The third quarter of 2024 marked a milestone in Banco Macro’s financial results, driven by solid growth in its net income, higher interest income and improvements in portfolio quality.
Banco Macro reported a net result of $91,321 million for the third quarter of 2024, which represents a year-on-year increase of 293%. This performance is mainly due to the increase in the net interest result and a lower loss from the net monetary position, attributed to an inflationary slowdown.. The annualized cumulative return on average net worth (ROE) was 6.8%, while that on average assets (ROA) reached 2.1%.
The operating result for the quarter was $403,729 million, an increase of 263% compared to the previous quarter, although it decreased 44% year-on-year. Despite a contraction in some revenues, the results reflect the entity’s ability to adapt to a changing economic context.
Deposits and financing
Total deposits reached $8,074 billion, an increase of 7% compared to the previous quarter and 30% year-on-year. The strong growth of deposits in foreign currency stands out (87%), although deposits in pesos experienced a drop of 15%.
On the other hand, financing totaled $4,552 billion, marking an increase of 17% compared to the previous quarter and 28% year-on-year. Within this category, the growth in personal loans (+43%) and credit card financing (+25%) stands out.
Portfolio quality also showed significant improvements. NPLs fell to 1.15% in the period, down from 1.23% in the previous quarter, while the coverage ratio rose to a robust 177.6%.
On the other hand, The Bank recorded an excess capital of $2,528 billion, which is equivalent to a surplus of 303% over the regulatory requirement.
In 2023, the entity completed the purchase of the local subsidiary of Banco Itaú. As of this merger, Banco Macro currently has around 515 branches and with 9,109 employees, it provides services to 5.24 million Individual Banking clients (2.21 million digital customers) and 161,180 Business Banking customers.
Source: Ambito
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