SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
February 23, 2022
Commission File Number: 001-32827
MACRO BANK INC.
(Translation of registrant’s name into English)
Avenida Eduardo Madero 1182
Ciudad Autónoma de Buenos Aires C1106 ACY
Tel: 54 11 5222 6500
(Address of registrant’s principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F | x | Form 40-F | ¨ |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
| Yes | ¨ | No | x |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
| Yes | ¨ | No | x |
 | 4Q21 Earnings Release |
Banco Macro Announces Results for the Fourth Quarter of 2021
Buenos Aires, Argentina, February 23, 2022 – Banco Macro S.A. (NYSE: BMA; BYMA: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the fourth quarter ended December 31, 2021 (“4Q21”). All figures are in Argentine pesos (Ps.) and have been restated in terms of the measuring unit current at the end of the reporting period. As of 1Q20, the Bank began reporting results applying Hyperinflation Accounting, in accordance with IFRS IAS 29 as established by the Central Bank. For ease of comparison, figures of previous quarters of 2020 and 2021 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through December 31, 2021.
Summary
● The Bank’s net income totaled Ps.10.5 billion in 4Q21. This result was 30% higher than the Ps.8.1 billion posted in 3Q21 and 120% higher than in 4Q20. In 4Q21, the accumulated annualized return on average equity (“ROAE”) and the accumulated annualized return on average assets (“ROAA”) were 12.2% and 2.8%, respectively. Net Income for FY2021 totaled Ps.27.1 billion, 26% lower than the Ps.36.8 posted in FY2020. Total Comprehensive Income for FY2021 totaled Ps.28.3 billion, 26% lower than in FY2020.
● In 4Q21, Banco Macro’s financing to the private sector increased 4% or Ps.11.9 billion quarter over quarter (“QoQ”) totaling Ps.349 billion and decreased 8% or Ps.32.1 billion year over year (“YoY”). In the quarter, within consumer loans, Credit card loans stood out; with a 9% increase QoQ, meanwhile within commercial loans Overdrafts stood out with an 8% increase QoQ. In FY2021 Pledged loans stood out with a 49% increase.
● In 4Q21, Banco Macro’s total deposits decreased 1% or Ps.8.7 billion QoQ, totaling Ps.588.9 billion and representing 78% of the Bank’s total liabilities. Private sector deposits decreased 1% or Ps.5.7 billion QoQ. In FY2021, within private sector deposits, both time and demand deposits decreased 24% and 7% respectively YoY.
● Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.197.8 billion, 36.1% regulatory capital ratio – Basel III and 30.9% Tier 1 Ratio. In addition, the Bank’s liquid assets remained at an adequate level, reaching 90% of its total deposits in 4Q21.
● In 4Q21, the Bank’s non-performing to total financing ratio was 1.3% and the coverage ratio improved to 209.61%.
4Q21 Earnings Release Conference Call
| IR Contacts in Buenos Aires: | |
| Thursday, February 24, 2022 | |
| Time: 11:00 a.m. Eastern Time | 1:00 p.m. Buenos Aires Time | Jorge Scarinci |
| Chief Financial Officer | |
| To participate, please dial: | |
| Argentina Toll Free: | Nicolás A. Torres |
| (011) 3984 5677 | Investor Relations |
Participants Dial In (Toll Free): | Webcast Replay: click here | |
| +1 (844) 450 3847 | Phone: (54 11) 5222 6682 | |
| Participants International Dial In: | Available from 02/24/2022 through 03/10/2022 | E-mail: investorelations@macro.com.ar |
| +1 (412) 317 6370 | ||
| Conference ID: Banco Macro | Visit our website at: | |
| Webcast: click here | www.macro.com.ar/relaciones-inversores |
2
| | 4Q21 Earnings Release |
Disclaimer
This press release includes forward-looking statements. We have based these forward-looking statements largely on our current beliefs, expectations and projections about future events and financial trends affecting our business. Many important factors could cause our actual results to differ substantially from those anticipated in our forward-looking statements, including, among other things: inflation; changes in interest rates and the cost of deposits; government regulation; adverse legal or regulatory disputes or proceedings; credit and other risks of lending, such as increases in defaults by borrowers; fluctuations and declines in the value of Argentine public debt; competition in banking and financial services; deterioration in regional and national business and economic conditions in Argentina; and fluctuations in the exchange rate of the peso.
The words “believe,” “may,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar words are intended to identify forward-looking statements. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of future regulation and the effects of competition. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to update publicly or to revise any forward-looking statements after we distribute this press release because of new information, future events or other factors. In light of the risks and uncertainties described above, the forward-looking events and circumstances discussed in this press release might not occur and are not guarantees of future performance.
This report is a summary analysis of Banco Macro's financial condition and results of operations as of and for the period indicated. For a correct interpretation, this report must be read in conjunction with all other material periodically filed with the Comisión Nacional de Valores (www.cnv.gob.ar), the Securities and Exchange Commission (www.sec.gov), Bolsas y mercados Argentinos (www.byma.com.ar) and the New York Stock Exchange (www.nyse.com). In addition, the Central Bank (www.bcra.gov.ar) may publish information related to Banco Macro as of a date subsequent to the last date for which the Bank has published information.
Readers of this report must note that this is a translation made from an original version written and expressed in Spanish. Consequently, any matters of interpretation should be referred to the original version in Spanish.
3
| 4Q21 Earnings Release |
This Earnings Release has been prepared in accordance with the accounting framework established by the Central Bank of Argentina (“BCRA”), based on International Financial Reporting Standards (“I.F.R.S.”) and the resolutions adopted by the International Accouting Standards Board (“I.A.S.B”) and by the Federación Argentina de Consejos Profesionales de Ciencias Económicas (“F.A.C.P.E.”). As of January 2020 the Bank started reporting with the application of (i) Expected losses of IFRS 9 “Financial Instruments” and (ii) IAS 29 “Financial Reporting in Hyperinflationary Economies”. Data and figures shown in this Earnings Release may differ from the ones shown in the 20-F annual report.
Results
Earnings per outstanding share were Ps.16.49 in 4Q21, 30% higher than in 3Q21 and 120% higher than the result posted a year ago.
In FY2021, earnings per outstanding share were Ps.42.42, 26% lower than in FY2020.
| EARNINGS PER SHARE | MACRO Consolidated | Change | ||||||||||||||||||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | 4Q20 | 3Q21 | 4Q21 | FY2020 | FY2021 | QoQ | YoY | |||||||||||||||||||||
| Net income -Parent Company- (M $) | 4,791 | 8,106 | 10,534 | 36,782 | 27,123 | 30 | % | 120 | % | |||||||||||||||||||
| Average # of shares outstanding (M) | 639 | 639 | 639 | 639 | 639 | 0 | % | 0 | % | |||||||||||||||||||
| Average #of treasury stocks (shares repurchased) (M) | 0 | - | - | 0 | 0 | - | - | |||||||||||||||||||||
| Book value per avg. Outstanding share ($) | 350 | 357 | 373 | 350 | 373 | 4 | % | 7 | % | |||||||||||||||||||
| Shares Outstanding (M) | 639 | 639 | 639 | 639 | 639 | 0 | % | 0 | % | |||||||||||||||||||
| Earnings per avg. outstanding share ($) | 7.50 | 12.69 | 16.49 | 57.52 | 42.42 | 30 | % | 120 | % | |||||||||||||||||||
| EOP FX (Pesos per USD) | 84.1450 | 98.7350 | 102.7500 | 4 | % | 22 | % | |||||||||||||||||||||
| Book value per avg. issued ADS (USD) | 41.59 | 36.16 | 36.30 | 41.59 | 36.30 | 0 | % | -13 | % | |||||||||||||||||||
| Earnings per avg. outstanding ADS (USD) | 0.89 | 1.28 | 1.60 | 6.84 | 4.13 | 25 | % | 80 | % | |||||||||||||||||||
Banco Macro’s 4Q21 net income of Ps.10.5 billion was 30% or Ps.2.4 billion higher than the previous quarter and 120% or Ps.5.7 billion higher YoY. This result represented an accumulated ROAE and ROAA of 12.2% and 2.8% respectively.
In FY2021 net income for the period totaled Ps.27.1 billion, 26% lower than the Ps.36.8 billion posted in FY2020. Total comprehensive income totaled Ps.28.3 billion, 26% lower than a year ago.
Net operating income (before G&A and personnel expenses) was Ps.49.7 billion in 4Q21, increasing 4% or Ps.2.1 billion compared to 3Q21 due to higher net interest income, higher Fx gains which were partially offset by higher loan loss provisions. On a yearly basis, Net Operating Income (before G&A and personnel expenses) increased 5% or Ps.2.4 billion.
In FY2021 Net operating income (before G&A and personnel expenses) totaled Ps.194.5 billion, 3% lower than the previous year.
In 4Q21, Provision for loan losses totaled Ps.2 billion, Ps.1.7 billion higher than in 3Q21. The Bank decided to increase loan loss provisions given the uncertainty and probable adverse macroeconomic scenario arising from a non-agreement with the International Monetary Fund regarding the restructuring of Argentina’s debt. On a yearly basis provision for loan losses decreased 40% or Ps.1.3 billion.
In FY2021 Provision for loan losses decreased 80% compared to FY2020 given that in 2020 adjustments were made to expected credit losses model in order to reflect the adverse effects and consequences of the COVID19 pandemic.
Operating income (after G&A and personnel expenses) was Ps.22.4 billion in 4Q21, 1% or Ps.167 million lower than in 3Q21 and 2% or Ps.511 million higher than a year ago.
It is important to emphasize that this result was obtained with a leverage of only 4.2x assets to equity ratio.
4
| 4Q21 Earnings Release |
| INCOME STATEMENT | MACRO Consolidated | Change | ||||||||||||||||||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | 4Q20 | 3Q21 | 4Q21 | FY2020 | FY2021 | QoQ | YoY | |||||||||||||||||||||
| Net Interest Income | 32,860 | 32,784 | 35,680 | 145,275 | 130,998 | 9 | % | 9 | % | |||||||||||||||||||
| Net fee income | 8,543 | 8,624 | 8,760 | 34,257 | 33,453 | 2 | % | 3 | % | |||||||||||||||||||
| Net Interest Income + Net Fee Income | 41,403 | 41,408 | 44,440 | 179,532 | 164,451 | 7 | % | 7 | % | |||||||||||||||||||
| Net Income from financial instruments at fair value through P&L | 4,955 | 3,810 | 3,542 | 16,735 | 19,809 | -7 | % | -29 | % | |||||||||||||||||||
| Income from assets at amortized cost | 190 | 0 | 91 | 1,951 | 244 | - | -52 | % | ||||||||||||||||||||
| Differences in quoted prices of gold and foreign currency | 1,920 | 652 | 1,600 | 6,384 | 4,648 | 145 | % | -17 | % | |||||||||||||||||||
| Other operating income | 2,100 | 1,943 | 1,984 | 8,105 | 7,829 | 2 | % | -6 | % | |||||||||||||||||||
| Provision for loan losses | 3,259 | 233 | 1,963 | 12,080 | 2,455 | 742 | % | -40 | % | |||||||||||||||||||
| Net Operating Income | 47,309 | 47,580 | 49,694 | 200,627 | 194,526 | 4 | % | 5 | % | |||||||||||||||||||
| Employee benefits | 10,349 | 9,945 | 9,726 | 40,148 | 39,481 | -2 | % | -6 | % | |||||||||||||||||||
| Administrative expenses | 5,882 | 4,951 | 5,897 | 21,947 | 20,092 | 19 | % | 0 | % | |||||||||||||||||||
| Depreciation and impairment of assets | 1,680 | 1,826 | 1,851 | 6,645 | 7,126 | 1 | % | 10 | % | |||||||||||||||||||
| Other operating expenses | 7,530 | 8,312 | 9,841 | 30,895 | 34,197 | 18 | % | 31 | % | |||||||||||||||||||
| Operating Income | 21,868 | 22,546 | 22,379 | 100,992 | 93,630 | -1 | % | 2 | % | |||||||||||||||||||
| Result from associates & joint ventures | -90 | -1 | 35 | -10 | 87 | - | - | |||||||||||||||||||||
| Result from net monetary postion | -16,057 | -14,125 | -15,178 | -45,724 | -64,931 | - | - | |||||||||||||||||||||
| Result before taxes from continuing operations | 5,721 | 8,420 | 7,236 | 55,258 | 28,786 | -14 | % | 26 | % | |||||||||||||||||||
| Income tax | 930 | 314 | -3,298 | 18,476 | 1,663 | - | - | |||||||||||||||||||||
| Net income from continuing operations | 4,791 | 8,106 | 10,534 | 36,782 | 27,123 | 30 | % | 120 | % | |||||||||||||||||||
| Net Income of the period | 4,791 | 8,106 | 10,534 | 36,782 | 27,123 | 30 | % | 120 | % | |||||||||||||||||||
| Net income of the period attributable to parent company | 4,791 | 8,106 | 10,534 | 36,782 | 27,122 | 30 | % | 120 | % | |||||||||||||||||||
| Net income of the period attributable to minority interest | 0 | 0 | 0 | 0 | 1 | - | - | |||||||||||||||||||||
| Other Comprehensive Income | -179 | 64 | 69 | 1,416 | 1,174 | 8 | % | - | ||||||||||||||||||||
| Foreign currency translation differences in financial statements conversion | -33 | -203 | -193 | 181 | -766 | - | - | |||||||||||||||||||||
| Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a) | -146 | 267 | 262 | 1,235 | 1,940 | -2 | % | - | ||||||||||||||||||||
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 4,612 | 8,170 | 10,603 | 38,198 | 28,297 | 30 | % | 130 | % | |||||||||||||||||||
| Total Comprehensive Income attributable to parent Company | 4,611 | 8,170 | 10,603 | 38,197 | 28,296 | 30 | % | 130 | % | |||||||||||||||||||
| Total Comprehensive Income attributable to non-controlling interests | 1 | - | - | 1 | 1 | - | - | |||||||||||||||||||||
The Bank’s 4Q21 net interest income totaled Ps.35.7 billion, 9% or Ps.2.9 billion higher than in 3Q21 and 9% or Ps.2.8 billion higher YoY.
