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01/11 03:34
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings report reveals mixed financial performance with declining interest income and a reduced net interest margin. Despite some positive aspects like increased net fee income, the overall sentiment is negative due to higher loan loss provisions and deteriorating efficiency ratio. The Q&A section highlights concerns about inflation, modest NPL deterioration, and unclear management strategies. Additionally, the market cap of $3.7 billion suggests moderate sensitivity to earnings announcements. Overall, the report's negative aspects outweigh the positives, leading to a negative sentiment rating.
Net Income Ps. 102.2 billion, 4% or Ps. 3.5 billion higher than Q3 2024, driven by lower net interest income, higher net fee income, higher net income from financial assets, and a lower result from the net monetary position as inflation eased.
Total Comprehensive Income Ps. 227.7 billion, 83% lower than fiscal year 2023.
Operating Income Before Expenses Ps. 813.9 billion, 9% or Ps. 81.9 billion lower than Q3 2024 and decreased 72% or Ps. 2.1 trillion year-on-year due to lower income from interest on government securities.
Provision for Loan Losses Ps. 37.5 billion, 51% or Ps. 12.7 billion higher than Q3 2024 and increased 5% or Ps. 2.1 billion year-on-year.
Net Interest Income Ps. 532.6 billion, 13% or Ps. 82.2 billion lower than Q3 2024 and 33% or Ps. 132.6 billion higher year-on-year due to a 12% decrease in interest income and a 32% decrease in income from interest from government securities.
Interest Income Ps. 819.1 billion, 12% or Ps. 107.3 billion lower than Q3 2024 and 34% or Ps. 429.3 billion lower than Q4 2023.
Income from Interest on Loans Ps. 499.9 billion, 14% or Ps. 62 billion higher compared to Q3 2024, mainly due to a 16% increase in the average volume of private sector loans, partially offset by a decrease in the average lending rate; decreased 39% or Ps. 326.4 billion year-on-year.
Income from Government and Private Securities Decreased 32% or Ps. 148.3 billion quarter-on-quarter and increased 35% or Ps. 81 billion year-on-year.
FX Income Ps. 18 billion, lower than the previous quarter and 100% or Ps. 398.4 billion lower than a year ago.
Interest Expense Ps. 286.5 billion, decreasing 8% or Ps. 25.1 billion compared to Q3 2024 and 66% or Ps. 561.9 billion lower compared to Q4 2023.
Net Interest Margin 26.1%, lower than 26.8% in Q3 2024 and lower than 41.7% in Q4 2023.
Net Fee Income Ps. 139.9 billion, 6% or Ps. 7.6 billion higher than Q3 2024 and 11% or Ps. 13.9 billion higher than the same period last year.
Net Income from Financial Assets and Liabilities at Fair Value Ps. 134.9 billion, increasing 21% or Ps. 23 billion compared to Q3 2024, but decreased 93% or Ps. 1.8 trillion year-on-year.
Other Operating Income Ps. 48.8 billion, higher than Q3 2024, but decreased 11% or Ps. 6 billion year-on-year.
Administrative Expenses plus Employee Benefits Ps. 261.8 billion, 4% or Ps. 10.4 billion lower than Q3 2024 and decreased 21% or Ps. 70.2 billion year-on-year.
Efficiency Ratio 39.4%, deteriorating from 36.3% in Q3 2024 and 13.6% year-on-year.
Results from Net Monetary Position Ps. 221 billion loss, Ps. 85.6 billion lower than Q3 2024 and 81% or Ps. 924 billion lower than the loss posted one year ago.
Total Financial Ps. 5.8 trillion, increasing 18% or Ps. 884.1 billion quarter-on-quarter and 45% or Ps. 1.8 trillion higher year-on-year.
Total Deposits Ps. 8.4 trillion, decreased 3% or Ps. 299.3 billion quarter-on-quarter and increased 15% or Ps. 1.1 trillion year-on-year.
Nonperforming Total Financial Ratio 1.28%.
Capital Adequacy Ratio 32.4%.
Tier 1 Ratio 31.6%.
Liquid Assets to Total Deposits Ratio 79%.
Market Share in Private Sector Loans: Banco Macro’s market share over private sector loans as of December 2024 reached 8.3%.
Market Share in Private Sector Deposits: Banco Macro’s market share over private sector deposits as of December 2024 totaled 7%.
Loan Growth: The bank’s total financial reached Ps. 5.8 trillion, increasing 18% or Ps. 884.1 billion quarter-on-quarter and 45% or Ps. 1.8 trillion higher year-on-year.
Consumer Lending Growth: In consumer lending, personal loans and credit card loans increased by 36% or Ps. 303.8 billion and 14% or Ps. 169.7 billion, respectively.
