NYSE Content Update: The Hill & Valley Forum Convenes Leaders in Washington Accessibility StatementSkip NavigationNYSE issues a pre-market daily advisory direct from the trading floor.NEW YORK, March 24, 2026 /PRNewswire/ -- The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today's NYSE Pre-market update for market insights before trading begins.Ashley Mastronardi delivers the pre-market update on March 24thContinue Reading'Where You Work Matt ...

Banco Macro S.A. announces that it has entered into a share purchase agreement to acquire Banco Sáenz S.A. Accessibility StatementSkip Navigation The purchase price to be paid by the Purchasers to the Sellers on the closing date for the acquisition of the shares shall be equivalent to: (i) an amount in Argentine Pesos equal to the shareholders' equity of Banco Sáenz S.A., to be determined prior to closing; plus (ii) US$ 2,000,000 (Two Million United States Dollars), subject to any potential price adjustment ...

As I’ve covered in the past , the Argentina economy has been through a transformation period following the election of a new liberal President, Javier Milei back in 2023, which was quite positive for the banking sector. However, election resultsLabutes IR is a Fund Manager/Analyst specialized in the financial sector, with more than 18 years of experience in the financial markets. I have worked at several type of institutions in the industry, always at the buy side and related to portfolio management. Associ ...

Financial Data and Key Metrics Changes - In Q4 2025, Banco Macro's net income totaled ARS 100 billion, with a fiscal year total of ARS 290.7 billion, recovering from a loss in the previous quarter but 26% lower than Q4 2024 [4][5] - Excluding ARS 82.9 billion of non-recurring expenses in Q4 2025, net income would have been ARS 183 billion, with accumulated ROE and ROA at 6.6% and 1.8% respectively [5][6] - The accumulated annualized return on average equity and average assets were 5.1% and 1.4% respectively for Q4 2025 [4] Business Line Data and Key Metrics Changes - In Q4 2025, net interest income reached ARS 836.5 billion, a 13% increase from Q3 2025 and 19% higher year-on-year [7][8] - Provision for loan losses totaled ARS 169.3 billion in Q4 2025, a 1% decrease from Q3 2025 but a 243% increase year-on-year [7] - Other operating income in Q4 2025 was ARS 73.3 billion, a 3% decrease from Q3 2025 but a 13% increase year-on-year [13] Market Data and Key Metrics Changes - Total financing reached ARS 10.71 trillion, increasing 2% quarter-on-quarter and 40% year-on-year [19] - Total deposits increased 8% quarter-on-quarter to ARS 13.7 trillion, with private sector deposits increasing 11% [20][21] - Banco Macro's market share of private sector loans as of December 2025 was 8.3%, up 30 basis points from December 2024 [19] Company Strategy and Development Direction - The bank aims to optimize its capital base and has reduced its branch network by 75 branches, down to 444 from 519 [16] - The bank is focusing on maintaining a tight monetary policy and fiscal surplus while pushing for labor and tax reforms to improve economic competitiveness [45][46] - The acquisition of 50% of Personal Pay is part of a strategy to develop a Banking as a Service model, leveraging Telecom's customer base [73][75] Management's Comments on Operating Environment and Future Outlook - Management expects a real loan growth of 20% and deposit growth of 6% in 2026, adjusting for macroeconomic changes [28][29] - The cost of risk is projected to decrease to 5.2% in 2026, with NPLs expected to trend down to mid to low threes [91][100] - The bank is prepared to finance projects in energy and mining sectors, leveraging its strong capital base [92][99] Other Important Information - The effective tax rate for fiscal year 2025 was 43.1%, significantly higher than the previous year [18] - The bank's liquidity remains strong, with a liquid assets to deposit ratio of 73% [22] Q&A Session Summary Question: Update on guidance after the election - Management indicated a potential modification to guidance, expecting real loan growth of 20% and deposit growth of 6% in 2026 due to changes in GDP growth and inflation expectations [28][29] Question: Nature of security gains - Management attributed the strong security gains in Q4 to a reversal of trends from previous volatility, with declining interest rates positively impacting local securities [30] Question: Asset quality indicators - Management noted a reduction in the speed of deterioration in consumer asset quality and expects a stable outlook for the first half of 2026 [38][39] Question: Political landscape and reforms - Management highlighted the government's agenda focusing on labor and tax reforms, which are expected to improve economic conditions [42][46] Question: NPL trends and loan growth - Management confirmed expectations for NPLs to trend down in 2026, with a focus on maintaining market share in loans and deposits [91][72]

