Macro Bank (BMA) Company Report

Analyst Coverage

Research analysts who have asked questions during Macro Bank earnings calls.

Brian Flores

Citigroup Inc.

8 questions for BMA

Also covers: BAP, BBAR, BBD +6 more

Ernesto Gabilondo

Bank of America Merrill Lynch

8 questions for BMA

Also covers: BAP, BCH, BSAC +4 more

Carlos Gomez-Lopez

HSBC

5 questions for BMA

Also covers: BAP, BBAR, BBD +9 more

Pedro Leduc

Itau BBA

4 questions for BMA

Also covers: BBAR, BBD, BDORY +7 more

Matías Cattaruzzi

Adcap Grupo Financiero

3 questions for BMA

Also covers: VIST, YPF

Yuri Fernandes

JPMorgan Chase & Co.

3 questions for BMA

Also covers: AVAL, BAP, BBD +13 more

Alonso Aramburú

BTG Pactual

2 questions for BMA

Also covers: BAP, BSAC, CIB +2 more

George Burch Reynardson

OET

2 questions for BMA

Kaio Prato

UBS Group AG

2 questions for BMA

Also covers: MELI

Lindsey Shema

The Goldman Sachs Group, Inc.

2 questions for BMA

Also covers: BAP, BCH, BSAC +2 more

Marcos Seru

Allaria Ledesma & Cía. S.A.

2 questions for BMA

Nicolás Hiva

Bank of America

2 questions for BMA

Tito Labarta

Goldman Sachs

2 questions for BMA

Also covers: BAP, BBAR, BBD +14 more

Carlos Gomes-Lopez

HSBC Holdings plc

1 question for BMA

Also covers: MRX

Carlos Gomez

HSBC

1 question for BMA

Also covers: BAP, BBAR, BSBR +4 more

Marcos Ceri

Allaria

1 question for BMA

Marcos Ceru

Alaria

1 question for BMA

Nicolas Riva

Bank of America

1 question for BMA

Also covers: AVAL, BAP, BDORY +2 more

Pedro

Latin Securities

1 question for BMA

Pedro Offenhanden

Leading Securities

1 question for BMA

Pedro Offenhenden

Latin Securities

1 question for BMA

Also covers: BBAR, GGAL, SUPV

Latest news

Recent press releases and 8-K filings for BMA.

Banco Macro Reports Q4 and Full Year 2025 Results, Provides 2026 Guidance

BMA

Earnings

Guidance Update

New Projects/Investments

Banco Macro reported a net income of ARS 100 billion for Q4 2025 and ARS 290.7 billion for fiscal year 2025, which was 32% lower than fiscal year 2024. Excluding ARS 82.9 billion in non-recurring restructuring expenses in Q4 2025, the adjusted net income for FY 2025 would have been ARS 393.7 billion.
For 2026, the bank forecasts an adjusted Return on Equity (ROE) of approximately 8% (with a reported ROE around 5%), 20% real loan growth, and 6% real deposit growth. The restructuring costs, which impacted Q4 2025, are expected to continue into 2026 and part of 2027, with full benefits anticipated by the end of 2027, contributing to mid-teens ROEs between 2028 and 2030.
Asset quality is expected to improve in 2026, with NPLs projected to decrease to mid to low threes and the cost of risk to 5.2%, down from 5.6% in 2025. The bank also announced the acquisition of 50% of Personal Pay, Telecom's wallet, to develop a Banking as a Service business and plans a 100% cash dividend payout ratio for the current year, pending Central Bank approval.

1 day ago

Transcript

Banco Macro Reports Q4 and Full Year 2025 Results, Updates 2026 Guidance

BMA

Earnings

Guidance Update

Layoffs

Banco Macro reported a net income of ARS 192.4 billion for Q4 2025, contributing to a fiscal year 2025 total of ARS 767.4 billion.
The bank updated its 2026 guidance, forecasting 20% real loan growth and 6% real deposit growth, with an adjusted Return on Equity (ROE) of approximately 8%. The reported ROE is projected to be around 5% due to restructuring charges.
Operational efficiency improved, with the efficiency ratio reaching 38.7% in Q4 2025. This was supported by a reduction of 75 branches and 514 employees in fiscal year 2025.
Asset quality showed a non-performing total financial ratio of 3.87% in Q4 2025, with consumer portfolio non-performing loans deteriorating to 5.23%. The bank gained market share in private sector loans (8.3%) and private deposits (7.9%) as of December 2025.

