Banco Macro (BMA) appears an attractive pick, as it has been recently upgraded 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.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Since a changing earnings ...

Company Overview - Banco Macro (BMA) shares increased by 4.6% to $109.29 in the last trading session, with a notable trading volume, contributing to a total gain of 6.9% over the past four weeks [1][2] Financial Performance - The upcoming quarterly earnings for Banco Macro are projected at $2.40 per share, reflecting a significant year-over-year decline of 73%. Expected revenues are $658.48 million, down 76.7% compared to the same quarter last year [3] Market Outlook - With inflation in Argentina cooling down, there is anticipation of interest rate cuts from the current 32%. This environment is expected to boost demand for loans and reduce funding costs for banks, positively impacting the banking sector and enhancing investor sentiment towards BMA stock [2][4] Earnings Estimates - The consensus EPS estimate for Banco Macro has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4] Industry Context - Banco Macro is part of the Zacks Banks - Foreign industry, where Bank of Montreal (BMO) also operates. BMO's stock closed 1.1% higher at $100.17, with a 2.2% return over the past month. BMO's EPS estimate is $1.70, reflecting a 10.5% decline from the previous year [4][5]

Financial Data and Key Metrics - Net income for Q3 2024 totaled Ps 91.3 billion, a 293% increase compared to Q3 2023 [5] - Operating income before general, administrative, and personnel expenses was Ps 829.2 billion, up 61% QoQ but down 25% YoY [6] - Net interest income increased by 167% QoQ to Ps 569.1 billion, driven by higher interest income and lower interest expenses [9] - Provision for loan losses increased by 24% QoQ to Ps 23 billion, reflecting higher credit risk [9] - Net fee income rose by 8% QoQ to Ps 117.8 billion, supported by increased transaction volumes [13] - The efficiency ratio deteriorated to 25.5% in Q3 2024, up from 22.2% in Q2 2024 [15] Business Line Performance - Income from government and private securities increased by 143% QoQ to Ps 253 billion, though it decreased by 33% YoY [11] - FX income declined by 43% QoQ to Ps 16.3 billion, impacted by peso depreciation and the bank's dollar loan position [12] - Net income from financial assets and liabilities at fair value decreased by 24% QoQ to Ps 103.6 billion, driven by lower income from government and private securities [14] Market and Regional Performance - Total financing increased by 17% QoQ to Ps 4.55 trillion, with commercial loans growing by 46% and consumer loans by 43% [18] - Private sector deposits increased by 6% QoQ to Ps 8.1 trillion, driven by demand deposits, while time deposits decreased by 32% [19] - The bank's market share in private sector loans reached 9.2%, and its market share in private sector deposits was 7.4% as of September 2024 [20] Strategic Direction and Industry Competition - The bank aims to optimize its excess capital of Ps 2.53 trillion, with a capital adequacy ratio of 32.8% and a Tier 1 ratio of 31.3% [21] - Loan growth is expected to reach 25%-35% in 2024 and 40% in 2025, supported by declining inflation and stable FX rates [27] - The bank plans to shift from securities to loan growth, which is expected to drive net interest income growth of 30%-35% in real terms for 2025 [39] Management Commentary on Operating Environment and Outlook - Inflation eased to 12.1% in Q3 2024, down from 18.6% in Q2 2024, positively impacting the bank's net monetary position [16] - The bank expects GDP growth of 5%-6% in real terms for 2025, driven by improving economic conditions [28] - Management anticipates a slight deterioration in asset quality but expects the NPL ratio to remain below 2% by the end of 2025 [41] Other Key Information - The bank exercised put options on inflation-adjusted securities, resulting in a Ps 50 billion loss, but it continues to hold put options on remaining positions [7][8] - The bank's liquidity remains strong, with a liquid assets-to-total deposits ratio of 91% [22] Q&A Session Summary Question: Loan Growth and ROE Forecast - Loan growth is expected to be 25%-35% in 2024 and 40% in 2025, driven by declining inflation and stable FX rates [27] - ROE is forecasted to be around 10% for 2024 and in the low to mid-teens for 2025 [28] - The bank has sufficient excess capital to support aggressive loan growth without needing additional capital [29] Question: Inflation-Linked Securities and FX Position - The bank holds a long position in inflation-linked securities but no FX-linked bonds [37] - Inflation expectations for 2025 range from 25% to 40%, with peso depreciation expected to be between 15% and 25% [37] Question: NII Growth and Asset Quality - NII is expected to grow by 30%-35% in real terms in 2025, driven by the shift from securities to loan growth [39] - Asset quality is expected to remain under control, with the NPL ratio projected to stay below 2% by the end of 2025 [41] Question: International Debt Issuance - The bank has no plans to raise new debt in international markets, despite the upcoming maturity of its 2026 Tier 2 bond [46] Question: USD Deposits and Margin Compression - USD deposits increased significantly due to the Tax Amnesty, but loan demand in USD has not kept pace, leading to margin compression [53] - Competition has driven USD margins down to 4%-5%, but the bank expects margins to stabilize and potentially improve in the second half of 2025 [58]