In FY201, net interest income was 10% lower than in FY2020 as a result of different regulations adopted that set caps on lending rates and floors on deposit rates.
In 4Q21 interest income totaled Ps.56.9 billion,3% or Ps.1.9 billion higher than in 3Q21 and 9% or Ps.5.9 billion lower than in 4Q20.
Income from interest on loans and other financing totaled Ps.29.6 billion, 8% or Ps.2.1 billion higher compared with the previous quarter due to a 5% increase in the average volume of private sector loans and a 93 basis points increase in the average lending rate. On a yearly basis Income from interest on loans was practically unchanged with a Ps.17 million decrease.
In FY2021 interest on loans totaled Ps.114.8 billion and decreased 11% compared to FY2020.
In 4Q21 income from government and private securities increased 2% or Ps.520 million QoQ (due to higher income from Government securities) and decreased 13% or Ps.3.8 billion compared with the same period of last year. This result is explained 94% by income from government and private securities through other comprehensive income (Leliqs and Other government securities) and the remaining 6% is explained by income from government and private securities in pesos at amortized cost.
5
| 4Q21 Earnings Release |
In FY2021, income from government and private securities increased 5% compared with FY2020.
In 4Q21, income from Repos totaled Ps.1.7 billion, 30% or Ps.727 million lower than the previous quarter and 55% or Ps.2.1 higher than a year ago.
In 4Q21 FX income totaled Ps.1.6 billion, 145% or Ps.948 million higher than the previous quarter and 17% or Ps.320 million lower than a year ago. FX income gain was due to the 4% argentine peso depreciation against the US dollar, the Bank’s long spot dollar position during the quarter and FX trading results.
In FY2021, FX income totaled a Ps.4.6 billion gain, 17% lower than FY2020.
| FX INCOME | MACRO Consolidated | Change | ||||||||||||||||||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | 4Q20 | 3Q21 | 4Q21 | FY2020 | FY2021 | QoQ | YoY | |||||||||||||||||||||
| (1) Differences in quoted prices of gold and foreign currency | 1,920 | 652 | 1,600 | 6,384 | 4,648 | 145 | % | -17 | % | |||||||||||||||||||
| Translation of FX assets and liabilities to Pesos | 1,617 | 506 | 1,439 | 4,947 | 4,099 | 184 | % | -11 | % | |||||||||||||||||||
| Income from foreign currency exchange | 303 | 146 | 161 | 1,437 | 549 | 10 | % | -47 | % | |||||||||||||||||||
| (2) Net Income from financial assets and liabilities at fair value through P&L | 9 | 0 | 0 | 115 | 0 | - | -100 | % | ||||||||||||||||||||
| Income from investment in derivative financing instruments | 9 | 0 | 115 | 0 | - | -100 | % | |||||||||||||||||||||
| (1) +(2) Total Result from Differences in quoted prices of gold and foreign currency | 1,929 | 652 | 1,600 | 6,499 | 4,648 | 145 | % | -17 | % | |||||||||||||||||||
| INTEREST INCOME | MACRO Consolidated | Change | ||||||||||||||||||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | 4Q20 | 3Q21 | 4Q21 | FY2020 | FY2021 | QoQ | YoY | |||||||||||||||||||||
| Interest on Cash and due from Banks | 3 | 3 | 3 | 193 | 14 | 0 | % | 0 | % | |||||||||||||||||||
| Interest from government securities | 29,171 | 25,046 | 25,575 | 94,658 | 101,825 | 2 | % | -12 | % | |||||||||||||||||||
| Interest from private securities | 244 | 48 | 39 | 2,427 | 303 | -19 | % | -84 | % | |||||||||||||||||||
| Interest on loans and other financing | ||||||||||||||||||||||||||||
| To the financial sector | 265 | 153 | 139 | 1,528 | 677 | -9 | % | -48 | % | |||||||||||||||||||
| To the public non financial sector | 744 | 397 | 311 | 4,458 | 1,816 | -22 | % | -58 | % | |||||||||||||||||||
| Interest on overdrafts | 2,073 | 1,998 | 2,054 | 16,321 | 8,072 | 3 | % | -1 | % | |||||||||||||||||||
| Interest on documents | 1,766 | 2,552 | 2,997 | 7,183 | 9,373 | 17 | % | 70 | % | |||||||||||||||||||
| Interest on mortgages loans | 3,456 | 3,305 | 3,807 | 12,187 | 15,283 | 15 | % | 10 | % | |||||||||||||||||||
| Interest on pledged loans | 164 | 282 | 458 | 719 | 1,063 | 62 | % | 179 | % | |||||||||||||||||||
| Interest on personal loans | 12,012 | 11,695 | 12,168 | 49,344 | 48,140 | 4 | % | 1 | % | |||||||||||||||||||
| Interest on credit cards loans | 3,824 | 3,542 | 4,092 | 17,375 | 14,731 | 16 | % | 7 | % | |||||||||||||||||||
| Interest on financial leases | 15 | -1 | 37 | 86 | 84 | -3800 | % | 147 | % | |||||||||||||||||||
| Interest on other loans | 5,280 | 3,551 | 3,519 | 19,953 | 15,515 | -1 | % | -33 | % | |||||||||||||||||||
| Interest on Repos | ||||||||||||||||||||||||||||
| From the BCRA | 3,739 | 2,409 | 1,680 | 10,523 | 8,484 | -30 | % | -55 | % | |||||||||||||||||||
| Other financial institutions | 46 | 6 | 8 | 144 | 52 | 33 | % | -83 | % | |||||||||||||||||||
| Total Interest income | 62,802 | 54,986 | 56,887 | 237,099 | 225,432 | 3 | % | -9 | % | |||||||||||||||||||
| Income from Interest on loans | 29,599 | 27,474 | 29,582 | 129,154 | 114,754 | 8 | % | 0 | % | |||||||||||||||||||
The Bank’s 4Q21 interest expense totaled Ps.20.3 billion, increasing 4% or Ps.1 billion compared to the previous quarter and 29% (Ps.8.7 billion) compared to 4Q20.
6
| 4Q21 Earnings Release |
In 4Q21, interest on deposits represented 96% of the Bank’s total interest expense, decreasing 4% or Ps.894 million QoQ, due to a 3% decrease in the average volume of deposits from the private sector, while the average rate paid on deposits was unchanged. On a yearly basis, interest on deposits increased 28% or Ps.8 billion.
In FY2021, interest expense increased 3% compared with FY2020.
| INTEREST EXPENSE | MACRO Consolidated | Change | ||||||||||||||||||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | 4Q20 | 3Q21 | 4Q21 | FY2020 | FY2021 | QoQ | YoY | |||||||||||||||||||||
| Deposits | ||||||||||||||||||||||||||||
| Interest on checking accounts | 1,840 | 108 | 142 | 2,982 | 1,316 | 31 | % | -92 | % | |||||||||||||||||||
| Interest on saving accounts | 278 | 286 | 305 | 987 | 1,237 | 7 | % | 10 | % | |||||||||||||||||||
| Interest on time deposits | 26,147 | 20,764 | 19,817 | 81,358 | 87,258 | -5 | % | -24 | % | |||||||||||||||||||
| Interest on other financing from BCRA and financial inst. | 54 | 25 | 19 | 149 | 153 | -24 | % | -65 | % | |||||||||||||||||||
| Repos | ||||||||||||||||||||||||||||
| Other financial institutions | 131 | 81 | 60 | 295 | 295 | -26 | % | -54 | % | |||||||||||||||||||
| Interest on corporate bonds | 560 | 121 | 111 | 2,336 | 862 | -8 | % | -80 | % | |||||||||||||||||||
| Interest on subordinated bonds | 917 | 808 | 707 | 3,619 | 3,244 | -13 | % | -23 | % | |||||||||||||||||||
| Interest on other financial liabilities | 15 | 9 | 46 | 98 | 69 | 411 | % | 207 | % | |||||||||||||||||||
| Total financial expense | 29,942 | 22,202 | 21,207 | 91,824 | 94,434 | -4 | % | -29 | % | |||||||||||||||||||
| Expenses from interest on deposits | 28,265 | 21,158 | 20,264 | 85,327 | 89,811 | -4 | % | -28 | % | |||||||||||||||||||
In 4Q21, the Bank’s net interest margin (including FX) was 21.2%, higher than the 19.1% posted in 3Q21 and the 16.3% posted in 4Q20.
In 4Q21, Net Interest Margin (excluding FX) was 20.3%, higher than the 18.7% posted in 3Q21 and than the 15.4% posted in 4Q20.
In 4Q21, Net Interest Margin (Pesos) was 22.9%, higher than the 20.8% posted in 3Q21 and than the 17.7% in 4Q20; meanwhile Net Interest Margin (USD) was 4.1%, higher than the 3.9% posted in 3Q21 and than the 2% registered in 4Q20.