1 day ago

Transcript

Banco Macro Reports Q4 and Full-Year 2025 Results, Provides 2026 Outlook

BMA

Earnings

Guidance Update

Layoffs

Banco Macro reported a net income of ARS 100 billion for Q4 2025 and ARS 290.7 billion for fiscal year 2025, representing a 32% decrease from fiscal year 2024. Excluding ARS 82.9 billion in non-recurring restructuring expenses, Q4 2025 net income would have been ARS 183 billion.
The bank's accumulated annualized return on average equity (ROE) was 5.1% in Q4 2025, with an adjusted ROE of 6.6%. For 2026, the bank anticipates an adjusted ROE of approximately 8%.
Efficiency improved significantly, with the efficiency ratio reaching 38.7% in Q4 2025, driven by a reduction of 75 branches and 514 employees in fiscal year 2025.
Total financing increased 40% year-on-year to ARS 10.71 trillion, and total deposits grew 24% year-on-year to ARS 13.7 trillion in Q4 2025, leading to market share gains in both private sector loans and deposits.
For 2026, Banco Macro projects a cost of risk of 5.2% (down from 5.6% in 2025) and expects net interest margin (NIM) to be around 20%. Loan growth is forecast at 20% in real terms and deposit growth at 6% in real terms.

1 day ago

Transcript

Macro Bank announces 4Q25 results

BMA

Earnings

Banco Macro reported net income of Ps.100.1 billion in 4Q25, contributing to a full-year 2025 net income of Ps.290.7 billion, although 4Q25 net income was 26% lower than 4Q24.
Operating income (before G&A and personnel expenses) reached Ps.1.17 trillion in 4Q25, representing a 39% increase quarter-over-quarter and a 9% increase year-over-year.
Total deposits increased 8% quarter-over-quarter to Ps.13.69 trillion in 4Q25, while total financing decreased 2% quarter-over-quarter to Ps.10.71 trillion.
The bank maintained a strong solvency position with a 30.6% Capital Adequacy Ratio (Basel III) and a 30.6% Tier 1 Ratio, alongside a non-performing to total financing ratio of 3.87% and a coverage ratio of 119.86% in 4Q25.

1 day ago

Press Release

Banco Macro Reports Strong Q4 and FY2025 Earnings, Issues Debt, and Invests in Fintech

BMA

Earnings

Debt Issuance

New Projects/Investments

Banco Macro reported a net income of Ps.100.1 billion in 4Q25, contributing to a full-year 2025 net income of Ps.290.7 billion.
Operating income for 4Q25 significantly increased by 156% quarter-over-quarter to Ps.453.2 billion.
The bank maintained strong solvency with a Capital Adequacy Ratio of 30.6% and Ps.3.61 trillion in excess capital in 4Q25.
Total financing grew 40% year-over-year to Ps.10.71 trillion, while total deposits increased 24% year-over-year to Ps.13.69 trillion in 4Q25.
In recent events, Banco Macro issued USD 400 million in Series H 8% USD denominated notes in January 2026 and made a USD 75 million capital contribution for a 50% stake in Micro Sistemas (Personal Pay).

2 days ago

6-K

Macro Bank Inc. invests for stake in Telecom Argentina's Micro Sistemas

BMA

New Projects/Investments

M&A

Banco Macro S.A. has entered into a master agreement with Telecom Argentina S.A. and its subsidiaries, Micro Fintech Holding LLC and Micro Sistemas S.A.U., to enhance the growth and expansion of Micro Sistemas' "Personal Pay" payment service business.
As part of the agreement, Banco Macro will make a capital contribution of US$75,000,000 to subscribe to shares representing 50% of the capital stock and voting rights of Micro Sistemas.
This alliance leverages Banco Macro's financial product expertise and Micro Sistemas' customer base, with the transaction subject to antitrust approval.

