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Banco Macro Announces Results For The Second Quarter Of 2011

Stocks in this article: BMA

BUENOS AIRES, Argentina, Aug 4, 2011 /PRNewswire/ -- Banco Macro S.A. (NYSE: BMA; Buenos Aires: BMA) ("Banco Macro" or "BMA" or the "Bank") announced today its results for the second quarter ended June 30, 2011 ("2Q11").  All figures are in Argentine pesos (Ps.) and have been prepared in accordance with Argentine GAAP.  

SUMMARY

  • The Bank's net income totaled Ps.257.8 million in 2Q11. This result was similar to the Ps.257.7 million in the previous quarter ("1Q11") and 16% higher than the Ps.222.1 million posted for the second quarter of 2010 ("2Q10"). In 2Q11, the three-month annualized return on average equity ("ROAE") and return on average assets ("ROAA") were 24.7% and 3.1%, respectively.
  • In 2Q11, the Bank's net financial income was Ps.675.1 million increasing by 6% compared to 1Q11. In the first six months of 2011, Banco Macro's net financial income (excluding income from government and private securities) was 64% higher than in the first six months of 2010, showing an improvement of the financial income quality.
  • In 2Q11, Banco Macro's financing to the private sector grew 12% or Ps.2.2 billion quarter over quarter ("QoQ") totalling Ps.19.9 billion, excluding liquidity administration credit lines. Both consumer and commercial loans continued showing growth. Personal loans and credit cards loans rose 13% and 24% QoQ, respectively, while overdraft and documents grew 38% and 13% QoQ, respectively.
  • In 2Q11, Banco Macro's total deposits grew 5% QoQ, totalling Ps.26.5 billion and representing 82% of the Bank's total liabilities. Private sector deposits grew 4% in 2Q11, led by transactional deposits which increased 11%.  
  • In 2Q11, the Bank's non-performing to total financing ratio improved QoQ to 1.5% and the coverage ratio reached 158.2%.
  • Banco Macro continued showing a strong solvency ratio, with excess capital of Ps.2.0 billion (20.0% capitalization ratio). In addition, the Bank's liquid assets remained at an adequate level, reaching 42.4% of its total deposits in 2Q11.
  • A longer version of this press release with detailed information is available on our web site: www.macro.com.ar

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