SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
November 03, 2008
Commission File Number: 333-130901
MACRO BANK INC.
(Exact name of registrant as specified in its Charter)
Sarmiento 447
Buenos Aires C1 1041
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 Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
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 o 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 o No x
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No x
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- N/A
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BANCO MACRO ANNOUNCES RESULTS FOR THE THIRD QUARTER OF 2008
Buenos Aires, Argentina, November 3, 2008 - Banco Macro S.A. (NYSE: BMA; Buenos Aires: BMA) (“Banco Macro” or “BMA” or the “Bank”) announced today its results for the third quarter period ended September 30, 2008 (“3Q08”). All figures are in Argentine pesos (Ps.) and have been prepared in accordance with Argentine GAAP.
SUMMARY
· | The Bank’s net income totalled Ps.163.2 million. This result was 85%, or Ps.75.2 million higher than 3Q07’s Ps.88.0 million, and 1%, or Ps.2.2 million above 2Q08. The annualized 3Q08 ROAE and ROAA were 24.2% and 2.9%, respectively. |
· | The Bank’s net financial income was Ps.367.4 million, increasing 58% year to year (“YoY”). Banco Macro’s operating income of Ps.233.8 million jumped 148% YoY compared to the Ps.94.3 million posted in 3Q07. |
· | Banco Macro’s financing to the private sector grew 26% YoY, or Ps.2,427 million. Personal loans, which represent a strategic product for the Bank, once again led annual private loan portfolio growth while documents were the leading products for 3Q08. |
· | Total deposits grew 13%, or Ps.1,878.3 million quarter on quarter (“QoQ”), totalling Ps.16.8 billion and representing 80% of the Bank’s liabilities. Quarterly deposit growth was led by private sector deposits (11% or Ps. 1.4 billion) followed by public sector deposits (21% or Ps. 0.5 billion). |
· | Banco Macro continued showing a strong solvency ratio, with an excess capital of Ps.1.6 billion (22.1% capitalization ratio). In addition, the Bank’s liquid assets remained at a high level, reaching 53.7% of total deposits. |
· | The Bank’s non-performing lending to total lending ratio remained at 2.0% and the coverage ratio was 104.6%. |
· | In 3Q08, the Bank repurchased 32.4 million shares, according to the Share Buy Back Program launched on January 8th, 2008. In addition, the Bank repurchased nominal value US$ 10.85 million of Class 2 Notes. |
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RESULTS
Earnings per share were Ps.0.24. This was 85% or Ps.0.11 higher than the 3Q07 value of Ps.0.13.
EARNINGS PER SHARE | MACRO consolidated | |||||||||||||||
III07 | IV07 | I08 | II08 | III08 | ||||||||||||
Net income (M $) | 88.0 | 168.7 | 151.6 | 161.0 | 163.2 | |||||||||||
Average shares outstanding (M) | 683.9 | 683.9 | 683.2 | 679.4 | 650.7 | |||||||||||
Average shares in portfolio (M) | 0.0 | 0.0 | 0.7 | 4.5 | 33.2 | |||||||||||
Average shares issued (M) | 683.9 | 683.9 | 683.9 | 683.9 | 683.9 | |||||||||||
Book value per share ($) | 3.71 | 3.96 | 4.17 | 4.04 | 4.01 | |||||||||||
Earnings per share ($) | 0.13 | 0.25 | 0.22 | 0.24 | 0.24 |
Banco Macro’s 3Q08 net income rose by 85% YoY to Ps.163.2 million from last year’s level of Ps.88.0 million. When compared to 3Q07, the Bank’s operating result of Ps. 233.8 million jumped 148% compared to Ps.94.3 million for 3Q07.
The Bank’s 3Q08 ROAE and ROAA were 24.2% and 2.9%, respectively. Additionally, this performance has a higher value considering the low leverage of Banco Macro’s balance sheet (8.6x assets to equity ratio).
INCOME STATEMENT | MACRO consolidated | |||||||||||||||
In MILLION $ | III07 | IV07 | I08 | II08 | III08 | |||||||||||
Net financial income | 233.0 | 358.7 | 354.9 | 398.6 | 367.4 | |||||||||||
Provision for loan losses | -29.8 | -33.0 | -28.7 | -43.2 | -25.0 | |||||||||||
Net fee income | 125.5 | 150.9 | 153.3 | 174.5 | 189.2 | |||||||||||
328.7 | 476.6 | 479.5 | 529.9 | 531.6 | ||||||||||||
Administrative expense | -234.4 | -274.2 | -301.8 | -296.3 | -297.8 | |||||||||||
94.3 | 202.4 | 177.6 | 233.6 | 233.8 | ||||||||||||
Minority interest | -0.4 | -0.6 | -0.6 | -0.7 | -1.1 | |||||||||||
Net other income | 10.9 | 4.5 | 12.8 | -12.9 | 11.5 | |||||||||||
Earnings before income tax | 104.8 | 206.3 | 189.9 | 220.0 | 244.2 | |||||||||||
Income tax | -16.7 | -37.7 | -38.3 | -59.0 | -80.9 | |||||||||||
NET INCOME | 88.0 | 168.7 | 151.6 | 161.0 | 163.2 |
The Bank’s financial income of Ps.734.1 million increased 67% YoY, or Ps.294.1 million. This attractive performance was mainly driven by the increase in interest on loans and the increase in other financial income. For 3Q08, financial income increased 5% or Ps.34.8 million compared to 2Q08 based also on the above mentioned reasons.
