
Net Income of the period attributable to parent company
|
|
|
2,733.6
|
|
|
|
3,103.0
|
|
|
|
3,542.1
|
|
|
|
3,115.7
|
|
|
|
3,828.2
|
|
|
|
23
|
%
|
|
|
40
|
%
|
Net income of the period attributable to non-controlling interests
|
|
|
20.4
|
|
|
|
28.9
|
|
|
|
22.4
|
|
|
|
21.1
|
|
|
|
4.1
|
|
|
|
-81
|
%
|
|
|
-80
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive Income
|
|
|
0.7
|
|
|
|
115.2
|
|
|
|
8.5
|
|
|
|
292.8
|
|
|
|
313.4
|
|
|
|
7
|
%
|
|
|
44671
|
%
|
Foreign currency translation differences in financial statements
conversion
|
|
|
36.7
|
|
|
|
64.1
|
|
|
|
53.7
|
|
|
|
344.4
|
|
|
|
453.9
|
|
|
|
32
|
%
|
|
|
1137
|
%
|
Profits or losses from financial assets measured at fair value through
other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a)
|
|
|
-36.0
|
|
|
|
51.1
|
|
|
|
-45.2
|
|
|
|
-51.6
|
|
|
|
-140.5
|
|
|
|
172
|
%
|
|
|
290
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
|
|
|
2,754.7
|
|
|
|
3,247.1
|
|
|
|
3,573.0
|
|
|
|
3,429.6
|
|
|
|
4,145.6
|
|
|
|
21
|
%
|
|
|
50
|
%
|
Total Comprehensive Income attributable to parent Company
|
|
|
2,734.2
|
|
|
|
3,218.2
|
|
|
|
3,550.7
|
|
|
|
3,408.4
|
|
|
|
4,141.6
|
|
|
|
22
|
%
|
|
|
51
|
%
|
Total Comprehensive Income attributable to non-controlling interests
|
|
|
20.5
|
|
|
|
28.9
|
|
|
|
22.3
|
|
|
|
21.2
|
|
|
|
4.0
|
|
|
|
-81
|
%
|
|
|
-80
|
%
|
|
3Q18 Earnings Release
|
QUARTERLY ANNUALIZED RATIOS
|
|
MACRO Consolidated
|
|
|
|
3Q17
|
|
|
4Q17
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
Profitability & performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
12.7
|
%
|
|
|
11.9
|
%
|
|
|
15.4
|
%
|
|
|
13.5
|
%
|
|
|
13.4
|
%
|
Net interest margin adjusted (exc. FX)
|
|
|
13.9
|
%
|
|
|
12.4
|
%
|
|
|
15.1
|
%
|
|
|
15.2
|
%
|
|
|
15.3
|
%
|
Net fee income ratio
|
|
|
21.5
|
%
|
|
|
14.8
|
%
|
|
|
17.2
|
%
|
|
|
19.2
|
%
|
|
|
20.0
|
%
|
Efficiency ratio
|
|
|
41.6
|
%
|
|
|
37.3
|
%
|
|
|
35.6
|
%
|
|
|
41.9
|
%
|
|
|
39.1
|
%
|
Net fee income as % of A&G Expenses
|
|
|
51.8
|
%
|
|
|
39.7
|
%
|
|
|
48.4
|
%
|
|
|
45.7
|
%
|
|
|
51.3
|
%
|
Return on average assets
|
|
|
5.4
|
%
|
|
|
4.8
|
%
|
|
|
6.4
|
%
|
|
|
5.1
|
%
|
|
|
5.4
|
%
|
Return on average equity
|
|
|
27.9
|
%
|
|
|
29.5
|
%
|
|
|
29.4
|
%
|
|
|
25.1
|
%
|
|
|
29.0
|
%
|
Liquidity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans as a percentage of total deposits
|
|
|
87.5
|
%
|
|
|
91.4
|
%
|
|
|
98.7
|
%
|
|
|
86.7
|
%
|
|
|
82.0
|
%
|
Liquid assets as a percentage of total deposits
|
|
|
50.2
|
%
|
|
|
50.2
|
%
|
|
|
45.3
|
%
|
|
|
52.3
|
%
|
|
|
51.7
|
%
|
Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity as a percentage of total assets
|
|
|
20.8
|
%
|
|
|
20.6
|
%
|
|
|
21.7
|
%
|
|
|
18.5
|
%
|
|
|
16.4
|
%
|