| ASSETS & LIABILITIES PERFORMANCE (AR$) | MACRO Consolidated | |||||||||||||||||||||||||||||||||||
| In MILLION $ | 4Q20 | 3Q21 | 4Q21 | |||||||||||||||||||||||||||||||||
| (Measuring Unit Current at EOP) | AVERAGE | REAL INT | NOMINAL | AVERAGE | REAL INT | NOMINAL | AVERAGE | REAL INT | NOMINAL | |||||||||||||||||||||||||||
| Yields & rates in annualized nominal % | BALANCE | RATE | INT RATE | BALANCE | RATE | INT RATE | BALANCE | RATE | INT RATE | |||||||||||||||||||||||||||
| Interest-earning assets | ||||||||||||||||||||||||||||||||||||
| Loans & Other Financing | ||||||||||||||||||||||||||||||||||||
| Public Sector | 6,231 | 1.7 | % | 47.5 | % | 3,441 | 6.6 | % | 45.8 | % | 2,911 | 1.3 | % | 42.4 | % | |||||||||||||||||||||
| Financial Sector | 2,826 | -5.4 | % | 37.2 | % | 1,702 | -0.8 | % | 35.7 | % | 1,682 | -5.5 | % | 32.8 | % | |||||||||||||||||||||
| Private Sector | 337,989 | -9.1 | % | 31.8 | % | 296,874 | -2.2 | % | 33.8 | % | 317,478 | -4.4 | % | 34.3 | % | |||||||||||||||||||||
| Other debt securities | ||||||||||||||||||||||||||||||||||||
| Central Bank Securities (Leliqs) | 181,721 | -5.5 | % | 37.1 | % | 142,217 | 0.5 | % | 37.5 | % | 135,948 | -2.1 | % | 37.6 | % | |||||||||||||||||||||
| Government & Private Securities | 151,349 | -8.5 | % | 32.7 | % | 137,385 | -2.4 | % | 33.6 | % | 122,956 | 0.3 | % | 40.9 | % | |||||||||||||||||||||
| Repos | 44,767 | -7.9 | % | 33.6 | % | 26,373 | -0.4 | % | 36.3 | % | 18,517 | -3.1 | % | 36.2 | % | |||||||||||||||||||||
| Total interest-earning assets | 724,883 | -7.9 | % | 33.6 | % | 607,992 | -1.5 | % | 34.8 | % | 599,492 | -2.9 | % | 36.5 | % | |||||||||||||||||||||
| Fin. Assets through P&L and equity inv. | 49,836 | -3.8 | % | 39.6 | % | 40,138 | 0.6 | % | 37.7 | % | 31,042 | 0.6 | % | 37.7 | % | |||||||||||||||||||||
| Other Non interest-earning assets | 86,938 | 72,476 | 71,750 | |||||||||||||||||||||||||||||||||
| Total Non interest-earning assets | 136,774 | 112,614 | 102,792 | |||||||||||||||||||||||||||||||||
| Total Average Assets | 861,657 | 720,606 | 702,284 | |||||||||||||||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||
| Deposits | ||||||||||||||||||||||||||||||||||||
| Public Sector | 84,560 | -12.0 | % | 27.6 | % | 23,733 | -6.4 | % | 28.1 | % | 19,888 | -9.1 | % | 27.7 | % | |||||||||||||||||||||
| Private Sector | 376,200 | -14.8 | % | 23.6 | % | 322,016 | -9.4 | % | 24.0 | % | 316,547 | -12.0 | % | 23.6 | % | |||||||||||||||||||||
| BCRA and other financial institutions | 825 | -11.4 | % | 28.5 | % | 419 | -6.8 | % | 27.5 | % | 310 | 26.8 | % | 78.1 | % | |||||||||||||||||||||
| Corporate bonds | 7,581 | -10.8 | % | 29.4 | % | 2,651 | -13.7 | % | 18.1 | % | 3,135 | -18.9 | % | 14.0 | % | |||||||||||||||||||||
| Repos | 1,716 | -10.1 | % | 30.4 | % | 1,308 | -8.9 | % | 24.6 | % | 825 | -8.3 | % | 28.9 | % | |||||||||||||||||||||
| Total int.-bearing liabilities | 470,882 | -14.2 | % | 24.5 | % | 350,127 | -9.2 | % | 24.2 | % | 340,705 | -11.8 | % | 23.9 | % | |||||||||||||||||||||
| Total non int.-bearing liabilities | 251,915 | 223,449 | 231,158 | |||||||||||||||||||||||||||||||||
| Total Average Liabilities | 722,797 | 573,576 | 571,863 | |||||||||||||||||||||||||||||||||
| Assets Performance | 61,183 | 53,294 | 55,133 | |||||||||||||||||||||||||||||||||
| Liabilities Performance | 28,952 | 21,369 | 20,484 | |||||||||||||||||||||||||||||||||
| Net Interest Income | 32,231 | 31,925 | 34,649 | |||||||||||||||||||||||||||||||||
| Total interest-earning assets | 724,883 | 607,992 | 599,492 | |||||||||||||||||||||||||||||||||
| Net Interest Margin (NIM) | 17.7 | % | 20.8 | % | 22.9 | % | ||||||||||||||||||||||||||||||
7
| 4Q21 Earnings Release |
| ASSETS & LIABILITIES PERFORMANCE USD | MACRO Consolidated | |||||||||||||||||||||||||||||||||||
| In MILLION $ | 4Q20 | 3Q21 | 4Q21 | |||||||||||||||||||||||||||||||||
| (Measuring Unit Current at EOP) | AVERAGE | REAL INT | NOMINAL | AVERAGE | REAL INT | NOMINAL | AVERAGE | REAL INT | NOMINAL | |||||||||||||||||||||||||||
| Yields & rates in annualized nominal % | BALANCE | RATE | INT RATE | BALANCE | RATE | INT RATE | BALANCE | RATE | INT RATE | |||||||||||||||||||||||||||
| Interest-earning assets | ||||||||||||||||||||||||||||||||||||
| Cash and Deposits in Banks | 76,657 | -2.4 | % | 0.0 | % | 55,553 | -17.8 | % | 0.0 | % | 49,850 | -17.3 | % | 0.0 | % | |||||||||||||||||||||
| Loans & Other Financing | ||||||||||||||||||||||||||||||||||||
| Financial Sector | 40 | 7.3 | % | 9.9 | % | 0 | 0.0 | % | 0.0 | % | 0 | 0.0 | % | 0.0 | % | |||||||||||||||||||||
| Private Sector | 36,558 | 14.8 | % | 17.6 | % | 22,937 | 5.7 | % | 28.6 | % | 19,175 | 11.3 | % | 34.6 | % | |||||||||||||||||||||
| Other debt securities | ||||||||||||||||||||||||||||||||||||
| Government & Private Securities | 9,004 | 0.0 | % | 0.0 | % | 8,648 | -16.4 | % | 1.7 | % | 29,605 | -16.5 | % | 1.0 | % | |||||||||||||||||||||
| Total interest-earning assets | 122,259 | 2.8 | % | 5.3 | % | 87,138 | -11.5 | % | 7.7 | % | 98,630 | -11.5 | % | 7.1 | % | |||||||||||||||||||||
| Non interest-earning assets | 142,020 | 155,310 | 151,310 | |||||||||||||||||||||||||||||||||
| Total Average Assets | 264,279 | 242,448 | 249,940 | |||||||||||||||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||
| Deposits | ||||||||||||||||||||||||||||||||||||
| Public Sector | 1,241 | -2.1 | % | 0.3 | % | 2,948 | -17.7 | % | 0.1 | % | 4,325 | -17.3 | % | 0.1 | % | |||||||||||||||||||||
| Private Sector | 71,910 | -2.1 | % | 0.3 | % | 68,059 | -17.7 | % | 0.1 | % | 60,744 | -17.3 | % | 0.1 | % | |||||||||||||||||||||
| BCRA and other financial institutions | 851 | 2.2 | % | 4.7 | % | 557 | -14.8 | % | 3.6 | % | 408 | -14.1 | % | 3.9 | % | |||||||||||||||||||||
| Subordinated bonds | 51,102 | 4.6 | % | 7.1 | % | 45,442 | -12.0 | % | 7.1 | % | 42,558 | -11.9 | % | 6.6 | % | |||||||||||||||||||||
| Total int.-bearing liabilities | 125,104 | 0.7 | % | 3.1 | % | 117,006 | -15.5 | % | 2.8 | % | 108,035 | -15.1 | % | 2.7 | % | |||||||||||||||||||||
| Total non int.-bearing liabilities | 61,350 | 52,050 | 44,241 | |||||||||||||||||||||||||||||||||
| Total Average liabilities | 186,454 | 169,056 | 152,276 | |||||||||||||||||||||||||||||||||
| Assets Performance | 1,619 | 1,692 | 1,754 | |||||||||||||||||||||||||||||||||
| Liabilities Performance | 990 | 833 | 723 | |||||||||||||||||||||||||||||||||
| Net Interest Income | 629 | 859 | 1,031 | |||||||||||||||||||||||||||||||||
| Total interest-earning assets | 122,259 | 87,138 | 98,630 | |||||||||||||||||||||||||||||||||
| Net Interest Margin (NIM) | 2.0 | % | 3.9 | % | 4.1 | % | ||||||||||||||||||||||||||||||
In 4Q21 Banco Macro’s net fee income totaled Ps.8.8 billion, 2% or Ps.136 million higher than in 3Q21 and 3% or Ps.217 million higher than the same period of last year.
In FY2021, net fee income was 2% lower than in the previous year.
In the quarter, fee income totaled Ps.9.7 billion, 2% or Ps.193 million higher than in 3Q21. Corporate services fees, credit card fees and debit card fees stood out with with 7%, 4% and 8% increases respectively. On a yearly basis, fee income increased 4% or Ps.204 million.
In the quarter, total fee expense increased 6% or Ps.57 million. On a yearly basis, fee expenses increased 21% or Ps.173 million.
| NET FEE INCOME | MACRO Consolidated | Change | ||||||||||||||||||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | 4Q20 | 3Q21 | 4Q21 | FY2020 | FY2021 | QoQ | YoY | |||||||||||||||||||||
| Fees charged on deposit accounts | 3,340 | 3,728 | 3,609 | 13,930 | 14,210 | -3 | % | 8 | % | |||||||||||||||||||
| Credit card fees | 1,999 | 1,694 | 1,762 | 7,843 | 6,588 | 4 | % | -12 | % | |||||||||||||||||||
| Corporate services fees | 931 | 1,092 | 1,165 | 3,655 | 4,127 | 7 | % | 25 | % | |||||||||||||||||||
| ATM transactions fees | 852 | 880 | 894 | 3,232 | 3,455 | 2 | % | 5 | % | |||||||||||||||||||
| Insurance fees | 619 | 552 | 592 | 2,417 | 2,285 | 7 | % | -4 | % | |||||||||||||||||||
| Debit card fees | 624 | 612 | 660 | 2,233 | 2,410 | 8 | % | 6 | % | |||||||||||||||||||
| Financial agent fees (Provinces) | 509 | 524 | 543 | 1,898 | 2,064 | 4 | % | 7 | % | |||||||||||||||||||
| Credit related fees | 207 | 202 | 248 | 1,096 | 876 | 23 | % | 20 | % | |||||||||||||||||||
| Mutual funds & securities fees | 224 | 214 | 216 | 822 | 758 | 1 | % | -4 | % | |||||||||||||||||||
| AFIP & Collection services | 33 | 42 | 43 | 141 | 159 | 2 | % | 30 | % | |||||||||||||||||||
| ANSES fees | 17 | 12 | 13 | 80 | 52 | 8 | % | -24 | % | |||||||||||||||||||
| Total fee income | 9,355 | 9,552 | 9,745 | 37,347 | 36,984 | 2 | % | 4 | % | |||||||||||||||||||
| Total fee expense | 812 | 928 | 985 | 3,090 | 3,531 | 6 | % | 21 | % | |||||||||||||||||||
| Net fee income | 8,543 | 8,624 | 8,760 | 34,257 | 33,453 | 2 | % | 3 | % | |||||||||||||||||||
8
| 4Q21 Earnings Release |
In 4Q21, Net Income from financial assets and liabilities at fair value through profit or loss totaled Ps.3.5 billion 7% or Ps.268 million lower than in the previous quarter. On a yearly basis, Net income from financial assets and liabilities at fair value through profit or loss decreased 29% or Ps.1.4 billion.
In FY2021, Net Income from financial assets and liabilities at fair value through profit or loss was 18% higher than in FY2020, mainly due to higher income from government securities.
| NET INCOME FROM FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS | MACRO Consolidated | Change | ||||||||||||||||||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | 4Q20 | 3Q21 | 4Q21 | FY2020 | FY2021 | QoQ | YoY | |||||||||||||||||||||
| Profit or loss from government securities | 4,675 | 2,951 | 2,746 | 15,210 | 16,915 | -7 | % | -41 | % | |||||||||||||||||||
| Profit or loss from private securities | 204 | 537 | -45 | 1,279 | 1,243 | - | - | |||||||||||||||||||||
| Profit or loss from investment in derivative financing instruments | 9 | 0 | 0 | 115 | 0 | 0 | % | -100 | % | |||||||||||||||||||
| Profit or loss from other financial assets | 0 | -1 | -3 | 4 | -10 | - | - | |||||||||||||||||||||
| Profit or loss from investment in equity instruments | -67 | -55 | 586 | 74 | 1,040 | - | - | |||||||||||||||||||||
| Profit or loss from the sale of financial assets at fair value | 134 | 457 | 266 | 53 | 715 | -42 | % | 99 | % | |||||||||||||||||||
| Income from financial assets at fair value through profit or loss | 4,955 | 3,889 | 3,550 | 16,735 | 19,903 | -9 | % | -28 | % | |||||||||||||||||||
| Profit or loss from derivative financing instruments | 0 | -79 | -8 | 0 | 0 | - | - | |||||||||||||||||||||
| Income from financial liabilities at fair value through profit or loss | 0 | -79 | -8 | 0 | -94 | - | - | |||||||||||||||||||||
| NET INCOME FROM FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS | 4,955 | 3,810 | 3,542 | 16,735 | 19,809 | -7 | % | -29 | % | |||||||||||||||||||
In the quarter, Other Operating Income totaled Ps.2 billion, 2% or Ps.41 million higher than in 3Q21. On a yearly basis, Other Operating Income decreased 6% or Ps.116 million.