Interest on loans grew Ps.228.6 million, or 83% YoY and represented 69% of total financial income, a 7% increase from the 62% for 2Q08. In this segment, interest on “other loans”, which includes personal loans, increased by 74% YoY and 12% QoQ. Interests on “overdrafts”, increased by 129% YoY and 30% QoQ and interest on documents rose 103% YoY and 44% QoQ.
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The quarterly increase in “other” financial income (Ps.21.6 million or 59%) was explained by forward FX gains. However, spot FX gains of Ps.21 million decreased 55% QoQ or Ps.26 million.
The above mentioned factors were partially offset by a lower result in income from government and private securities, which decreased 22% QoQ, mainly due to a lower result in LEBAC/NOBAC and for the gain in the sale of “Lujan” financial trust accounted in 2Q08.
CER-adjusted income decreased 34% when compared with 2Q08, which is in line with the CPI evolution.
FINANCIAL INCOME | MACRO consolidated | |||||||||||||||
In MILLION $ | III07 | IV07 | I08 | II08 | III08 | |||||||||||
Interest on cash and due from banks | 6.6 | 5.3 | 2.5 | 1.7 | 1.6 | |||||||||||
Interest on loans to the financial sector | 5.1 | 4.8 | 2.6 | 3.9 | 4.9 | |||||||||||
Interest on overdrafts | 43.8 | 58.8 | 56.6 | 77.4 | 100.4 | |||||||||||
Interest on documents | 26.7 | 36.6 | 36.7 | 37.8 | 54.2 | |||||||||||
Interest on mortgages | 17.7 | 21.3 | 21.3 | 22.9 | 26.0 | |||||||||||
Interest on pledges | 12.5 | 14.8 | 15.2 | 15.9 | 16.6 | |||||||||||
Interest on credit cards | 13.7 | 17.4 | 20.6 | 24.5 | 32.1 | |||||||||||
Interest on other loans | 155.0 | 190.3 | 220.3 | 240.4 | 268.9 | |||||||||||
Interest on other receivables from finan. interm. | 5.7 | 3.8 | 6.2 | 3.7 | 3.6 | |||||||||||
Income from government & private securities (1) | 84.4 | 191.3 | 139.6 | 156.4 | 122.6 | |||||||||||
Net options results | 0.5 | 0.1 | 0.0 | 0.0 | 0.1 | |||||||||||
Results of guaranteed loans | 14.4 | 2.9 | 9.0 | 9.2 | 9.3 | |||||||||||
CER adjustment | 6.3 | 30.5 | 22.4 | 21.6 | 14.3 | |||||||||||
CVS adjustment | 0.4 | 0.3 | 0.2 | 0.2 | 0.2 | |||||||||||
Difference in quoted prices of foreign currency | 13.9 | 16.8 | 12.0 | 47.0 | 21.0 | |||||||||||
Other | 33.3 | 34.7 | 38.4 | 36.7 | 58.3 | |||||||||||
Total financial income | 440.0 | 629.7 | 603.6 | 699.3 | 734.1 | |||||||||||
(1) Income from government & private securities | ||||||||||||||||
LEBAC / NOBAC | 73.4 | 173.5 | 133.6 | 119.8 | 106.2 | |||||||||||
Other | 11.0 | 17.8 | 6.0 | 36.6 | 16.4 | |||||||||||
TOTAL | 84.4 | 191.3 | 139.6 | 156.4 | 122.6 |
In 3Q08, Banco Macro’s financial expenses of Ps.366.7 million climbed 77% or Ps. 159.7 million YoY. This performance was mainly driven by the 119% YoY increase in interest on deposits which represented 76% of total financial expenses. This can be traced to the 33% YoY increase in Banco Macro’s time deposit portfolio and the increase in market interest rates.
The quarterly decrease of 30% in “other” financial expenses was explained by the lower adjustment in valuation of Prestamos Garantizados (PGN).