Financial Data and Key Metrics Changes - In Q4 2025, Banco Macro's net income totaled ARS 100 billion, with a fiscal year total of ARS 290.7 billion, recovering from a loss in the previous quarter but 26% lower than Q4 2024 [4] - Excluding ARS 82.9 billion of non-recurring expenses in Q4 2025, net income would have been ARS 183 billion, and fiscal year 2025 net income would have been ARS 393.7 billion, with accumulated ROE and ROA at 6.6% and 1.8% respectively [5][6] - Total comprehensive income for fiscal year 2025 was ARS 303 billion, 1% higher than fiscal year 2024 [5] Business Line Data and Key Metrics Changes - In Q4 2025, net interest income was ARS 836.5 billion, a 13% increase from Q3 2025 and a 19% increase year-on-year [7] - Provision for loan losses in Q4 2025 totaled ARS 169.3 billion, 1% lower than Q3 2025 but 243% higher year-on-year [7] - Other operating income in Q4 2025 was ARS 73.3 billion, 3% lower than Q3 2025 but 13% higher year-on-year [13] Market Data and Key Metrics Changes - Total financing reached ARS 10.71 trillion, increasing 2% quarter-on-quarter and 40% year-on-year [19] - Total deposits increased 8% quarter-on-quarter to ARS 13.7 trillion and 24% year-on-year [20] - Banco Macro's market share of private sector loans as of December 2025 was 8.3%, up 30 basis points from December 2024 [19] Company Strategy and Development Direction - The bank aims to optimize its excess capital of ARS 3.6 trillion, with a Capital Adequacy Ratio of 30.6% [22] - The bank plans to continue reducing its branch network and headcount while gaining market share in private sector loans and deposits [16][17] - The strategy includes maintaining a tight monetary policy and focusing on reducing inflation while ensuring fiscal surplus [45] Management's Comments on Operating Environment and Future Outlook - Management expects a real growth of 20% in loans and 6% in deposits for 2026, adjusting for macroeconomic changes [28][29] - The cost of risk is projected to decrease to 5.2% in 2026, with NPLs expected to trend down to mid to low threes [91] - The government is expected to introduce tax reforms and continue with labor reforms, which could positively impact the banking sector [42][46] Other Important Information - The bank's net interest margin in Q4 2025 was 21.7%, higher than Q3 2025 but lower than Q4 2024 [12] - The restructuring expenses of ARS 82.9 billion in Q4 2025 were related to early retirement plans and severance payments [5][15] - The bank's liquidity remains strong, with a liquid assets to deposit ratio of 73% [22] Q&A Session Summary Question: Update on guidance after the election - Management indicated a potential modification in guidance due to reduced GDP growth expectations and higher inflation forecasts for 2026 [28][29] Question: Recurring nature of security gains - Management attributed the strong security gains in Q4 to a reversal of trends from previous volatility, with a positive outlook on local peso securities [30] Question: Gap between loans and deposits - Management explained that while loan growth is expected to outpace deposit growth, they have securities to finance any gaps [32] Question: Consumer asset quality and cost of risk - Management noted a reduction in the speed of deterioration in consumer asset quality and expects a stable outlook for early 2026 [38] Question: Political landscape and reforms - Management highlighted the government's focus on labor and tax reforms, which are expected to improve the economic landscape [42][46] Question: Mark to market on securities - Management discussed the volatility of trading gains and suggested modeling based on inflation expectations [52] Question: Risk-adjusted NIMs for 2026 - Management indicated that Q4 2025 is a reasonable starting point for risk-adjusted NIMs, with slight pressure expected going forward [57] Question: Impact of restructuring costs on ROE - Management estimated that restructuring charges would impact ROE by approximately 3 percentage points in 2026 [79]

Banco Macro (NYSE:BMA) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Speaker9Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Banco Macro's fourth quarter 2025 earnings conference call. We would like to inform you that the 4Q 2025 press release is available to download at Investor Relations website of Banco Macro at www.macro.com.ar/relaciones-inversores. Also, this event is being recorded and all participants will be in listen-only mode ...