In FY2021, Other Operating Income was 3% lower than in FY2020.
| OTHER OPERATING INCOME | MACRO Consolidated | Change | ||||||||||||||||||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | 4Q20 | 3Q21 | 4Q21 | FY2020 | FY2021 | QoQ | YoY | |||||||||||||||||||||
| Credit and debit cards | 61 | 97 | 141 | 186 | 386 | 45 | % | 131 | % | |||||||||||||||||||
| Lease of safe deposit boxes | 297 | 302 | 298 | 1,177 | 1,172 | -1 | % | 0 | % | |||||||||||||||||||
| Other service related fees | 516 | 853 | 724 | 2,823 | 2,739 | -15 | % | 40 | % | |||||||||||||||||||
| Sale of real estate and other non-financial assets | 0 | 0 | 39 | 0 | 39 | - | - | |||||||||||||||||||||
| Other adjustments and interest from other receivables | 347 | 305 | 299 | 1,356 | 1,464 | -2 | % | -14 | % | |||||||||||||||||||
| Initial recognition of loans | -12 | 0 | 0 | 0 | 0 | - | - | |||||||||||||||||||||
| Sale of property, plant and equipment | 2 | 0 | 2 | 11 | 4 | - | - | |||||||||||||||||||||
| Others | 889 | 386 | 481 | 2,552 | 2,025 | 25 | % | -46 | % | |||||||||||||||||||
| Other Operating Income | 2,100 | 1,943 | 1,984 | 8,105 | 7,829 | 2 | % | -6 | % | |||||||||||||||||||
In 4Q21 Banco Macro’s administrative expenses plus employee benefits totaled Ps.15.6 billion, 5% or Ps.727 million higher than the previous quarter, due to higher administrative expenses (19%). On a yearly basis, administrative expenses plus employee benefits decreased 4% or Ps.608 million.
In FY2021 administrative expenses plus employee benefits decreased 4% compared to FY2020, showing the strict cost control policies adopted by the Bank’s senior management.
Employee benefits decreased 2% or Ps.219 million QoQ. On a yearly basis, Employee benefits decreased 6% or Ps.623 million.
9
| 4Q21 Earnings Release |
In 4Q21, administrative expenses increased 19% or Ps.946 million, due to higher Directors and statutory auditors fees (187%) and higher advertising and publicity fees (44%) and higher other administrative expenses (32%).
As of 4Q21, the accumulated efficiency ratio reached 37.5%, improving from the 37.6% posted in 3Q21 and deteriorating from the 35.7% posted a year ago. As of 4Q21 expenses (employee benefits + G&A expenses + depreciation and impairment of assets) decreased 3%, while income (net interest income + net fee income + differences in quoted prices of gold and foreign currency + other operating income + net income from financial assets at fair value through profit or loss – (Turnover Tax + Insurance on deposits)) decreased 8% compared to 4Q20.
| PERSONNEL & ADMINISTRATIVE EXPENSES | MACRO Consolidated | Change | ||||||||||||||||||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | 4Q20 | 3Q21 | 4Q21 | FY2020 | FY2021 | QoQ | YoY | |||||||||||||||||||||
| Employee benefits | 10,349 | 9,945 | 9,726 | 40,148 | 39,481 | -2 | % | -6 | % | |||||||||||||||||||
| Remunerations | 7,462 | 6,966 | 6,741 | 29,700 | 28,022 | -3 | % | -10 | % | |||||||||||||||||||
| Social Security Contributions | 1,719 | 1,607 | 1,606 | 6,661 | 6,465 | 0 | % | -7 | % | |||||||||||||||||||
| Compensation and bonuses | 934 | 1,094 | 1,002 | 2,944 | 3,908 | -8 | % | 7 | % | |||||||||||||||||||
| Employee services | 234 | 278 | 377 | 843 | 1,086 | 36 | % | 61 | % | |||||||||||||||||||
| Administrative Expenses | 5,882 | 4,951 | 5,897 | 21,947 | 20,092 | 19 | % | 0 | % | |||||||||||||||||||
| Taxes | 727 | 743 | 741 | 2,799 | 2,928 | 0 | % | 2 | % | |||||||||||||||||||
| Maintenance, conservation fees | 971 | 853 | 890 | 3,426 | 3,318 | 4 | % | -8 | % | |||||||||||||||||||
| Directors & statutory auditors fees | 911 | 134 | 385 | 2,450 | 781 | 187 | % | -58 | % | |||||||||||||||||||
| Security services | 513 | 516 | 518 | 2,136 | 2,038 | 0 | % | 1 | % | |||||||||||||||||||
| Electricity & Communications | 550 | 498 | 482 | 2,308 | 2,033 | -3 | % | -12 | % | |||||||||||||||||||
| Other professional fees | 321 | 403 | 495 | 1,341 | 1,703 | 23 | % | 54 | % | |||||||||||||||||||
| Rental agreements | 28 | 23 | 29 | 137 | 117 | 26 | % | 4 | % | |||||||||||||||||||
| Advertising & publicity | 267 | 242 | 349 | 652 | 873 | 44 | % | 31 | % | |||||||||||||||||||
| Personnel allowances | 50 | 54 | 99 | 194 | 241 | 83 | % | 98 | % | |||||||||||||||||||
| Stationary & Office Supplies | 32 | 33 | 36 | 138 | 126 | 9 | % | 13 | % | |||||||||||||||||||
| Insurance | 69 | 81 | 63 | 258 | 271 | -22 | % | -9 | % | |||||||||||||||||||
| Hired administrative services | 0 | 3 | 11 | 5 | 19 | 267 | % | - | ||||||||||||||||||||
| Other | 1,443 | 1,368 | 1,799 | 6,103 | 5,644 | 32 | % | 25 | % | |||||||||||||||||||
| Total Administrative Expenses | 16,231 | 14,896 | 15,623 | 62,095 | 59,573 | 5 | % | -4 | % | |||||||||||||||||||
| Total Employees | 8,561 | 8,167 | 8,005 | |||||||||||||||||||||||||
| Branches | 463 | 464 | 466 | |||||||||||||||||||||||||
| Efficiency ratio | 38.8 | % | 38.8 | % | 37.4 | % | ||||||||||||||||||||||
| Accumulated efficiency ratio | 34.7 | % | 37.0 | % | 37.5 | % | ||||||||||||||||||||||
In 4Q21, Other Operating Expenses totaled Ps.9.8 billion, increasing 18% or Ps.1.5 billion QoQ, due to higher initial loan recognition (521% or Ps.672 million) and higher Other operating expenses (16% or Ps.504 million) Turnover Tax (6% or Ps.172 million). On a yearly basis, Other Operating Expenses increased 31% or Ps.2.3 billion.
In FY2021, Other Operating Expenses were 11% higher than in FY2020.
| OTHER OPERATING EXPENSES | MACRO Consolidated | Change | ||||||||||||||||||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | 4Q20 | 3Q21 | 4Q21 | FY2020 | FY2021 | QoQ | YoY | |||||||||||||||||||||
| Turnover Tax | 3,929 | 4,424 | 4,618 | 16,990 | 18,067 | 4 | % | 18 | % | |||||||||||||||||||
| Other provision charges | 327 | 369 | 505 | 1,694 | 1,624 | 37 | % | 54 | % | |||||||||||||||||||
| Deposit Guarantee Fund Contributions | 317 | 248 | 243 | 1,116 | 1,043 | -2 | % | -23 | % | |||||||||||||||||||
| Donations | 7 | 8 | 20 | 255 | 30 | 150 | % | 186 | % | |||||||||||||||||||
| Insurance claims | 16 | 21 | 37 | 95 | 89 | 76 | % | 131 | % | |||||||||||||||||||
| Initial loan recognition | 72 | 129 | 801 | 72 | 1,002 | 521 | % | 1013 | % | |||||||||||||||||||
| Others | 2,862 | 3,113 | 3,617 | 10,673 | 12,342 | 16 | % | 26 | % | |||||||||||||||||||
| Other Operating Expenses | 7,530 | 8,312 | 9,841 | 30,895 | 34,197 | 18 | % | 31 | % | |||||||||||||||||||
10
| 4Q21 Earnings Release |
In 4Q21, the result from the net monetary position totaled a Ps.15.2 billion loss, 7% or Ps.1.1 billion higher than the loss posted in 3Q21. This is the fourth quarter in which the result from net monetary position is shown pursuant to Communication “A” 7211 of the Central Bank of Argentina in which the inflation adjustment on our Leliqs and other government securities holdings is included (previously shown in Net Income from financial instruments at fair value through P&L). Previous quarters of 2020 have been restated in accordance with Communication “A” 7211 in order to make a comparison possible. Also higher inflation was observed during the quarter (93 b.p. above 3Q21 level, up to 10.21% from 9.28% in 3Q21).
In FY2021, the result from net monetary position was 42% higher than the one posted in FY2020.
In FY2021, Banco Macro's effective income tax rate 5.8%, lower than the 33.1% effective tax rate of FY2020. It should be noted that in FY2021 the effective tax rate was affected by the implications of inflation adjustments on accounting and tax balances and the determination of income tax due and deferred income tax. For more information, please see Note 23 “Income Tax” of our Financial Statements.
| OPERATING RESULT | MACRO consolidated | Change | ||||||||||||||||||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | 4Q20 | 3Q21 | 4Q21 | FY2020 | FY2021 | QoQ | YoY | |||||||||||||||||||||
| Operating Result (exc. Loss from net monetary position) | 21,868 | 22,546 | 22,379 | 100,992 | 93,630 | -1 | % | 2 | % | |||||||||||||||||||
| Result from net monetary position (i.e. inflation adjustment) | -16,057 | -14,125 | -15,178 | -45,724 | -64,931 | 7 | % | -5 | % | |||||||||||||||||||
| Operating Result (Inc. Loss from net monetary position) | 5,811 | 8,421 | 7,201 | 55,268 | 28,699 | -14 | % | 24 | % | |||||||||||||||||||
Financial Assets
Private sector financing
The volume of “core” financing to the private sector (including loans, financial trust and leasing portfolio) totaled Ps.349 billion, increasing 4% or Ps.11.9 billion QoQ and decreasing 8% or Ps.32.1 billion YoY.
Within commercial loans, Overdrafts stand out with a 8% or Ps.1.8 billion increase QoQ (mostly due to loans extended to SMEs).
Within consumer lending, mortgages increased 13% or Ps.2.6 billion and credit card loans increased 9% or Ps.8 billion QoQ.
In FY2021 Pledged loans stand out with a 49% increase while Others decreased 41% (as loans extended to SMEs as part of the COVID19 relief package became due).
As of 4Q21, Banco Macro’s market share over private sector loans was 6.9%.
11
| 4Q21 Earnings Release |
| FINANCING TO THE PRIVATE SECTOR | MACRO Consilidated | Change | ||||||||||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | 4Q20 | 3Q21 | 4Q21 | QoQ | YoY | |||||||||||||||
| Overdrafts | 25,774 | 21,492 | 23,265 | 8 | % | -10 | % | |||||||||||||
| Discounted documents | 39,505 | 41,156 | 39,660 | -4 | % | 0 | % | |||||||||||||
| Mortgage loans | 20,352 | 19,460 | 22,015 | 13 | % | 8 | % | |||||||||||||
| Pledged loans | 4,919 | 6,682 | 7,326 | 10 | % | 49 | % | |||||||||||||
| Personal loans | 101,275 | 93,375 | 93,616 | 0 | % | -8 | % | |||||||||||||
| Credit Card loans | 96,416 | 86,956 | 94,963 | 9 | % | -2 | % | |||||||||||||
| Others | 59,486 | 34,955 | 35,200 | 1 | % | -41 | % | |||||||||||||
| Interest | 29,828 | 30,063 | 30,851 | 3 | % | 3 | % | |||||||||||||
| Total loan portfolio | 377,555 | 334,139 | 346,896 | 4 | % | -8 | % | |||||||||||||
| Total loans in Pesos | 343,949 | 313,198 | 332,129 | 6 | % | -3 | % | |||||||||||||
| Total loans in USD | 33,606 | 20,941 | 14,767 | -29 | % | -56 | % | |||||||||||||
| Financial trusts | 859 | 383 | 531 | 39 | % | -38 | % | |||||||||||||
| Leasing | 179 | 201 | 478 | 138 | % | 167 | % | |||||||||||||
| Others | 2,472 | 2,399 | 1,101 | -54 | % | -55 | % | |||||||||||||
| Total other financing | 3,510 | 2,983 | 2,110 | -29 | % | -40 | % | |||||||||||||
| Total other financing in Pesos | 1,953 | 1,752 | 1,512 | -14 | % | -23 | % | |||||||||||||
| Total other financing in USD | 1,557 | 1,231 | 598 | -51 | % | -62 | % | |||||||||||||
| Total financing to the private sector | 381,065 | 337,122 | 349,006 | 4 | % | -8 | % | |||||||||||||
| EOP FX (Pesos per USD) | 84.1450 | 98.7350 | 102.7500 | 4 | % | 22 | % | |||||||||||||
| USD financing / Financing to the private sector | 9 | % | 7 | % | 4 | % | ||||||||||||||
Public Sector Assets
In 4Q21, the Bank’s public sector assets (excluding LELIQs) to total assets ratio was 18.1%, higher than the 17.6% registered in the previous quarter, and higher than the 17.5% posted in 4Q20.