Regulatory capital as % of APR
|
|
|
25.8
|
%
|
|
|
28.1
|
%
|
|
|
27.3
|
%
|
|
|
27.6
|
%
|
|
|
26.4
|
%
|
Asset Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowances over total loans
|
|
|
2.0
|
%
|
|
|
2.0
|
%
|
|
|
2.0
|
%
|
|
|
2.1
|
%
|
|
|
2.1
|
%
|
Non-performing financing as a percentage of total financing
|
|
|
1.0
|
%
|
|
|
1.1
|
%
|
|
|
1.1
|
%
|
|
|
1.4
|
%
|
|
|
1.6
|
%
|
Coverage ratio w/allowances
|
|
|
199.2
|
%
|
|
|
182.2
|
%
|
|
|
178.4
|
%
|
|
|
149.3
|
%
|
|
|
131.1
|
%
|
Cost of Risk
|
|
|
1.3
|
%
|
|
|
1.5
|
%
|
|
|
1.7
|
%
|
|
|
1.5
|
%
|
|
|
1.8
|
%
|
ACCUMULATED ANNUALIZED RATIOS
|
|
MACRO Consolidated
|
|
|
|
3Q17
|
|
|
4Q17
|
|
|
1Q18
|
|
|
2Q18
|
|
|
3Q18
|
|
Profitability & performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
13.4
|
%
|
|
|
12.7
|
%
|
|
|
15.4
|
%
|
|
|
14.4
|
%
|
|
|
14.0
|
%
|
Net interest margin adjusted (exc. FX)
|
|
|
12.5
|
%
|
|
|
12.0
|
%
|
|
|
15.1
|
%
|
|
|
15.2
|
%
|
|
|
15.2
|
%
|
Net fee income ratio
|
|
|
21.9
|
%
|
|
|
19.7
|
%
|
|
|
17.2
|
%
|
|
|
18.2
|
%
|
|
|
18.8
|
%
|
Efficiency ratio
|
|
|
41.2
|
%
|
|
|
40.0
|
%
|
|
|
35.6
|
%
|
|
|
38.7
|
%
|
|
|
38.9
|
%
|
Net fee income as % of A&G Expenses
|
|
|
53.1
|
%
|
|
|
49.3
|
%
|
|
|
48.4
|
%
|
|
|
47.0
|
%
|
|
|
48.5
|
%
|
Return on average assets
|
|
|
5.4
|
%
|
|
|
5.6
|
%
|
|
|
6.4
|
%
|
|
|
5.7
|
%
|
|
|
5.6
|
%
|
Return on average equity
|
|
|
31.6
|
%
|
|
|
31.0
|
%
|
|
|
29.4
|
%
|
|
|
27.2
|
%
|
|
|
27.8
|
%
|
Liquidity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans as a percentage of total deposits
|
|
|
87.5
|
%
|
|
|
91.4
|
%
|
|
|
98.7
|
%
|
|
|
86.7
|
%
|
|
|
82.0
|
%
|
Liquid assets as a percentage of total deposits
|
|
|
50.2
|
%
|
|
|
50.2
|
%
|
|
|
45.3
|
%
|
|
|
52.3
|
%
|
|
|
51.7
|
%
|
Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity as a percentage of total assets
|
|
|
20.8
|
%
|
|
|
20.6
|
%
|
|
|
21.7
|
%
|
|
|
18.5
|
%
|
|
|
16.4
|
%
|
Regulatory capital as % of APR
|
|
|
25.8
|
%
|
|
|
28.1
|
%
|
|
|
27.3
|
%
|
|
|
27.6
|
%
|
|
|
26.4
|
%
|
Asset Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowances over total loans
|
|
|
2.0
|
%
|
|
|
2.0
|
%
|
|
|
2.0
|
%
|
|
|
2.1
|
%
|
|
|
2.1
|
%
|
Non-performing financing as a percentage of total financing
|
|
|
1.0
|
%
|
|
|
1.1
|
%
|
|
|
1.1
|
%
|
|
|
1.4
|
%
|
|
|
1.6
|
%
|
Coverage ratio w/allowances
|
|
|
199.2
|
%
|
|
|
182.2
|
%
|
|
|
178.4
|
%
|
|
|
149.3
|
%
|
|
|
131.1
|
%
|
Cost of Risk
|
|
|
1.3
|
%
|
|
|
1.5
|
%
|
|
|
1.7
|
%
|
|
|
1.5
|
%
|
|
|
1.8
|
%
|
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 27, 2018
|
MACRO BANK INC.
|
|
|
|
|
By:
|
/s/ Jorge Francisco Scarinci
|
|
Name:
Jorge Francisco Scarinci
|
|
Title:
Chief Financial Officer
|
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