Macro Bank (BMA) Company Report

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.

Dec 1, 2025, 4:00 PM

Transcript

Banco Macro Announces Third Quarter 2025 Results

BMA

Earnings

Demand Weakening

For the first nine months of 2025 (9M25), Banco Macro's net income totaled Ps.176.7 billion, representing a 35% or Ps.95.2 billion decrease compared to the same period last year.
Operating income for 9M25 was Ps.1.03 trillion, which is 64% or Ps.1.84 trillion lower than in 9M24.
In 3Q25, total financing increased 3% quarter over quarter to Ps.10.12 trillion, and total deposits increased 5% quarter over quarter to Ps.11.81 trillion.
Banco Macro reported a strong solvency ratio in 3Q25, with an excess capital of Ps.3.30 trillion, a 29.9% Capital Adequacy Ratio, and a 29.2% Tier 1 Ratio.
The Bank's non-performing to total financing ratio was 3.19% and the coverage ratio reached 120.87% in 3Q25.

Nov 26, 2025, 10:42 PM

Press Release

Macro Bank Inc. Announces Q3 2025 Results and Share Buyback Program

BMA

Earnings

Share Buyback

Regulatory Changes

For the first nine months of 2025 (9M25), Macro Bank Inc. reported a net income of Ps.176.7 billion, which was 35% lower than the same period in 2024, with an accumulated annualized return on average equity (ROAE) of 4.5% and return on average assets (ROAA) of 1.3%.
In Q3 2025, total financing increased 69% year-over-year to Ps.10.12 trillion, and total deposits grew 11% year-over-year to Ps.11.81 trillion, representing 75% of the Bank’s total liabilities.
The bank maintained strong solvency in Q3 2025 with excess capital of Ps.3.3 trillion, a Capital Adequacy Ratio of 29.9%, and a Tier 1 Ratio of 29.2%. The liquid assets to total deposits ratio was 67%.
The non-performing to total financing ratio increased to 3.19% in Q3 2025, up from 2.06% in Q2 2025 and 1.15% in Q3 2024, while the coverage ratio reached 120.87%.
The Board of Directors approved a share buyback program for up to Ps.$225 billion or 30 million Class B shares at a maximum price of Ps.$7,500 per share, with initial acquisitions made in October 2025.

Nov 26, 2025, 9:42 PM

6-K

Banco Macro S.A. Announces Share Buyback Program

BMA

Share Buyback

Banco Macro S.A. has announced a share buyback program for its issued shares.
The program authorizes a maximum investment of up to Ps.$ 225,000,000,000.
The Bank intends to acquire up to 30,000,000 Class B common book-entry shares at a maximum price of Ps. $ 7,500 per share.
The acquisition term for the program is 60 calendar days from the publication date.

Oct 8, 2025, 10:46 PM

Press Release

Banco Macro SA Reports Strong Q2 2025 Earnings and Recent Strategic Mergers

BMA

Earnings

M&A

Dividends

Banco Macro SA reported net income attributable to controlling interests of 149,136,905 thousand pesos for Q2 2025, a significant turnaround from a loss of 316,576,171 thousand pesos in Q2 2024. This resulted in basic earnings per share of 233.2403 pesos for Q2 2025, compared to a loss of 495.1044 pesos in the prior year period.
The company's net interest income saw substantial growth, reaching 696,888,511 thousand pesos in Q2 2025, an increase from 264,880,661 thousand pesos in Q2 2024.
In recent strategic developments, Banco Macro SA acquired control of Alianza SGR on January 1, 2025, and was authorized to merge by absorption with Banco BMA SAU on November 19, 2024.
The company distributed 339,789,911 thousand pesos in dividends for the six-month period ended June 30, 2025.

Sep 18, 2025, 1:44 PM

6-K

Banco Macro Reports Strong Q2 2025 Earnings and Provides 2025-2026 Outlook

BMA

Earnings

Guidance Update

Demand Weakening

Banco Macro reported a Q2 2025 net income of ARS101.1 billion, a 209% increase from the previous quarter, with an annualized ROE and ROA of 123.5%. This performance was primarily driven by higher net interest income and net fee income.
Total loans increased 14% quarter-on-quarter to ARS9.24 trillion, and total deposits grew 4% quarter-on-quarter to ARS62 trillion in Q2 2025. The bank maintains its 2025 guidance for loan growth at 60% and deposit growth at 30%, and forecasts 45% real loan growth for 2026.
The non-performing loan (NPL) ratio was 2.06% in Q2 2025, with consumer NPLs deteriorating to 2.81%. The bank forecasts NPLs to reach 2.5% to 3% by year-end 2025 and expects cost of risk around 4% for the second half of 2025.
While Q2 2025 net interest margin (NIM) was 23.5%, the bank anticipates a timid reduction in Q3 2025, potentially a compression of around 100 basis points, due to increased funding costs and reserve requirements. Banco Macro reported a capital adequacy ratio of 30.5% and a Tier one ratio of 9% in Q2 2025, forecasting a Tier one ratio of 28.75% by year-end 2025.