In 4Q21, a 4% or Ps.6.7 billion increase in Other government securities stand out. Since 2Q20 the Bank decided to invest in CER adjustable and Badlar bonds.
12
| 4Q21 Earnings Release |
| PUBLIC SECTOR ASSETS | MACRO Consolidated | Change | ||||||||||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | 4Q20 | 3Q21 | 4Q21 | QoQ | YoY | |||||||||||||||
| Leliqs | 194,225 | 143,695 | 132,971 | -7 | % | -32 | % | |||||||||||||
| Other | 197,705 | 171,353 | 178,035 | 4 | % | -10 | % | |||||||||||||
| Government securities | 391,930 | 315,048 | 311,006 | -1 | % | -21 | % | |||||||||||||
| Provincial loans | 5,197 | 2,729 | 2,134 | -22 | % | -59 | % | |||||||||||||
| Loans | 5,197 | 2,729 | 2,134 | -22 | % | -59 | % | |||||||||||||
| Purchase of government bonds | 231 | 193 | 180 | -7 | % | -22 | % | |||||||||||||
| Other receivables | 231 | 193 | 180 | -7 | % | -22 | % | |||||||||||||
| TOTAL PUBLIC SECTOR ASSETS | 397,358 | 317,970 | 313,320 | -1 | % | -21 | % | |||||||||||||
| TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ) | 203,133 | 174,275 | 180,349 | 3 | % | -11 | % | |||||||||||||
| TOTAL PUBLIC SECTOR ASSETS (net of LEBAC/NOBAC/LELIQ)/TOTAL ASSETS | 17.5 | % | 17.6 | % | 18.1 | % | ||||||||||||||
Funding
Deposits
Banco Macro’s deposit base totaled Ps.588.9 billion in 4Q21, decreasing 1% or Ps.8.7 billion QoQ and a 20% or Ps.148.9 billion decrease YoY and representing 78% of the Bank’s total liabilities.
On a quarterly basis, both public and private sector deposits decreased with a 5% or Ps.3 billion decrease and a 1% or Ps.5.7 billion decrease respectively.
The decrease in private sector deposits was led by time deposits, which decreased 8% or Ps.19.8 billion, while demand deposits increased 5% or Ps.14.6 billion QoQ.
Within private sector deposits, peso deposits increased 1% or Ps.5.6 billion, while US dollar deposits decreased 16% or USD 182 million.
In FY2021, within private sector deposits, time deposits decreased 24% while demand deposits decreased 7%.
As of 4Q21, Banco Macro´s market share over private sector deposits was 5.4%.
| DEPOSITS | MACRO Consolidated | Change | ||||||||||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | 4Q20 | 3Q21 | 4Q21 | QoQ | YoY | |||||||||||||||
| Public sector | 111,041 | 59,436 | 56,403 | -5 | % | -49 | % | |||||||||||||
| Financial sector | 1,051 | 915 | 961 | 5 | % | -9 | % | |||||||||||||
| Private sector | 625,622 | 537,159 | 531,487 | -1 | % | -15 | % | |||||||||||||
| Checking accounts | 98,717 | 108,550 | 100,869 | -7 | % | 2 | % | |||||||||||||
| Savings accounts | 209,134 | 161,671 | 183,950 | 14 | % | -12 | % | |||||||||||||
| Time deposits | 306,363 | 253,254 | 233,448 | -8 | % | -24 | % | |||||||||||||
| Other | 11,408 | 13,684 | 13,220 | -3 | % | 16 | % | |||||||||||||
| Total | 737,714 | 597,510 | 588,851 | -1 | % | -20 | % | |||||||||||||
| Pesos | 621,337 | 486,680 | 492,248 | 1 | % | -21 | % | |||||||||||||
| Foreign Currency (Pesos) | 116,377 | 110,830 | 96,603 | -13 | % | -17 | % | |||||||||||||
| EOP FX (Pesos per USD) | 84.1450 | 98.7350 | 102.7500 | 4 | % | 22 | % | |||||||||||||
| Foreign Currency (USD) | 1,383 | 1,122 | 940 | -16 | % | -32 | % | |||||||||||||
| USD Deposits / Total Deposits | 16 | % | 19 | % | 16 | % | ||||||||||||||
Banco Macro’s transactional deposits represent approximately 55% of its total deposit base as of 4Q21. These accounts are low cost and are not sensitive to interest rate increases.
13
 | 4Q21 Earnings Release |
Other sources of funds
In 4Q21, the total amount of other sources of funds increased 3% or Ps.7.3 billion compared to 3Q21. On a yearly basis, other sources of funds were unchanged. In 4Q21 Shareholder’s Equity increased 5% or Ps.10.6 billion; also in the quarter subordinated corporate bonds decreased 7% or Ps.3.3 billion.
| OTHER SOURCES OF FUNDS | MACRO Consolidated | Change | ||||||||||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | 4Q20 | 3Q21 | 4Q21 | QoQ | YoY | |||||||||||||||
| Central Bank of Argentina | 30 | 24 | 22 | -8 | % | -27 | % | |||||||||||||
| Banks and international institutions | 536 | 562 | 275 | -51 | % | -49 | % | |||||||||||||
| Financing received from Argentine financial institutions | 820 | 69 | 142 | 106 | % | -83 | % | |||||||||||||
| Subordinated corporate bonds | 51,773 | 45,230 | 41,974 | -7 | % | -19 | % | |||||||||||||
| Corporate bonds | 7,437 | 2,797 | 2,991 | 7 | % | -60 | % | |||||||||||||
| Shareholders' equity | 223,513 | 227,966 | 238,569 | 5 | % | 7 | % | |||||||||||||
| Total other source of funds | 284,109 | 276,648 | 283,973 | 3 | % | 0 | % | |||||||||||||
Liquid Assets
In 4Q21, the Bank’s liquid assets amounted to Ps.530.3 billion, showing a 1% or Ps.6.6 billion decrease QoQ, and a 20% or Ps.134.7 billion decrease on a yearly basis.
In 4Q21, LELIQs own portfolio decreased 7% or Ps.10.7 billion. Cash decreased 6% or Ps.10.1 billion.
In 4Q21, Banco Macro’s liquid assets to total deposits ratio reached 90%.
| LIQUID ASSETS | MACRO Consolidated | Change | ||||||||||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | 4Q20 | 3Q21 | 4Q21 | QoQ | YoY | |||||||||||||||
| Cash | 196,175 | 182,958 | 172,333 | -6 | % | -12 | % | |||||||||||||
| Guarantees for compensating chambers | 18,175 | 16,135 | 15,525 | -4 | % | -15 | % | |||||||||||||
| Call | 75 | 0 | 0 | - | -100 | % | ||||||||||||||
| Leliq own portfolio | 194,225 | 143,695 | 132,971 | -7 | % | -32 | % | |||||||||||||
| Net Repos | 58,570 | 22,727 | 31,406 | 38 | % | -46 | % | |||||||||||||
| Other government & private securities | 197,705 | 171,353 | 178,035 | 4 | % | -10 | % | |||||||||||||
| Total | 664,925 | 536,868 | 530,270 | -1 | % | -20 | % | |||||||||||||
| Liquid assets to total deposits | 90 | % | 90 | % | 90 | % | ||||||||||||||
14
| 4Q21 Earnings Release |
Solvency
Banco Macro continued showing high solvency levels in 4Q21 with an integrated capital (RPC) of Ps.255.5 billion over a total capital requirement of Ps.57.7 billion. Banco Macro’s excess capital in 4Q21 was 342% or Ps.197.8 billion. Since the beginning of 2020 and due to inflation adjustments Equity has increased significantly leading to higher solvency levels (shown under Ordinary Capital Level 1).
The regulatory capital ratio (as a percentage of risk-weighted assets- RWA) was 36.1% in 4Q21; TIER1 Ratio stood at 30.9%.
The Bank’s aim is to make the best use of this excess capital.
| MINIMUM CAPITAL REQUIREMENT | MACRO Consolidated | Change | ||||||||||||||||||
| In MILLION $ | 4Q20 | 3Q21 | 4Q21 | QoQ | YoY | |||||||||||||||
| Credit risk requirement | 28,025 | 34,030 | 36,726 | 8 | % | 31 | % | |||||||||||||
| Market risk requirement | 1,556 | 1,631 | 3,585 | 120 | % | 130 | % | |||||||||||||
| Operational risk requirement | 11,777 | 15,691 | 17,438 | 11 | % | 48 | % | |||||||||||||
| Total capital requirements | 41,358 | 51,352 | 57,749 | 12 | % | 40 | % | |||||||||||||
| Ordinary Capital Level 1 (COn1) | 146,350 | 203,858 | 233,700 | 15 | % | 60 | % | |||||||||||||
| Deductible concepts Level 1 (COn1) | -9,150 | -12,411 | -14,585 | 18 | % | 59 | % | |||||||||||||
| Capital Level 2 (COn2) | 36,248 | 42,565 | 36,401 | -14 | % | 0 | % | |||||||||||||
| Integrated capital - RPC (i) | 173,449 | 234,012 | 255,516 | 9 | % | 47 | % | |||||||||||||
| Excess capital | 132,091 | 182,660 | 197,767 | 8 | % | 50 | % | |||||||||||||
| Risk-weighted assets - RWA (ii) | 506,766 | 629,505 | 708,490 | 13 | % | 40 | % | |||||||||||||
| Regulatory Capital ratio [(i)/(ii)] | 34.2 | % | 37.2 | % | 36.1 | % | ||||||||||||||
| Ratio TIER 1 [Capital Level 1/RWA] | 27.1 | % | 30.4 | % | 30.9 | % | ||||||||||||||
RWA - (ii): Risk Weighted Assets, considering total capital requirements.
Asset Quality
In 4Q21, Banco Macro’s non-performing to total financing ratio (under Central Bank rules) reached a level of 1.30%, down from 1.67% in 3Q21, and higher than the 0.78% posted in 4Q20.
Consumer portfolio non-performing loans improved 65b.p. (down to 1.4% from 2.05%) while Commercial portfolio non-performing loans deteriorated 43b.p. in 4Q20 (up to 0.99% from 0.57%).
The improvement in Consumer non-performing loans is explained by the sale of part of the consumer portfolio.
During 2020 Consumer portfolio non-performing loans ratio were positively impacted by measures adopted by the Central Bank of Argentina in the current Covid19 pandemic context, particularly the 60 day grace period that was added to debtor classification before a loan was considered as non performing and the possibility to refinance outstanding credit card balances. These measures were in place until March 31st, 2021.
15
| 4Q21 Earnings Release |
In March 2021 through Communication “A” 7245, the Central Bank established a gradual transition in the definition of debtors for clients who chose to postpone the payment of installments. Financial entities must increase the grace period to classify their debtors in levels 1, 2 and 3, both for the commercial portfolio and for the consumer or housing portfolio, according to the following schedule: i) Until March 31, 2021, in 60 days, ii) Until May 31, 2021, in 30 days, and iii) As of June 1, 21, financial entities must classify their debtors according to the general debtor classification.
The coverage ratio (measured as total allowances under Expected Credit Losses over Non Performing loans under Central Bank rules) improved to 209.61 in 4Q21. Write-offs over total loans totaled 0.16%.
