Company Participants Nicolas Torres - IR Jorge Scarinci - CFO Gustavo Manriquez - CEO Ernesto Gabilondo - Bank of America Brian Flores - Citibank Marina Mertens - Latin Securities Carlos Gomez - HSBC David Pardo - Puente Hermanos Now I will turn the conference over to Mr. Nicolas Torres. You may begin. Thank you, Dave. Good morning and welcome to Banco Macro's first quarter 2024 conference call. Any comments we make today may include forward-looking statements which are subject to various conditions and the ...

THE BANK'S NET INCOME totaled Ps.275.2 billion in 1Q24. This result was 61% lower than the Ps.679.3 billion posted in 4Q23 and 626% higher than the Ps.37.9 billion posted in 1Q23. In 1Q24 the annualized return on average equity ("ROAE") and the annualized return on average assets ("ROAA") were 37.4% and 11.9%, respectively. In 1Q24, OPERATING INCOME (before G&A and personnel expenses) totaled Ps.1.62 trillion, 19% or Ps.388 billion lower than in 4Q23 and 149% or Ps.969.3 billion higher than the same period ...

Market Risk - Foreign exchange market risk increased significantly in 2023, with the maximum risk rising to 32,338.5 million Pesos from 8,930.8 million Pesos in 2022, a variation of 23,407.7 million Pesos[919] - Securities market risk also saw a substantial increase, with the maximum risk reaching 12,808.2 million Pesos in 2022 compared to 3,140.2 million Pesos in 2021, a variation of 9,668.0 million Pesos[919] - The average foreign exchange market risk in 2023 was 15,815.1 million Pesos, a significant increase from 4,977.8 million Pesos in 2022[919] - The average securities market risk in 2022 was 5,005.4 million Pesos, up from 1,633.2 million Pesos in 2021[919] Tax Regulations on Dividends and Investments - Dividend distributions for profits obtained after January 1, 2018, are subject to a 7% income tax withholding for Argentine resident individuals and non-residents[931] - The Equalization Tax imposes a 35% withholding tax on dividends if distributions exceed the "net accumulated taxable income" of the previous fiscal period[931] - Dividend distributions and the sale or exchange of Class B shares or ADSs are exempt from value-added tax[936] - Projects with investments exceeding $500 million can access extended benefits, allowing up to 40% of foreign currency income from exports to be used for debt payments, dividends, or repatriation of investments[924] Capital Gains and Share Transactions - Capital gains from the sale of shares by Argentine corporate entities are subject to progressive tax rates ranging from 25% to 35%, depending on net accumulated taxable income[932] - Net taxable income up to $34,703,523.08 is taxed at 25%, while income over $347,035,230.79 is taxed at 35%[932] - Starting in 2018, Argentine resident individuals and undivided estates are exempt from capital gains tax on the sale of shares traded on CNV-authorized stock markets[932] - Free transmission of Class B shares or ADSs in Buenos Aires is exempt for transfers up to Ps.2,038,752, increasing to Ps.8,488,486 for transfers among parents, children, and spouses[914] Taxes on Financial Transactions - The general tax rate on debits and credits in Argentine bank accounts is 0.6%, with increased rates of 1.2% and reduced rates of 0.075%[937] - 33% of the tax paid at the general 0.6% rate can be considered as a tax credit against specific taxes, while 33% of the tax paid at the 1.2% rate can also be used as a credit[937] - The tax on debits and credits (TDC) applies until December 31, 2027, as extended by Law 27.702[937] - A 30% federal tax applies to certain transactions for the purchase of foreign currency for saving purposes or without a specific destination, effective from December 23, 2019[939] - A 30% income tax collection applies to operations subject to PAIS Tax for Argentine residents, as per General Resolution (AFIP) N° 4815/2020[939] Other Taxes and Exemptions - The Personal Assets Tax rate for holding company shares is 0.50% of the proportional net worth value as of December 31st of each year[935] - A court tax of 3.0% is imposed on claims brought before federal courts in Argentina or courts in the City of Buenos Aires[943] - Gross turnover tax rates vary by province and activity type, with exemptions for transactions involving shares and dividends in the City of Buenos Aires[940]

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.While many investors like to look for moment ...

From a technical perspective, Banco Macro (BMA) is looking like an interesting pick, as it just reached a key level of support. BMA recently overtook the 20-day moving average, and this suggests a short-term bullish trend.The 20-day simple moving average is a popular investing tool. Traders like this SMA because it offers a look back at a stock's price over a shorter period and helps smooth out price fluctuations. The 20-day can also show more trend reversal signals than longer-term moving averages.Like oth ...

The Finance group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Banco Macro (BMA) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Finance peers, we might be able to answer that question.Banco Macro is a member of the Finance sector. This group includes 859 individual stocks and currently holds a Zacks Sector Rank of #8. The Zacks Sector Rank gauges the strength of our 16 ind ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Even though momentum is a popular stock char ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Even though momentum is a popular stock char ...

For those looking to find strong Finance stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Banco Macro (BMA) one of those stocks right now? A quick glance at the company's year-to-date performance in comparison to the rest of the Finance sector should help us answer this question.Banco Macro is a member of our Finance group, which includes 856 different companies and currently sits at #7 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of ou ...

Banco Macro (BMA) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.Individual inv ...