Core Viewpoint - Banco Macro reported its financial results for the fourth quarter of 2025, highlighting significant growth in deposits and operating income, while also addressing the impact of inflation adjustments on its financial statements [1]. Group 1: Financial Performance - As of 4Q25, Banco Macro serves 6.36 million retail customers and over 224,969 corporate customers across Argentina [1]. - The bank's non-performing to total financing ratio was 3.87%, with a coverage ratio of 119.86% [1]. - Total deposits increased by 8% quarter-over-quarter (QoQ) to Ps.13.69 trillion, and by 24% year-over-year (YoY) [1]. - Total financing decreased by 2% QoQ to Ps.10.71 trillion, but increased by 40% YoY [1]. - Operating income after general and administrative expenses totaled Ps.453.2 billion, a 156% increase QoQ [1]. - Net income for 4Q25 was Ps.100.1 billion, recovering from a loss in the previous quarter, but 26% lower than 4Q24 [1]. Group 2: Capital and Liquidity - Banco Macro maintained a strong solvency ratio with excess capital of Ps.3.61 trillion and a capital adequacy ratio of 30.6% [1]. - Liquid assets accounted for 73% of total deposits in 4Q25 [1]. - The bank's Tier 1 ratio also stood at 30.6% [1]. Group 3: Adjustments and Returns - Excluding non-recurring expenses, net income for 4Q25 would have been Ps.183 billion, with an accumulated return on average equity (ROAE) of 6.6% [1]. - The accumulated annualized return on average assets (ROAA) was 1.8% [1].

Core Insights - Investors are comparing Banco Santander-Brazil (BSBR) and Banco Macro (BMA) to determine which stock offers better value for investment [1] Valuation Metrics - BSBR has a forward P/E ratio of 7.95, while BMA has a forward P/E of 11.97 [5] - BSBR's PEG ratio is 0.77, indicating a favorable valuation compared to BMA's PEG ratio of 1.39 [5] - BSBR's P/B ratio stands at 1.12, compared to BMA's P/B of 1.57, suggesting BSBR is more undervalued [6] Earnings Outlook - BSBR holds a Zacks Rank of 2 (Buy), indicating a positive earnings estimate revision trend, while BMA has a Zacks Rank of 5 (Strong Sell) [3] - The solid earnings outlook for BSBR positions it as a superior value option compared to BMA [7] Value Grades - BSBR has been assigned a Value grade of A, while BMA has a Value grade of C, reflecting BSBR's stronger valuation metrics [6]