The Bank is committed to continue working in this area to maintain excellent asset quality standards.
| ASSET QUALITY | MACRO Consolidated | Change | ||||||||||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | 4Q20 | 3Q21 | 4Q21 | QoQ | YoY | |||||||||||||||
| Commercial portfolio | 115,400 | 91,107 | 87,150 | -4 | % | -24 | % | |||||||||||||
| Non-performing | 1,041 | 516 | 866 | 68 | % | -17 | % | |||||||||||||
| Consumer portfolio | 292,753 | 263,989 | 279,159 | 6 | % | -5 | % | |||||||||||||
| Non-performing | 2,127 | 5,404 | 3,897 | -28 | % | 83 | % | |||||||||||||
| Total portfolio | 408,153 | 355,096 | 366,309 | 3 | % | -10 | % | |||||||||||||
| Non-performing | 3,168 | 5,920 | 4,763 | -20 | % | 50 | % | |||||||||||||
| Commercial non-perfoming ratio | 0.90 | % | 0.57 | % | 0.99 | % | ||||||||||||||
| Consumer non-perfoming ratio | 0.73 | % | 2.05 | % | 1.40 | % | ||||||||||||||
| Total non-performing/ Total portfolio | 0.78 | % | 1.67 | % | 1.30 | % | ||||||||||||||
| Total allowances | 15,181 | 10,413 | 9,985 | -4 | % | -34 | % | |||||||||||||
| Coverage ratio w/allowances | 479.20 | % | 175.90 | % | 209.61 | % | ||||||||||||||
| Write Offs | 1,499 | 1,236 | 573 | -54 | % | -62 | % | |||||||||||||
| Write Offs/ Total portfolio | 0.37 | % | 0.35 | % | 0.16 | % | ||||||||||||||
Expected Credit Losses (E.C.L) (I.F.R.S.9)
The Bank records an allowance for expected credit losses for all loans and other debt financial assets not held at fair value through profit or loss, together with loan commitments and financial guarantee contracts, in this section all referred to as ‘financial instruments’. Equity instruments are not subject to impairment under IFRS 9. The ECL allowance is based on the credit losses expected to arise over the life of the asset (the lifetime expected credit loss), unless there has been no significant increase in credit risk since origination, in which case, the allowance is based on the 12 months expected credit loss.(For further information please see our 2019 20-F)
16
| 4Q21 Earnings Release |
CER Exposure and Foreign Currency Position
| CER EXPOSURE | MACRO Consolidated | Change | ||||||||||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | 4Q20 | 3Q21 | 4Q21 | QoQ | YoY | |||||||||||||||
| CER adjustable ASSETS | ||||||||||||||||||||
| Government Securities | 77,276 | 82,536 | 97,940 | 19 | % | 27 | % | |||||||||||||
| Loans (*) | 28,141 | 26,802 | 26,171 | -2 | % | -7 | % | |||||||||||||
| Private sector loans | 10,585 | 7,723 | 6,994 | -9 | % | -34 | % | |||||||||||||
| Mortgage loans (UVA adjusted) | 17,545 | 19,065 | 19,165 | 1 | % | 9 | % | |||||||||||||
| Other loans | 11 | 14 | 12 | -14 | % | 9 | % | |||||||||||||
| Total CER adjustable assets | 105,417 | 109,338 | 124,111 | 14 | % | 18 | % | |||||||||||||
| CER adjustable LIABILITIES | ||||||||||||||||||||
| Deposits (*) | 2,082 | 9,314 | 7,738 | -17 | % | 272 | % | |||||||||||||
| UVA Unemployment fund | 1,169 | 1,560 | 1,603 | 3 | % | 37 | % | |||||||||||||
| Total CER adjustable liabilities | 3,251 | 10,874 | 9,341 | -14 | % | 187 | % | |||||||||||||
| NET CER EXPOSURE | 102,166 | 98,464 | 114,770 | 17 | % | 12 | % | |||||||||||||
(*) Includes Loans &Time Deposits CER adjustable (UVAs)
| FOREIGN CURRENCY POSITION | MACRO Consolidated | Change | ||||||||||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | 4Q20 | 3Q21 | 4Q21 | QoQ | YoY | |||||||||||||||
| Cash and deposits in Banks | 159,576 | 134,801 | 122,030 | -9 | % | -24 | % | |||||||||||||
| Cash | 14,800 | 12,847 | 8,882 | -31 | % | -40 | % | |||||||||||||
| Central Bank of Argentina | 62,449 | 69,707 | 74,085 | 6 | % | 19 | % | |||||||||||||
| Other financial institutions local and abroad | 82,319 | 52,241 | 39,056 | -25 | % | -53 | % | |||||||||||||
| Others | 8 | 6 | 7 | 17 | % | -13 | % | |||||||||||||
| Net Income from financial instruments at fair value through P&L | 9 | 1,021 | 1,234 | 21 | % | 13611 | % | |||||||||||||
| Other financial assets | 7,513 | 6,337 | 5,990 | -5 | % | -20 | % | |||||||||||||
| Loans and other financing | 35,156 | 22,136 | 15,335 | -31 | % | -56 | % | |||||||||||||
| Other financial institutions | 828 | 43 | 21 | -51 | % | -97 | % | |||||||||||||
| Non financial private sector & foreign residents | 32 | 0 | 0 | 0 | % | -100 | % | |||||||||||||
| Other debt securities | 35,124 | 22,136 | 15,335 | -31 | % | -56 | % | |||||||||||||
| Guarantees received | 8,891 | 12,933 | 33,871 | 162 | % | 281 | % | |||||||||||||
| Investment in equity instruments | 2,751 | 2,298 | 2,297 | 0 | % | -17 | % | |||||||||||||
| Investment in associates and joint ventures | 18 | 16 | 69 | 331 | % | 283 | % | |||||||||||||
| Total Assets | 213,913 | 179,542 | 180,826 | 1 | % | -15 | % | |||||||||||||
| Deposits | 116,377 | 110,830 | 96,603 | -13 | % | -17 | % | |||||||||||||
| Non financial public sector | 6,337 | 6,286 | 7,676 | 22 | % | 21 | % | |||||||||||||
| Financial sector | 866 | 805 | 761 | -5 | % | -12 | % | |||||||||||||
| Non financial private sector & foreign residents | 109,173 | 103,739 | 88,166 | -15 | % | -19 | % | |||||||||||||
| Other liabilities from financial intermediation | 27,847 | 9,334 | 6,508 | -30 | % | -77 | % | |||||||||||||
| Financing from the Central Bank and other fin. Inst | 709 | 565 | 277 | -51 | % | -61 | % | |||||||||||||
| Subordinated corporate bonds | 51,773 | 45,230 | 41,974 | -7 | % | -19 | % | |||||||||||||
| Other non financial liabilities | 31 | 26 | 40 | 54 | % | 29 | % | |||||||||||||
| Total Liabilities | 196,737 | 165,985 | 145,528 | -12 | % | -26 | % | |||||||||||||
| NET FX POSITION (Pesos) | 17,176 | 13,557 | 35,298 | 160 | % | 106 | % | |||||||||||||
| EOP FX (Pesos per USD) | 84.1450 | 98.7350 | 102.7500 | 4 | % | 22 | % | |||||||||||||
| NET FX POSITION (USD) | 204 | 137 | 344 | 150 | % | 68 | % | |||||||||||||
17
| 4Q21 Earnings Release |
Relevant and Recent Events
| · | JHB Trust. On December 21, 2021 Banco Macro was informed informed that Fiduciaria JHB S.A., in its capacity as trustee of the trust "Fideicomiso Trust JHB", had transferred: (i) 5,995,996 class A common book-entry shares of par value Ps.1 each and entitled to 5 votes per share of the Bank; and (ii) 104,473,881 class B common book-entry shares of par value Ps.1 each and entitled to 1 vote per share of the Bank , in favor of the beneficiaries of said trust, Ms. Milagros Brito and Ms. Constanza Brito and Messrs. Jorge Pablo Brito, Marcos Brito, Santiago Brito and Mateo Brito, on equal parts to each of the above mentioned individuals, who have agreed to syndicate the exercise of their voting right and contributed the shares to Fideicomiso de Garantía JHB BMA, a trust under which Banco de Servicios y Transacciones S.A. is the trustee |
| · | Additional Loan loss Provisions. |
| o | COVID19 Adjustments: |
During FY2020, in the midst of the COVID19 pandemic, the Bank resolved to record a special adjustment (forward looking) based on the possible credit deterioration of those clients who showed higher vulnerability or complications arising from the COVID19 pandemic. This adjustment (Ps.5.6 billion as of December 31st, 2020) was based on estimations of future behavior of clients that had refinanced their debts or extended their maturities in accordance with Central Bank measures adopted in March 2020.
In March 2021, as the period for mandatory refinancing ended, the Bank started to assign loan loss provisions to those clients who were not performing on their loans. Given that as of December 31st 2021 the extraordinary circumstances under which the COVID19 adjustment originated were considered to be over the Bank decided not to record any adjustment.
| o | Uncertainty arising from Foreign Debt refinancing: |
As of December 31s, 2021 the Bank decided to record an adjustment (forward looking) with the intention of increasing loan loss provisions determined by the Expected Credit Losses model, with the intention of reflecting a possible adverse scenario resulting from a non-agreement with the International Monetary Fund and the ongoing foreign debt renegotiation.
As of the date of this financial statements the Bank considered the macroeconomic imbalances that could arise from the hefty interest and principal payments due that Argentina should make to the IMF as established in the original loan agreement in 2018, in the event that a deal is not reached for the refinancing of its debt.
The Bank also considered the possible effects that a no deal could have on the level of foreign reserves, which are deemed low enough already, uncertainty around the possibility of reaching an agreement, which in addition should be passed as law through Congress.
In this context of great uncertainty, which is not fully captured by the forward-looking Expected Credit Losses models used by the Bank, Banco Macro decided to record a Ps.2 billion additional adjustment on Provisions for loan losses based on expert judgement. This amount was estimated using an adverse macroeconomic scenario with a 100% weighing with its implications in GDP, CPI and interest rates, and calculation the effect of the afore mentioned situation in expected credit losses of those clients which show higher vulnerability and are classified as stage 2 and 3.
Ajuste Incertidumbre sobre Reestructuración de Obligaciones Externas
Frente a este escenario de incertidumbre que no es capturado íntegramente por los modelos prospectivos usados por la Entidad en el ajuste de los parámetros utilizados en el cálculo de las PCE, se decidió registrar al cierre de ejercicio un ajuste adicional, basado en el criterio experto, de $1.986.000.
