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TheStreet Open House

Banco Macro Announces Results For The Third Quarter Of 2011

Stocks in this article: BMA

BUENOS AIRES, Argentina, Nov. 7, 2011 /PRNewswire/ -- Banco Macro S.A. (NYSE: BMA; Buenos Aires: BMA) ("Banco Macro" or "BMA" or the "Bank") announced today its results for the third quarter ended September 30, 2011 ("3Q11").  All figures are in Argentine pesos (Ps.) and have been prepared in accordance with Argentine GAAP.  

SUMMARY

  • The Bank's net income totaled Ps.314.2 million in 3Q11. This result was 22% higher than the Ps.257.8 million reported in the previous quarter ("2Q11") and 17% higher than the Ps.267.9 million posted for the third quarter of 2010 ("3Q10"). In 3Q11, the accumulated net income represented an annualized return on average equity ("ROAE") and an annualized return on average assets ("ROAA") of 26% and 3.3%, respectively.
  • In 3Q11, the Bank's net financial income was Ps.766.5 million increasing by 13.5% compared to 2Q11.
  • In 3Q11, Banco Macro's financing to the private sector grew 15% or Ps.2.9 billion quarter over quarter ("QoQ") totaling Ps.23 billion, excluding liquidity administration credit lines. Both consumer and commercial loans continued showing growth. Personal loans and credit cards loans rose 14% and 17% QoQ, respectively, while overdraft and other loans grew 20% and 17% QoQ, respectively.
  • In 3Q11, Banco Macro's total deposits grew 6% QoQ, totaling Ps.28.1 billion and representing 82% of the Bank's total liabilities. Private sector deposits grew 7% in 3Q11, led by time deposits which increased 8%.  
  • In 3Q11, the Bank's non-performing to total financing ratio improved QoQ to 1.34% and the coverage ratio reached 163.4%.
  • Banco Macro continued showing a strong solvency ratio, with excess capital of Ps.2.2 billion (20.0% capitalization ratio). In addition, the Bank's liquid assets remained at an adequate level, reaching 37.9% of its total deposits in 3Q11.

A longer version of this press release with detailed information is available on our web site: www.macro.com.ar  

QUARTERLY CONFERENCE CALL

A conference call to discuss this press release will be held on November 8, 2011 at 13:00 p.m. Buenos Aires time ( 11:00 a.m., New York time), with the presence of Jorge Pablo Brito (Member of the Executive Committee), Guillermo Goldberg (Deputy General Manager) and Jorge Scarinci (Finance and Investor Relations Manager).  Dial in information:

(877) 741-4241 (Within the U.S.)

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