BUENOS AIRES, Argentina, Nov. 27, 2024 /PRNewswire/ -- Banco Macro S.A. (NYSE: BMA; BYMA: BMA) ("Banco Macro" or "BMA" or the "Bank") announced today its results for the third quarter ended September 30, 2024 ("3Q24").  All figures are in Argentine pesos (Ps.) and have been restated in terms of the measuring unit current at the end of the reporting period. For ease of comparison, figures of previous quarters of 2023 and 2024 have been restated applying IAS 29 to reflect the accumulated effect of the inflati ...

Banco Macro (NYSE: BMA ) is a quality bank in Argentina and offers an interesting risk-reward proposition as the bank is well placed to benefit from an improved macroeconomic background in the country.Labutes 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. Associated with the existing author The Outsider.A ...

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 October 15, 2024 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 of ices) Indicate by check mark whether the registrant files or will file annual repo ...

Banco Macro S.A. (NYSE:BMA) Q2 2024 Earnings Conference Call August 23, 2024 12:00 PM ET Company Participants Nicolás Torres - Investor Relations Jorge Scarinci - Chief Financial Officer Conference Call Participants Ernesto Gabilondo - Bank of America Brian Flores - Citibank Marina Mertens - Latin Securities Yuri Fernandes - JPMorgan Carlos Gomez - HSBC Operator Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to the Banco Macro's 2Q 2024 Earning ...

BUENOS AIRES, Argentina, Aug. 22, 2024 /PRNewswire/ -- Banco Macro S.A. (NYSE: BMA; BYMA: BMA) ("Banco Macro" or "BMA" or the "Bank") announced today its results for the second quarter ended June 30, 2024 ("2Q24"). All figures are in Argentine pesos (Ps.) and have been restated in terms of the measuring unit current at the end of the reporting period. For ease of comparison, figures of previous quarters of 2023 and 2024 have been restated applying IAS 29 to reflect the accumulated effect of the inflation ad ...

Major U.S. indexes — the Dow, the S&P 500 and the Nasdaq — have given investors a positive return of 4.7%, 11.5% and 11%, respectively, in the year-to-date period. Though inflation, which remains the biggest threat to the economy, resumed its downtrend in the second quarter of 2024 and economic growth improved, an unexpectedly weak employment report rekindled worries of a recession. Owing to cheap gasoline prices and moderating rents, the Consumer Price Index (CPI) saw a dip for the first time in more than ...