El monto del ajuste fue determinado utilizando (i) un escenario macroeconómico adverso en función de lo mencionado en los párrafos precedentes con una ponderación del 100%, con su consecuente efecto en las variables de construcción de los modelos, en especial los cambios en el PBI y los niveles de precios y tasas de interés futuros y (ii) estimando el efecto de la
18
| 4Q21 Earnings Release |
Regulatory Changes
| · | Inflation Adjustment (Other Comprehensive Income) In January 2021 through Communication “A” 7221 with starting in fiscal year 2021, the monetary result accrued with respect to items of a monetary nature that are measured at fair value with changes in Other Comprehensive Income (OCI), must be recorded in results for the period/fiscal year. Consequently, the unallocated results must be adjusted and recorded in the account "Adjustments to results from previous years" at the beginning of fiscal year 2021, in order to incorporate the accumulated monetary results of the aforementioned items as of that date that will be recorded in OCI. All the comparative information for the next periods/fiscal years must consider this change in the exposure criteria. |
| · | Later on through Communication “A” 7222 the Central Bank of Argentina allowed Banks, at its own criteria, to record the impact of Communication “A” 7221 as of December 2020. Banco Macro decided not to take this option. |
| · | Net global Foreign Exchange position. In November2021, through Communication “A” 7405, the Central Bank determined that as of December 1, 2021 the spot foreign exchange position as defined in Central Bank rules regarding Net global Foreign Exchange position should not exceed 0% of integrated capital registered in the previous month. |
| · | Dividend distribution. In December 2021, the Central Bank of Argentina, through Communication “A” 7421 established that financial entities could distribute results for up to 20% of accumulated profits until December 31, 2021. This distribution can be made from January 1 to December 31, 2022, with the prior approval of the Argentine Central Bank, in 12 equal, monthly and consecutive installments |
| · | Monetary policy instruments. In January 2022, the Central Bank of Argentina through Communication “A” 7432 established a series of adjustments to monetary policy instruments, which imply a new set of interest rates and a simplification of financial system liquidity management. The Central Bank decided to increase Leliq rates from 38% to 40%, terminate 7 day Repos, and issue a new 180-day Leliq. In addition the Central Bank decided to increase the minimum time deposit rate for time deposits up to Ps.10 million that Banks must pay to individuals (39% vs 37% prior) and 37% (prior 34%) for all other depositors. |
19
| 4Q21 Earnings Release |
| QUARTERLY BALANCE SHEET | MACRO Consolidated | Change | ||||||||||||||||||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | 4Q20 | 3Q21 | 4Q21 | FY2020 | FY2021 | QoQ | YoY | |||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||
| Cash and deposits in Banks | 196,175 | 182,958 | 172,333 | 196,175 | 172,333 | -6 | % | -12 | % | |||||||||||||||||||
| Cash | 38,373 | 27,507 | 26,625 | 38,373 | 26,625 | -3 | % | -31 | % | |||||||||||||||||||
| Central Bank of Argentina | 75,463 | 103,178 | 106,641 | 75,463 | 106,641 | 3 | % | 41 | % | |||||||||||||||||||
| Other local & foreign entities | 82,331 | 52,267 | 39,061 | 82,331 | 39,061 | -25 | % | -53 | % | |||||||||||||||||||
| Other | 8 | 6 | 6 | 8 | 6 | 0 | % | -25 | % | |||||||||||||||||||
| Debt securities at fair value through profit & loss | 82,991 | 23,411 | 32,407 | 82,991 | 32,407 | 38 | % | -61 | % | |||||||||||||||||||
| Derivatives | 11 | 1 | 1 | 11 | 1 | 0 | % | -91 | % | |||||||||||||||||||
| Repo Transactions | 59,504 | 24,722 | 31,406 | 59,504 | 31,406 | 27 | % | -47 | % | |||||||||||||||||||
| Other financial assets | 28,507 | 23,617 | 35,140 | 28,507 | 35,140 | 49 | % | 23 | % | |||||||||||||||||||
| Loans & other receivables | 388,413 | 341,566 | 352,361 | 388,413 | 352,361 | 3 | % | -9 | % | |||||||||||||||||||
| Non Financial Public Sector | 5,456 | 2,951 | 2,376 | 5,456 | 2,376 | -19 | % | -56 | % | |||||||||||||||||||
| Financial Sector | 2,751 | 1,876 | 1,510 | 2,751 | 1,510 | -20 | % | -45 | % | |||||||||||||||||||
| Non Financial private sector and foreign | 380,206 | 336,739 | 348,475 | 380,206 | 348,475 | 3 | % | -8 | % | |||||||||||||||||||
| Other debt securities | 315,654 | 303,994 | 285,980 | 315,654 | 285,980 | -6 | % | -9 | % | |||||||||||||||||||
| Financial assets in guarantee | 21,573 | 20,777 | 17,964 | 21,573 | 17,964 | -14 | % | -17 | % | |||||||||||||||||||
| Investments in equity instruments | 2,510 | 2,298 | 2,179 | 2,510 | 2,179 | -5 | % | -13 | % | |||||||||||||||||||
| Investments in other companies (subsidiaries and joint ventures) | 308 | 433 | 490 | 308 | 490 | 13 | % | 59 | % | |||||||||||||||||||
| Property, plant and equipment | 51,878 | 53,068 | 52,872 | 51,878 | 52,872 | 0 | % | 2 | % | |||||||||||||||||||
| Intangible assets | 7,704 | 8,313 | 8,404 | 7,704 | 8,404 | 1 | % | 9 | % | |||||||||||||||||||
| Deferred income tax assets | 95 | 37 | 48 | 95 | 48 | 30 | % | -49 | % | |||||||||||||||||||
| Other non financial assets | 3,369 | 2,431 | 2,874 | 3,369 | 2,874 | 18 | % | -15 | % | |||||||||||||||||||
| Non-current assets held for sale | 3,409 | 3,298 | 3,242 | 3,409 | 3,242 | -2 | % | -5 | % | |||||||||||||||||||
| TOTAL ASSETS | 1,162,101 | 990,924 | 997,701 | 1,162,101 | 997,701 | 1 | % | -14 | % | |||||||||||||||||||
| LIABILITIES | ||||||||||||||||||||||||||||
| Deposits | 737,714 | 597,510 | 588,851 | 737,714 | 588,851 | -1 | % | -20 | % | |||||||||||||||||||
| Non Financial Public Sector | 111,041 | 59,436 | 56,403 | 111,041 | 56,403 | -5 | % | -49 | % | |||||||||||||||||||
| Financial Sector | 1,051 | 915 | 961 | 1,051 | 961 | 5 | % | -9 | % | |||||||||||||||||||
| Non Financial private sector and foreign | 625,622 | 537,159 | 531,487 | 625,622 | 531,487 | -1 | % | -15 | % | |||||||||||||||||||
| Derivatives | - | 3 | 3 | - | 3 | 0 | % | - | ||||||||||||||||||||
| Repo Transactions | 934 | 1,995 | - | 934 | - | -100 | % | -100 | % | |||||||||||||||||||
| Other financial liabilities | 74,287 | 51,367 | 67,935 | 74,287 | 67,935 | 32 | % | -9 | % | |||||||||||||||||||
| Financing received from Central Bank and Other Financial Institutions | 1,387 | 656 | 438 | 1,387 | 438 | -33 | % | -68 | % | |||||||||||||||||||
| Issued Corporate Bonds | 7,437 | 2,797 | 2,991 | 7,437 | 2,991 | 7 | % | -60 | % | |||||||||||||||||||
| Current income tax liabilities | 7,766 | 2,681 | 351 | 7,766 | 351 | -87 | % | -95 | % | |||||||||||||||||||
| Subordinated corporate bonds | 51,773 | 45,230 | 41,974 | 51,773 | 41,974 | -7 | % | -19 | % | |||||||||||||||||||
| Provisions | 1,969 | 1,510 | 1,642 | 1,969 | 1,642 | 9 | % | -17 | % | |||||||||||||||||||
| Deferred income tax liabilities | 9,496 | 8,610 | 5,692 | 9,496 | 5,692 | -34 | % | -40 | % | |||||||||||||||||||
| Other non financial liabilities | 45,823 | 48,148 | 47,590 | 45,823 | 47,590 | -1 | % | 4 | % | |||||||||||||||||||
| TOTAL LIABILITIES | 938,586 | 762,954 | 759,095 | 938,586 | 759,095 | -1 | % | -19 | % | |||||||||||||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||
| Capital Stock | 639 | 639 | 639 | 639 | 639 | 0 | % | 0 | % | |||||||||||||||||||
| Issued Shares premium | 12,430 | 12,430 | 12,430 | 12,430 | 12,430 | 0 | % | 0 | % | |||||||||||||||||||
| Adjustment to Shareholders' Equity | 82,601 | 82,601 | 82,601 | 82,601 | 82,601 | 0 | % | 0 | % | |||||||||||||||||||
| Reserves | 165,759 | 121,826 | 121,826 | 165,759 | 121,826 | 0 | % | -27 | % | |||||||||||||||||||
| Retained earnings | -76,394 | -8,920 | -8,920 | -76,394 | -8,920 | 0 | % | -88 | % | |||||||||||||||||||
| Other accumulated comprehensive income | 1,696 | 2,801 | 2,871 | 1,696 | 2,871 | 2 | % | 69 | % | |||||||||||||||||||
| Net income for the period / fiscal year | 36,782 | 16,589 | 27,122 | 36,782 | 27,122 | 63 | % | -26 | % | |||||||||||||||||||
| Shareholders' Equity attributable to parent company | 223,513 | 227,966 | 238,569 | 223,513 | 238,569 | 5 | % | 7 | % | |||||||||||||||||||
| Shareholders' Equity attributable to non controlling interest | 2 | 4 | 37 | 2 | 37 | 825 | % | 1750 | % | |||||||||||||||||||
| TOTAL SHAREHOLDERS' EQUITY | 223,515 | 227,970 | 238,606 | 223,515 | 238,606 | 5 | % | 7 | % | |||||||||||||||||||
20
| 4Q21 Earnings Release |
| ANNUAL BALANCE SHEET | Macro Consolidated | Change% | ||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | FY2020 | FY2021 | YoY | |||||||||
| ASSETS | ||||||||||||
| Cash and deposits in Banks | 196,175 | 172,333 | -12 | % | ||||||||
| Cash | 38,373 | 26,625 | -31 | % | ||||||||
| Central Bank of Argentina | 75,463 | 106,641 | 41 | % | ||||||||
| Other local & foreign entities | 82,331 | 39,061 | -53 | % | ||||||||
| Other | 8 | 6 | -25 | % | ||||||||
| Debt securities at fair value through profit & loss | 82,991 | 32,407 | -61 | % | ||||||||
| Derivatives | 11 | 1 | -91 | % | ||||||||
| Repo Transactions | 59,504 | 31,406 | -47 | % | ||||||||
| Other financial assets | 28,507 | 35,140 | 23 | % | ||||||||
| Loans & other receivables | 388,413 | 352,361 | -9 | % | ||||||||
| Non Financial Public Sector | 5,456 | 2,376 | -56 | % | ||||||||
| Financial Sector | 2,751 | 1,510 | -45 | % | ||||||||
| Non Financial private sector and foreign | 380,206 | 348,475 | -8 | % | ||||||||
| Other debt securities | 315,654 | 285,980 | -9 | % | ||||||||
| Financial assets in guarantee | 21,573 | 17,964 | -17 | % | ||||||||
| Investments in equity instruments | 2,510 | 2,179 | -13 | % | ||||||||
| Investments in other companies (subsidiaries and joint ventures) | 308 | 490 | 59 | % | ||||||||
| Property, plant and equipment | 51,878 | 52,872 | 2 | % | ||||||||
| Intangible assets | 7,704 | 8,404 | 9 | % | ||||||||
| Deferred income tax assets | 95 | 48 | -49 | % | ||||||||
| Other non financial assets | 3,369 | 2,874 | -15 | % | ||||||||
| Non-current assets held for sale | 3,409 | 3,242 | -5 | % | ||||||||
| TOTAL ASSETS | 1,162,101 | 997,701 | -14 | % | ||||||||
| LIABILITIES | ||||||||||||
| Deposits | 737,714 | 588,851 | -20 | % | ||||||||
| Non Financial Public Sector | 111,041 | 56,403 | -49 | % | ||||||||
| Financial Sector | 1,051 | 961 | -9 | % | ||||||||
| Non Financial private sector and foreign | 625,622 | 531,487 | -15 | % | ||||||||
| Derivatives | - | 3 | - | |||||||||
| Repo Transactions | 934 | - | -100 | % | ||||||||
| Other financial liabilities | 74,287 | 67,935 | -9 | % | ||||||||
| Financing received from Central Bank and Other Financial Institutions | 1,387 | 438 | -68 | % | ||||||||
| Issued Corporate Bonds | 7,437 | 2,991 | -60 | % | ||||||||
| Current income tax liabilities | 7,766 | 351 | -95 | % | ||||||||
| Subordinated corporate bonds | 51,773 | 41,974 | -19 | % | ||||||||
| Provisions | 1,969 | 1,642 | -17 | % | ||||||||
| Deferred income tax liabilities | 9,496 | 5,692 | -40 | % | ||||||||
| Other non financial liabilities | 45,823 | 47,590 | 4 | % | ||||||||
| TOTAL LIABILITIES | 938,586 | 759,095 | -19 | % | ||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||