Finally CER-adjusted expenses also decreased Ps.4.1 million or 39% which is attributed to the CPI evolution.
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FINANCIAL EXPENSES | MACRO consolidated | |||||||||||||||
In MILLION $ | III07 | IV07 | I08 | II08 | III08 | |||||||||||
Interest on checking accounts | 5.3 | 4.8 | 4.0 | 3.4 | 4.7 | |||||||||||
Interest on saving accounts | 2.7 | 4.3 | 3.4 | 3.3 | 3.2 | |||||||||||
Interest on time deposits | 119.3 | 150.7 | 165.7 | 186.6 | 270.4 | |||||||||||
Interest on loans from the financial sector | 1.4 | 2.1 | 1.0 | 0.8 | 1.3 | |||||||||||
Interest on other loans from the financial sector | 21.7 | 21.6 | 23.9 | 22.0 | 22.5 | |||||||||||
Interest on subordinated notes | 11.7 | 12.0 | 11.8 | 11.5 | 11.7 | |||||||||||
Other Interest | 2.6 | 1.4 | 2.3 | 2.5 | 2.0 | |||||||||||
CER adjustments | 7.6 | 10.4 | 11.4 | 10.5 | 6.4 | |||||||||||
Deposits guarantee fond | 5.1 | 6.1 | 6.0 | 6.2 | 6.7 | |||||||||||
Other | 29.6 | 57.6 | 19.3 | 53.9 | 37.8 | |||||||||||
Total Financial Expenses | 207.0 | 271.0 | 248.8 | 300.7 | 366.7 |
Banco Macro’s 3Q08’s net financial income was Ps.367.4 million, Ps.134.4 million or 58% higher than 3Q07 and 8% lower than 2Q08.
Banco Macro’s net fee income of Ps.189.2 million rose by 51% or Ps.63.7 million from last year’s level of Ps.125.5 million and climbed Ps.14.7 million or 8% QoQ, which was attributable to an increase in fees on deposit accounts and debit and credit cards.
NET FEE INCOME | MACRO consolidated | |||||||||||||||
In MILLION $ | III07 | IV07 | I08 | II08 | III08 | |||||||||||
Fee charges on deposit accounts | 101.6 | 119.8 | 126.6 | 137.9 | 152.8 | |||||||||||
Debit and credit card income | 29.6 | 34.1 | 35.4 | 36.9 | 39.9 | |||||||||||
Other fees related to foreign trade | 3.9 | 3.9 | 4.1 | 5.9 | 4.8 | |||||||||||
Credit-related fees | 13.6 | 15.8 | 14.3 | 20.4 | 15.3 | |||||||||||
Lease of safe-deposit boxes | 3.8 | 3.7 | 3.8 | 3.7 | 3.8 | |||||||||||
Other | 16.0 | 16.5 | 12.6 | 13.3 | 12.2 | |||||||||||
Total fee income | 168.5 | 193.8 | 196.8 | 218.1 | 228.8 | |||||||||||
Total fee expenses | 43.1 | 42.8 | 43.5 | 43.6 | 39.6 | |||||||||||
Net fee income | 125.5 | 150.9 | 153.3 | 174.5 | 189.2 |
Banco Macro’s administrative expenses grew by 27% YoY to Ps.297.8 million, compared to Ps.234.4 million in 3Q07. Personnel expenses and other professional fees climbed by 32% YoY attributable to the salary increase agreed with the unions (19.5% effective since March) and a slight increase in the number of employees. The quarterly growth of this line was compensated by the decrease in fees to directors & statutory auditors, resulting in 1% QoQ increase in total administrative expenses.
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Banco Macro’s efficiency ratio (expenses / net financial and fee income) largely improved to 53.5% when compared to 3Q07’s level of 65.6%.
ADMINISTRATIVE EXPENSES | MACRO consolidated | |||||||||||||||
In MILLION $ | III07 | IV07 | I08 | II08 | III08 | |||||||||||
Personnel expenses | 147.2 | 166.0 | 213.9 | 187.2 | 194.2 | |||||||||||
Fees to directors & statutory auditors | 3.8 | 15.6 | 3.8 | 13.4 | 4.2 | |||||||||||
Other professional fees | 9.5 | 14.2 | 10.2 | 11.8 | 14.9 | |||||||||||
Advertising & publicity | 13.8 | 16.6 | 10.2 | 14.3 | 14.5 | |||||||||||
Taxes | 2.9 | 2.8 | 2.7 | 3.4 | 3.0 | |||||||||||
Equipment depreciation | 10.5 | 12.5 | 12.9 | 12.5 | 12.2 | |||||||||||
Organization expenses amortization | 4.5 | 5.6 | 6.0 | 6.1 | 6.4 | |||||||||||
Other operating expenses | 37.5 | 36.1 | 39.1 | 42.7 | 42.6 | |||||||||||
Other | 4.7 | 4.8 | 3.0 | 4.9 | 5.8 | |||||||||||
Total Administrative Expenses | 234.4 | 274.2 | 301.8 | 296.3 | 297.8 | |||||||||||
Total Employees | 7.848 | 7.868 | 7.846 | 7.962 | 7.958 | |||||||||||
Branches | 428 | 427 | 426 | 423 | 423 | |||||||||||
Efficiency ratio | 65.6 | % | 54.0 | % | 59.4 | % | 51.7 | % | 53.5 | % |
The Bank’s net other income was Ps.11.5 million. The “other income” increase was explained by Ps.25 million from a dividend paid by Visa Argentina S.A.