Financial Position - Total assets as of March 31, 2024, amounted to 9,998,065,767 thousand pesos, a decrease from 10,187,584,350 thousand pesos as of December 31, 2023, representing a decline of approximately 1.86%[12] - Total liabilities decreased from 7,087,477,882 thousand pesos as of December 31, 2023, to 6,637,690,706 thousand pesos as of March 31, 2024, representing a reduction of approximately 6.35%[13] - Total shareholders' equity increased from 3,100,106,468 thousand pesos as of December 31, 2023, to 3,360,375,061 thousand pesos as of March 31, 2024, reflecting a growth of approximately 8.4%[13] - Total consolidated assets as of March 31, 2024, amount to 9,998,065,767 thousand pesos, an increase from 10,187,584,350 thousand pesos as of December 31, 2023[62] - The total liabilities as of March 31, 2024, are 6,637,690,706 thousand pesos, compared to 7,087,477,882 thousand pesos at the end of 2023, indicating a decrease[62] - Equity attributable to the owners of the Bank increased to 3,360,113,431 thousand pesos as of March 31, 2024, from 3,099,400,076 thousand pesos as of December 31, 2023, reflecting a growth of approximately 8.4%[62] Cash and Liquidity - Cash and deposits in banks decreased to 1,149,471,536 thousand pesos from 1,824,170,723 thousand pesos, a reduction of about 37.0%[12] - The cash and cash equivalents at the end of the period were 1,514,831,816 thousand pesos in 2024, down from 3,706,104,818 thousand pesos in 2023, indicating a decrease in liquidity[26][28] - Cash flows from operating activities decreased to 27,607,098 thousand pesos in 2024 from 706,200,540 thousand pesos in 2023, reflecting a substantial decline[24][26] Income and Earnings - Net interest income for the quarter ended March 31, 2024, was 167,514,833 thousand pesos, down 55.8% from 378,800,894 thousand pesos in the same quarter of 2023[15] - Net income for the period attributable to controlling interests increased significantly to 275,419,727 thousand pesos for the quarter ended March 31, 2024, compared to 37,868,540 thousand pesos in the same quarter of 2023, marking a growth of 627.5%[17] - Basic earnings per share rose to 430.7384 pesos for the quarter ended March 31, 2024, compared to 59.2239 pesos in the same quarter of 2023, reflecting a substantial increase of 627.5%[17] - Total comprehensive income for the period was 260,529,093 thousand pesos, a significant increase from 34,696,258 thousand pesos in the same quarter of 2023[20] - The company reported a net operating income of 1,620,119,691 thousand pesos for the quarter ended March 31, 2024, compared to 650,841,715 thousand pesos in the same quarter of 2023, indicating a growth of 148.5%[15] Expenses and Losses - Employee benefits expenses increased to 133,391,711 thousand pesos in the quarter ended March 31, 2024, from 91,025,551 thousand pesos in the same quarter of 2023, representing a rise of 46.5%[15] - The company experienced a credit loss expense on financial assets of 18,857,427 thousand pesos for the quarter ended March 31, 2024, compared to 13,492,348 thousand pesos in the same quarter of 2023, an increase of 39.5%[15] - The total loss from operations was 30,816 thousand pesos, highlighting challenges in profitability[199] Loans and Financing - Loans and other financing decreased to 2,500,584,654 thousand pesos from 2,780,228,296 thousand pesos, reflecting a decline of approximately 10.1%[12] - Non-financial private sector loans decreased to 2,478,130,098 thousand pesos from 2,757,967,464 thousand pesos, a decrease of approximately 10.1%[12] - The allowance for expected credit losses (ECL) on loans and other financing was 69,202,619 thousand pesos as of March 31, 2024, compared to 81,341,779 thousand pesos as of December 31, 2023, representing a reduction of approximately 15%[114] - The total performing loans amounted to 2,569,787,273, with a performing rate of 95.93%[117] - The total impaired loans reached 26,194,488, accounting for 1.02% of the total loan portfolio[117] Investments and Acquisitions - The company made an acquisition of 100% of Macro Agro SAU for USD 5,218,800, enhancing its position in the grain brokerage sector[33] - The fair value of net assets acquired from Macro Agro SAU amounted to USD 1,642,857, with goodwill generated from the acquisition totaling USD 515,451[167] - The total price for the Banco Itaú acquisition was established at USD 50,000,000, with an additional adjustment amounting to USD 7,564,706 expected in May 2024[179] - The estimated gain from the acquisition of Banco BMA SAU was recorded at 237,694,794, reflecting the excess of net assets acquired over the purchase price[182] Market Strategy and Operations - Banco Macro SA's market strategy continues to focus on regional areas outside Buenos Aires, aiming to strengthen its multiservice banking capabilities[31][32] - The company has a consolidated equity interest of 10.6228% in Play Digital SA, aimed at improving payment solutions for users[32] - The merger of Banco BMA SAU into Banco Macro SA is in process, with retroactive incorporation effective January 1, 2024[184] Regulatory and Accounting Standards - The Bank's financial statements are prepared in accordance with the accounting framework established by the BCRA, based on IFRS standards[47] - If IFRS 9 had been fully applied, the Bank would have recorded a decrease in "Other operating income" of 2,012,244 thousand pesos for the period ended March 31, 2024[51] - The Bank has adopted amendments to IFRS 16 regarding sale and leaseback transactions, effective January 1, 2024, with no material impact on the financial statements[90] Related Party Transactions - Related party transactions were conducted under normal market conditions, ensuring compliance with standard pricing and interest rates[200] - The company reported total income from related party transactions of 2,844,589 thousand pesos for the three-month period ended March 31, 2024[197]