| Capital Stock | 639 | 639 | 0 | % | ||||||||
| Issued Shares premium | 12,430 | 12,430 | 0 | % | ||||||||
| Adjustment to Shareholders' Equity | 82,601 | 82,601 | 0 | % | ||||||||
| Reserves | 165,759 | 121,826 | -27 | % | ||||||||
| Retained earnings | -76,394 | -8,920 | -88 | % | ||||||||
| Other accumulated comprehensive income | 1,696 | 2,871 | 69 | % | ||||||||
| Net income for the period / fiscal year | 36,782 | 27,122 | -26 | % | ||||||||
| Shareholders' Equity attributable to parent company | 223,513 | 238,569 | 7 | % | ||||||||
| Shareholders' Equity attributable to non controlling interest | 2 | 37 | 1750 | % | ||||||||
| TOTAL SHAREHOLDERS' EQUITY | 223,515 | 238,606 | 7 | % | ||||||||
21
 | 4Q21 Earnings Release |
| INCOME STATEMENT | MACRO Consolidated | Change | ||||||||||||||||||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | 4Q20 | 3Q21 | 4Q21 | FY2020 | FY2021 | QoQ | YoY | |||||||||||||||||||||
| Interest Income | 62,802 | 54,986 | 56,887 | 237,099 | 225,432 | 3 | % | -9 | % | |||||||||||||||||||
| Interest Expense | 29,942 | 22,202 | 21,207 | 91,824 | 94,434 | -4 | % | -29 | % | |||||||||||||||||||
| Net Interest Income | 32,860 | 32,784 | 35,680 | 145,275 | 130,998 | 9 | % | 9 | % | |||||||||||||||||||
| Fee income | 9,355 | 9,552 | 9,745 | 37,347 | 36,984 | 2 | % | 4 | % | |||||||||||||||||||
| Fee expense | 812 | 928 | 985 | 3,090 | 3,531 | 6 | % | 21 | % | |||||||||||||||||||
| Net Fee Income | 8,543 | 8,624 | 8,760 | 34,257 | 33,453 | 2 | % | 3 | % | |||||||||||||||||||
| Subtotal (Net Interest Income + Net Fee Income) | 41,403 | 41,408 | 44,440 | 179,532 | 164,451 | 7 | % | 7 | % | |||||||||||||||||||
| Net Income from financial instruments at Fair Value Through Profit & Loss | 4,955 | 3,810 | 3,542 | 16,735 | 19,809 | -7 | % | -29 | % | |||||||||||||||||||
| Result from assets at amortised cost | 190 | - | 91 | 1,951 | 244 | - | -52 | % | ||||||||||||||||||||
| Difference in quoted prices of gold and foreign currency | 1,920 | 652 | 1,600 | 6,384 | 4,648 | 145 | % | -17 | % | |||||||||||||||||||
| Other operating income | 2,100 | 1,943 | 1,984 | 8,105 | 7,829 | 2 | % | -6 | % | |||||||||||||||||||
| Provision for loan losses | 3,259 | 233 | 1,963 | 12,080 | 2,455 | 742 | % | -40 | % | |||||||||||||||||||
| Net Operating Income | 47,309 | 47,580 | 49,694 | 200,627 | 194,526 | 4 | % | 5 | % | |||||||||||||||||||
| Personnel expenses | 10,349 | 9,945 | 9,726 | 40,148 | 39,481 | -2 | % | -6 | % | |||||||||||||||||||
| Administrative expenses | 5,882 | 4,951 | 5,897 | 21,947 | 20,092 | 19 | % | 0 | % | |||||||||||||||||||
| Depreciation and impairment of assets | 1,680 | 1,826 | 1,851 | 6,645 | 7,126 | 1 | % | 10 | % | |||||||||||||||||||
| Other operating expense | 7,530 | 8,312 | 9,841 | 30,895 | 34,197 | 18 | % | 31 | % | |||||||||||||||||||
| Operating Income | 21,868 | 22,546 | 22,379 | 100,992 | 93,630 | -1 | % | 2 | % | |||||||||||||||||||
| Income from associates and joint ventures | -90 | -1 | 35 | -10 | 87 | -3600 | % | -139 | % | |||||||||||||||||||
| Result from net monetary position | -16,057 | -14,125 | -15,178 | -45,724 | -64,931 | 7 | % | -5 | % | |||||||||||||||||||
| Net Income before income tax on cont. operations | 5,721 | 8,420 | 7,236 | 55,258 | 28,786 | -14 | % | 26 | % | |||||||||||||||||||
| Income tax on continuing operations | 930 | 314 | -3,298 | 18,476 | 1,663 | -1150 | % | -455 | % | |||||||||||||||||||
| Net Income from continuing operations | 4,791 | 8,106 | 10,534 | 36,782 | 27,123 | 30 | % | 120 | % | |||||||||||||||||||
| Net Income for the period | 4,791 | 8,106 | 10,534 | 36,782 | 27,123 | 30 | % | 120 | % | |||||||||||||||||||
| Net Income of the period attributable to parent company | 4,791 | 8,106 | 10,534 | 36,782 | 27,122 | 30 | % | 120 | % | |||||||||||||||||||
| Net income of the period attributable to non-controlling interests | - | - | - | - | 1 | - | - | |||||||||||||||||||||
| Other Comprehensive Income | -179 | 64 | 69 | 1,416 | 1,174 | 8 | % | - | ||||||||||||||||||||
| Foreign currency translation differences in financial statements conversion | -33 | -203 | -193 | 181 | -766 | -5 | % | 485 | % | |||||||||||||||||||
| Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a) | -146 | 267 | 262 | 1,235 | 1,940 | - | - | |||||||||||||||||||||
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 4,612 | 8,170 | 10,603 | 38,198 | 28,297 | 30 | % | 130 | % | |||||||||||||||||||
| Total Comprehensive Income attributable to parent Company | 4,611 | 8,170 | 10,603 | 38,197 | 28,296 | 30 | % | 130 | % | |||||||||||||||||||
| Total Comprehensive Income attributable to non-controlling interests | 1 | - | - | 1 | 1 | - | - | |||||||||||||||||||||
22
| 4Q21 Earnings Release |
| INCOME STATEMENT | Macro Consolidated | Change | ||||||||||
| In MILLION $ (Measuring Unit Current at EOP) | FY2020 | FY2021 | YoY | |||||||||
| Interest Income | 237,099 | 225,432 | -5 | % | ||||||||
| Interest Expense | 91,824 | 94,434 | 3 | % | ||||||||
| Net Interest Income | 145,275 | 130,998 | -10 | % | ||||||||
| Fee income | 37,347 | 36,984 | -1 | % | ||||||||
| Fee expense | 3,090 | 3,531 | 14 | % | ||||||||
| Net Fee Income | 34,257 | 33,453 | -2 | % | ||||||||
| Subtotal (Net Interest Income + Net Fee Income) | 179,532 | 164,451 | -8 | % | ||||||||
| Net Income from financial instruments at Fair Value Through Profit & Loss | 16,735 | 19,809 | 18 | % | ||||||||
| Result from assets at amortised cost | 1,951 | 244 | -87 | % | ||||||||
| Difference in quoted prices of gold and foreign currency | 6,384 | 4,648 | -27 | % | ||||||||
| Other operating income | 8,105 | 7,829 | -3 | % | ||||||||
| Provision for loan losses | 12,080 | 2,455 | -80 | % | ||||||||
| Net Operating Income | 200,627 | 194,526 | -3 | % | ||||||||
| Personnel expenses | 40,148 | 39,481 | -2 | % | ||||||||
| Administrative expenses | 21,947 | 20,092 | -8 | % | ||||||||
| Depreciation and impairment of assets | 6,645 | 7,126 | 7 | % | ||||||||
| Other operating expense | 30,895 | 34,197 | 11 | % | ||||||||
| Operating Income | 100,992 | 93,630 | -7 | % | ||||||||
| Income from associates and joint ventures | -10 | 87 | -970 | % | ||||||||
| Result from net monetary position | -45,724 | -64,931 | 42 | % | ||||||||
| Net Income before income tax on cont. operations | 55,258 | 28,786 | -48 | % | ||||||||
| Income tax on continuing operations | 18,476 | 1,663 | -28 | % | ||||||||
| Net Income from continuing operations | 36,782 | 27,123 | -26 | % | ||||||||
| Net Income for the period | 36,782 | 27,123 | -26 | % | ||||||||
| Net Income of the period attributable to parent company | 36,782 | 27,122 | -26 | % | ||||||||
| Net income of the period attributable to non-controlling interests | - | 1 | - | |||||||||
| Other Comprehensive Income | 1,416 | 1,174 | -17 | % | ||||||||
| Foreign currency translation differences in financial statements conversion | 181 | -766 | -523 | % | ||||||||
| Profits or losses from financial assets measured at fair value through other comprehensive income (FVOCI) (IFRS 9(4.1.2)(a) | 1,235 | 1,940 | 57 | % | ||||||||
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 38,198 | 28,297 | -26 | % | ||||||||
| Total Comprehensive Income attributable to parent Company | 38,197 | 28,296 | -26 | % | ||||||||
| Total Comprehensive Income attributable to non-controlling interests | 1 | 1 | 0 | % | ||||||||
23
| 4Q21 Earnings Release |
| QUARTERLY ANNUALIZED RATIOS | MACRO Consolidated | |||||||||||||||||||
| 4Q20 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | ||||||||||||||||
| Profitability & performance | ||||||||||||||||||||
| Net interest margin | 16.3 | % | 17.4 | % | 18.8 | % | 19.1 | % | 21.2 | % | ||||||||||
| Net interest margin adjusted (exc. FX) | 15.4 | % | 16.5 | % | 18.3 | % | 18.7 | % | 20.3 | % | ||||||||||
| Net fee income ratio | 13.9 | % | 11.5 | % | 12.2 | % | 13.7 | % | 12.6 | % | ||||||||||
| Efficiency ratio | 38.8 | % | 35.7 | % | 38.4 | % | 38.8 | % | 37.4 | % | ||||||||||
| Net fee income as % of A&G Expenses | 35.7 | % | 32.2 | % | 31.7 | % | 35.3 | % | 33.7 | % | ||||||||||
| Return on average assets | 1.7 | % | 1.1 | % | 2.3 | % | 3.3 | % | 4.4 | % | ||||||||||
| Return on average equity | 8.8 | % | 5.4 | % | 10.3 | % | 14.6 | % | 18.3 | % | ||||||||||
| Liquidity | ||||||||||||||||||||
| Loans as a percentage of total deposits | 52.7 | % | 58.0 | % | 55.4 | % | 57.2 | % | 59.8 | % | ||||||||||
| Liquid assets as a percentage of total deposits | 90.0 | % | 94.0 | % | 93.0 | % | 90.0 | % | 90.0 | % | ||||||||||
| Capital | ||||||||||||||||||||
| Total equity as a percentage of total assets | 19.2 | % | 22.2 | % | 22.5 | % | 23.0 | % | 23.9 | % | ||||||||||
| Regulatory capital as % of APR | 34.2 | % | 37.7 | % | 38.3 | % | 37.2 | % | 36.1 | % | ||||||||||
| Asset Quality | ||||||||||||||||||||
| Allowances over total loans | 3.5 | % | 3.7 | % | 3.8 | % | 3.0 | % | 2.8 | % | ||||||||||
| Non-performing financing as a percentage of total financing | 0.8 | % | 0.9 | % | 1.7 | % | 1.7 | % | 1.3 | % | ||||||||||
| Coverage ratio w/allowances | 479.3 | % | 387.8 | % | 212.9 | % | 175.9 | % | 209.6 | % | ||||||||||
| Cost of Risk | 3.4 | % | 0.0 | % | 0.3 | % | 0.3 | % | 2.3 | % | ||||||||||
| ACCUMULATED ANNUALIZED RATIOS | MACRO Consolidated | |||||||||||||||||||
| 4Q20 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | ||||||||||||||||
| Profitability & performance | ||||||||||||||||||||
| Net interest margin | 19.2 | % | 17.4 | % | 18.0 | % | 18.4 | % | 19.1 | % | ||||||||||
| Net interest margin adjusted (exc. FX) | 18.4 | % | 16.5 | % | 17.4 | % | 17.8 | % | 18.4 | % | ||||||||||
| Net fee income ratio | 12.6 | % | 11.5 | % | 11.8 | % | 12.4 | % | 12.5 | % | ||||||||||
| Efficiency ratio | 35.7 | % | 35.7 | % | 37.0 | % | 37.6 | % | 37.5 | % | ||||||||||
| Net fee income as % of A&G Expenses | 35.3 | % | 32.2 | % | 32.0 | % | 33.1 | % | 33.2 | % | ||||||||||
| Return on average assets | 3.5 | % | 1.1 | % | 1.7 | % | 2.2 | % | 2.8 | % | ||||||||||
| Return on average equity | 16.8 | % | 5.4 | % | 7.8 | % | 10.1 | % | 12.2 | % | ||||||||||
| Liquidity | ||||||||||||||||||||
| Loans as a percentage of total deposits | 52.7 | % | 58.0 | % | 55.4 | % | 57.2 | % | 59.8 | % | ||||||||||
| Liquid assets as a percentage of total deposits | 90.0 | % | 94.0 | % | 93.0 | % | 90.0 | % | 90.0 | % | ||||||||||
| Capital | ||||||||||||||||||||
| Total equity as a percentage of total assets | 19.2 | % | 22.2 | % | 22.5 | % | 23.0 | % | 23.9 | % | ||||||||||
| Regulatory capital as % of APR | 34.2 | % | 37.7 | % | 38.3 | % | 37.2 | % | 36.1 | % | ||||||||||
| Asset Quality | ||||||||||||||||||||
| Allowances over total loans | 3.5 | % | 3.7 | % | 3.8 | % | 3.0 | % | 2.8 | % | ||||||||||
| Non-performing financing as a percentage of total financing | 0.8 | % | 0.9 | % | 1.7 | % | 1.7 | % | 1.3 | % | ||||||||||
| Coverage ratio w/allowances | 479.3 | % | 387.8 | % | 212.9 | % | 175.9 | % | 209.6 | % | ||||||||||
| Cost of Risk | 3.0 | % | 0.0 | % | 0.2 | % | 0.2 | % | 0.7 | % | ||||||||||
24
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
Date: February 23, 2022
| MACRO BANK INC. | ||
| By: | /s/ Jorge Francisco Scarinci | |
| Name: Jorge Francisco Scarinci | ||
| Title: Chief Financial Officer | ||