Jan 22, 2026, 12:36 PM

6-K

Banco Macro SA Reports Q3 2025 Results and Recent Strategic Developments

BMA

Earnings

M&A

New Projects/Investments

For the nine-month period ended September 30, 2025, Banco Macro SA reported net income attributable to controlling interests of 175,325,079 thousand pesos, though the net loss for the third quarter ended September 30, 2025, was (33,096,844 thousand pesos).
As of September 30, 2025, the company's total assets were 20,562,862,688 thousand pesos, with total liabilities of 15,802,880,360 thousand pesos, and total shareholders' equity of 4,759,982,328 thousand pesos (all figures stated in thousands of pesos in constant currency).
Total deposits reached 11,805,065,511 thousand pesos as of September 30, 2025, with the 10 largest customers accounting for 14.21% of the total portfolio.
On January 1, 2025, Banco Macro SA acquired control of Alianza SGR, and the acquisition of Banco Itaú Argentina SA, Itaú Asset Management SA, and Itaú Valores SA was authorized on November 2, 2023.
The bank's agreement with the Misiones Provincial Government, designating it as the exclusive financial agent, remains effective through December 31, 2029.

Dec 17, 2025, 11:39 AM

6-K

Banco Macro Reports Q3 2025 Loss and Provides 2025-2026 Guidance

BMA

Earnings

Guidance Update

M&A

Banco Macro reported a net income loss of ARS 33.1 billion in the third quarter of 2025, which was ARS 191.5 billion lower than the previous quarter. The accumulated annualized ROE and ROA for Q3 2025 were 4.5% and 1.5%, respectively.
The bank's non-performing total finance ratio reached 3.02% in Q3 2025, with the consumer portfolio non-performing loans deteriorating to 4.3%. Management expects the peak in non-performing loans to have occurred between October and November 2025.
For 2025, Banco Macro maintains its ROE forecast in the 8% area, anticipating a stronger fourth quarter driven by bond portfolio recovery, increased loan volumes, and improved Net Interest Margins. For 2026, the bank projects ROE in the low 10s, with loan growth of 35% and deposit growth of 25% in real terms.
As of September 2025, Banco Macro reported an excess capital of ARS 3.3 trillion, with a capital adequacy ratio of 29.9% and a Tier 1 ratio of 29.2%. The bank is actively seeking M&A opportunities to utilize this excess capital.

Dec 1, 2025, 4:00 PM

Transcript

Banco Macro Reports Q3 2025 Financial Results and Provides 2026 Outlook

BMA

Earnings

Guidance Update

M&A

Banco Macro reported a net income loss of ARS 33.1 billion in Q3 2025, attributed to higher loan loss provisions, increased administrative expenses, and reduced income from government and private securities.
Total loans grew 3% quarter-on-quarter to ARS 10.1 trillion, and total deposits increased 5% quarter-on-quarter to ARS 11.8 trillion as of Q3 2025.
The non-performing total finance ratio reached 3.02% in Q3 2025, with management expecting NPLs to peak between October and November 2025 and forecasting a cost of risk of 5% in 2026.
The bank maintains significant excess capital of ARS 3.3 trillion, reflected in a 29.9% capital adequacy ratio, and is exploring M&A opportunities.
Management projects a Return on Equity (ROE) of approximately 8% for 2025 and in the low 10s for 2026, alongside forecasts for 35% real loan growth and 25% real deposit growth in 2026.

Dec 1, 2025, 4:00 PM

Transcript

Banco Macro Reports Q3 2025 Loss and Provides 2026 Guidance

BMA

Earnings

Guidance Update

Demand Weakening

In the third quarter of 2025, Banco Macro reported a net income loss of ARS 33.1 billion, which was ARS 191.5 billion lower than the previous quarter. This loss was primarily attributed to higher loan loss provisions, increased administrative expenses, lower income from government and private securities, and lower net fee income.
The bank's accumulated annualized Return on Equity (ROE) and Return on Assets (ROA) as of Q3 2025 were 4.5% and 1.5%, respectively. The non-performing total finance ratio reached 3.02%, with consumer portfolio non-performing loans deteriorating to 4.3%.
Management expects NPLs to have peaked between October and November 2025, with the cost of risk forecast to be around 5% in 2026. The net interest margin (NIM) for Q3 2025 was 18.7%, lower than the 23.5% in Q2 2025, but is expected to be more similar to Q2 levels in Q4 2025 and around 20% in 2026.
Banco Macro maintains its ROE forecast of approximately 8% for 2025 and expects ROE to be in the low 10s for 2026, with a target of 20% ROE from 2027 onwards. For 2026, the bank forecasts loan growth of 35% and deposit growth of 25% in real terms.