Financial Performance - Net income for the period was ARS 175,325,079, a decrease of 55.7% from ARS 395,345,122 in the same period last year[17]. - Net interest income for Q3 2025 was $686.24 million, a decrease of 8.4% compared to $749.87 million in Q3 2024[19]. - Net commissions income increased to $177.32 million in Q3 2025, up 14.2% from $155.22 million in Q3 2024[19]. - Total net operating income for the nine months ended September 30, 2025, was $2.69 billion, down 41.5% from $4.61 billion in the same period of 2024[19]. - The company reported a net loss of $33.10 million for Q3 2025, compared to a net income of $120.32 million in Q3 2024[21]. - Basic earnings per share for Q3 2025 was $(51.76), a significant decline from $187.25 in Q3 2024[21]. - Total comprehensive loss for the period was $28.36 million, compared to a comprehensive income of $81.96 million in the same period last year[24]. - The total income/loss for the nine-month period ended September 30, 2025, was 6,405,348 thousand pesos, compared to 9,822,652 thousand pesos for the same period in 2024, reflecting a decrease of approximately 34.5%[164]. Assets and Liabilities - Total assets increased to ARS 20,562,862,688 as of September 30, 2025, up from ARS 17,676,631,020 at December 31, 2024, representing a growth of 10.6%[14]. - The total liabilities increased to ARS 15,802,880,360, up from ARS 12,735,598,974, marking a growth of 24.5%[17]. - The bank's cash and deposits in banks decreased to ARS 3,190,038,437 from ARS 3,281,670,869, a decline of 2.8%[14]. - The total equity at the end of the period was 4,799,611,085 thousand pesos, reflecting changes in retained earnings and other reserves[30]. - The total assets of Banco Macro SA amounted to 19,868,639,396 thousand pesos, with total liabilities of 15,111,754,262 thousand pesos, resulting in equity attributable to the owners of the Bank of 4,756,885,134 thousand pesos[64]. - The total financial assets amounted to 18,105,123,430 thousand pesos, with a fair value of 16,769,078,830 thousand pesos[136]. Deposits and Loans - Deposits grew to ARS 11,805,065,511, reflecting an increase of 14.9% compared to ARS 10,272,858,275 as of December 31, 2024[17]. - Loans and other financing rose significantly to ARS 10,123,604,763, a 43.0% increase from ARS 7,076,090,772 in the previous year[14]. - The total loans commitment as of September 30, 2025, was 5,754,155,946, with 99.16% classified as Stage 1[116]. - The total amount of loans and other financing as of September 30, 2025, was 10,123,706,763 thousand pesos, with a significant portion due beyond 12 months[176]. Expenses and Provisions - Employee benefits expenses increased to $229.89 million in Q3 2025, compared to $213.02 million in Q3 2024[19]. - The company experienced a credit loss expense on financial assets of $158.64 million in Q3 2025, compared to $30.26 million in Q3 2024[19]. - The total provisions as of September 30, 2025, were 29,530,727 thousand pesos, which is an increase from 20,820,328 thousand pesos at the end of 2024, reflecting a growth of approximately 42.0%[173]. Equity and Dividends - The bank's equity attributable to controlling interests decreased to ARS 4,756,885,134 from ARS 4,939,044,585, indicating a decline of 3.7%[17]. - The total amount of dividends payable as of September 30, 2025, was 215,185,211 thousand pesos, a significant increase from just 1,498 thousand pesos at the end of 2024[175]. - The company distributed dividends amounting to 749,886,489 thousand pesos during the period[29]. Regulatory and Compliance - The Bank's operations are governed by the accounting framework established by the BCRA, which is based on IFRS Accounting Standards, ensuring compliance with international financial reporting requirements[52]. - The Bank's financial statements have been restated in accordance with IAS 29 due to the hyperinflationary economy, affecting the presentation of financial results[75]. - The Bank is evaluating the impact of new IFRS standards and amendments that will become effective in the coming years, including IFRS 18 and amendments to IFRS 9 and IFRS 7[86][87]. Acquisitions and Investments - Banco Macro SA acquired 100% of Macro Agro SAU on May 18, 2023, and received approval for the acquisition of Banco Itaú Argentina SA and its subsidiaries on November 2, 2023[39]. - The net assets acquired from Macro Agro SAU were valued at 2,877,814 thousand pesos, with goodwill generated from the acquisition amounting to 902,922 thousand pesos[140]. - Banco Macro SA acquired 100% of Banco BMA SAU for USD 50,000,000, with an additional adjustment amount of USD 7,564,706 to be determined later[147]. Tax Matters - The Bank received a favorable court ruling for tax recovery amounting to 4,782,766 pesos plus compensatory interest for the periods 2013 to 2017[198]. - The former AFIP appealed the favorable sentence issued on October 8, 2024, but the National Court of Appeals confirmed the ruling on May 27, 2025[199]. - The income tax audit for the 2018 tax period was initiated by the former AFIP on December 19, 2019, and is still under review[196].

Core Insights - Banco Macro S.A. is highlighted as a high growth stock with a Buy recommendation from BofA analyst Ernesto Gabilondo, who set a target price of $117 [1][2]. Financial Performance - The bank's net income for the first nine months of 2025 (9M25) was Ps.176.7 billion, representing a 35% decrease (Ps.95.2 billion) compared to the same period in 2024 [2]. - Operating income, excluding general, administrative, and personnel expenses, was reported at Ps.1.03 trillion in 9M25, down by Ps.1.84 trillion from the previous year [2]. - Banco Macro's deposits increased by 5% quarter-over-quarter and 11% year-over-year in Q3 2025, accounting for approximately 75% of total liabilities [2]. Company Overview - Banco Macro S.A. is an Argentine bank that provides a range of financial services including bank accounts, credit and debit cards, loans, mortgages, car financing, insurance, bill payments, and money transfers [3].