Q2 2024 Banco Macro SA Earnings Call Transcript
Key Points
- Banco Macro SA (BUE:BMA) reported a significant increase in operating income before general, administrative, and personnel expenses, totaling ARS2.38 trillion, a 36% increase compared to the same period in 2023.
- The bank's provision for loan losses decreased by 26% quarter-on-quarter and 20% year-on-year, indicating improved asset quality.
- Total deposits increased by 13% quarter-on-quarter, reaching ARS6.74 trillion, with private sector deposits increasing by 11%.
- Banco Macro SA (BUE:BMA) maintained a strong capital adequacy ratio of 35.7% and a Tier 1 ratio of 34%, reflecting a robust capital position.
- The bank's liquidity remained strong, with liquid assets to total deposit ratio reaching 98% in the second quarter of 2024.
- Banco Macro SA (BUE:BMA) reported a net income loss of ARS233.2 billion for the second quarter of 2024, significantly lower than the previous quarter and year-on-year.
- Net interest income decreased by 6% quarter-on-quarter and 53% year-on-year, reflecting a challenging interest rate environment.
- FX income dropped by 73% quarter-on-quarter and 91% year-on-year, impacted by the Argentine peso depreciation and a reduced long dollar position.
- The bank's net interest margin, including FX, declined to 19.9%, down from 26.2% in the first quarter of 2024 and 38.3% in the second quarter of 2023.
- Administrative expenses plus employee benefits increased by 14% year-on-year, indicating rising operational costs.
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 earnings conference call. We would like to inform you that the 2Q '24 press release is available to download at the Investor Relations website of Banco Macro at www.macro.com.ar/relaciones-inversores. Also, this event is being recorded and all participants will be in listen-only mode during the company's presentation. (Operator Instructions) It is now my pleasure to introduce our speakers.
Joining us from Argentina are Mr. Gustavo Manriquez, Chief Executive Officer; Mr. Jorge Scarinci, Chief Financial Officer; and Mr. Nicolas Torres, IR. Now I will turn the conference over to Mr. Nicolas Torres. You may begin your conference.
Thank you. Good morning, and welcome to Banco Macro's second quarter 2024 conference call. Any comments we may make today may include forward-looking
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