Administrative Expenses: In the fourth quarter of 2024, administrative expenses plus employee benefits totaled Ps. 261.8 billion, 4% lower than the previous quarter.
Efficiency Ratio: As of the fourth quarter of 2024, the efficiency ratio reached 39.4%, deteriorating from 36.3% in the third quarter of 2024.
Capital Adequacy: Banco Macro accounted an excess capital of Ps. 2.8 trillion, representing a capital adequacy ratio of 32.4%.
Net Income Decline: Banco Macro's net income for fiscal year 2024 totaled Ps. 325.1 billion, which is 74% lower than in fiscal year 2023, indicating a significant decline in profitability.
Loan Loss Provisions: Provision for loan losses increased by 51% in Q4 2024 compared to Q3 2024, totaling Ps. 37.5 billion, reflecting potential credit risk and economic challenges.
Interest Income Decrease: Interest income decreased by 34% in fiscal year 2024 compared to fiscal year 2023, indicating challenges in generating revenue from loans.
FX Income Decline: FX income decreased by 91% in fiscal year 2024 compared to fiscal year 2023, highlighting risks associated with currency fluctuations and depreciation of the Argentine peso.
Administrative Expenses Increase: Administrative expenses plus employee benefits increased by 11% in fiscal year 2024 compared to fiscal year 2023, which may affect overall profitability.
Nonperforming Loans: The nonperforming total financial ratio reached 1.28%, with a deterioration in both consumer and commercial portfolio nonperforming loans, indicating potential credit quality issues.
Market Share Pressure: Banco Macro's market share over private sector loans as of December 2024 was 8.3%, suggesting competitive pressures in the banking sector.
Regulatory Environment: The bank's reporting is subject to hyperinflation accounting as per IFRS IAS 29, which may complicate financial analysis and investor perception.
Loan Growth: Banco Macro's total financial reached Ps. 5.8 trillion, increasing 18% quarter-on-quarter and 45% year-on-year. Personal loans and credit card loans increased by 36% and 14%, respectively.
Market Share: Banco Macro's market share over private sector loans as of December 2024 reached 8.3%.
Capital Utilization: Banco Macro aims to make the best use of its excess capital of Ps. 2.8 trillion, representing a capital adequacy ratio of 32.4%.
Net Income Guidance: In fiscal year 2024, net income totaled Ps. 325.1 billion, 74% lower than in fiscal year 2023.
Provision for Loan Losses: In fiscal year 2024, provision for loan losses totaled Ps. 109.4 billion, 9% higher than in fiscal year 2023.
Interest Income: In fiscal year 2024, interest income totaled Ps. 3.5 trillion, 34% lower than in fiscal year 2023.
Efficiency Ratio: The efficiency ratio reached 39.4%, deteriorating from 36.3% in the previous quarter.
Inflation Impact: Inflation in 2024 reached 117.8%, compared to 211.4% in 2023.
Share Buyback Program: Banco Macro has not announced any share buyback program during the fourth quarter of 2024.
Dividend Program: Banco Macro has not discussed any dividend program during the fourth quarter of 2024.
The earnings call summary reveals several concerns: a rise in nonperforming loans, unexpected expenses, and poor bond portfolio performance. Despite optimistic loan and deposit growth forecasts, the Q&A section highlighted uncertainties, such as unclear management responses and no immediate buyback plans. The market may react negatively to the weak financial results, increased costs, and cautious outlook on returns. Given the mid-cap status of the company, these factors are likely to result in a stock price decrease of -2% to -8% over the next two weeks.
The earnings call highlights mixed signals: while there is strong loan growth and a robust capital position, the decrease in net income and rising non-performing loans, coupled with management's cautious outlook on NIMs and asset quality, balance out the positives. The Q&A reveals concerns about volatility and rising interest rates, which could pressure margins and asset quality. However, optimistic loan and deposit growth guidance provide a counterbalance. Given the market cap of $3.7 billion, the stock is likely to see a neutral movement in the next two weeks.
The earnings call reveals a significant drop in net income and operating income, alongside increased loan loss provisions. Despite some positive aspects like deposit growth and capital adequacy, the overall financial performance is weak with declining margins and income. The Q&A further highlights concerns with lowered ROE guidance and unclear responses on M&A opportunities. The market cap suggests moderate sensitivity, leading to a predicted negative stock price movement of -2% to -8% over the next two weeks.
The earnings report reveals mixed financial performance with declining interest income and a reduced net interest margin. Despite some positive aspects like increased net fee income, the overall sentiment is negative due to higher loan loss provisions and deteriorating efficiency ratio. The Q&A section highlights concerns about inflation, modest NPL deterioration, and unclear management strategies. Additionally, the market cap of $3.7 billion suggests moderate sensitivity to earnings announcements. Overall, the report's negative aspects outweigh the positives, leading to a negative sentiment rating.
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