NET OTHER INCOME | MACRO consolidated | |||||||||||||||
In MILLION $ | ||||||||||||||||
Other Income | III07 | IV07 | I08 | II08 | III08 | |||||||||||
Penalty interest | 2.2 | 2.5 | 2.6 | 2.9 | 3.8 | |||||||||||
Recovered loans and allowances reversed | 35.7 | 20.9 | 29.8 | 16.8 | 15.0 | |||||||||||
Other | 8.0 | 16.1 | 21.1 | 11.7 | 35.0 | |||||||||||
Total Other Income | 45.9 | 39.5 | 53.5 | 31.4 | 53.8 | |||||||||||
Other Expense | ||||||||||||||||
Uncollected charges for other loans and other provisions | 5.6 | 4.2 | 11.4 | 4.0 | 11.4 | |||||||||||
Difference in amparos amortization | 8.8 | 9.0 | 9.0 | 6.4 | 7.3 | |||||||||||
Goodwill amortization | 2.4 | 2.3 | 2.1 | 2.1 | 2.1 | |||||||||||
Other Expense | 18.2 | 19.5 | 18.2 | 31.8 | 21.5 | |||||||||||
Total Other Expense | 35.0 | 35.0 | 40.7 | 44.3 | 42.3 | |||||||||||
Net Other Income | 10.9 | 4.5 | 12.8 | -12.9 | 11.5 |
Finally, as of 3Q08, the effective income tax rate increased to 27.2% from the 14.3% registered in 3Q07. Nuevo Banco Bisel continues to be the only subsidiary with tax-loss carry forwards after Suquia merger.
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FINANCIAL ASSETS
Private sector financing
The volume of “core” financing to the private sector continued to grow at attractive rates (31% YoY, or Ps.2.6 billion). Aggregating the Bank’s financial trust and leasing portfolio, total financing increased 26% YoY, and netting the effects related to the Bank’s liquidity management policy (advances to AAA companies) increased 22% or Ps.2.0 billion YoY.
In 3Q08, the Bank’s lending portfolio expansion resulted in a 38% increase in personal loans, or Ps.1.1 billion (YoY). It is important to highlight that Banco Macro has 90% of its personal loans extended to payroll accounts. Moreover, credit card loans increased by 28% YoY.
In addition, discounted documents portfolio increased 34% YoY, and 28% QoQ while overdrafts to triple “A” companies portfolio valuing Ps.719.6 million (120% YoY growth) have been another financial instrument where Banco Macro allocated its excess liquidity.
Financial Trusts financing decreased 25% QoQ and YoY, explained by the partial redemption of Tucumán’s financial trust.
PRIVATE SECTOR LOAN PORTFOLIO | MACRO consolidated | Variation | ||||||||||||||||||||
In MILLION $ | III07 | IV07 | I08 | II08 | III08 | Q to Q | Y to Y | |||||||||||||||
Overdrafts (total) | 1,342.8 | 1,375.1 | 1,116.7 | 2,022.5 | 1,916.2 | -5 | % | 43 | % | |||||||||||||
Overdrafts | 1,016.0 | 1,071.4 | 928.4 | 1,233.7 | 1,196.6 | |||||||||||||||||
AAA (liquidity administration) | 326.8 | 303.7 | 188.3 | 788.8 | 719.6 | |||||||||||||||||
Discounted documents | 1,043.2 | 1,213.7 | 1,058.8 | 1,093.5 | 1,397.2 | 28 | % | 34 | % | |||||||||||||
Mortgages | 575.3 | 619.8 | 621.6 | 722.9 | 736.5 | 2 | % | 28 | % | |||||||||||||
Pledges | 324.3 | 348.0 | 362.7 | 378.3 | 340.9 | -10 | % | 5 | % | |||||||||||||
Consumer | 2,763.2 | 3,207.5 | 3,521.7 | 3,744.1 | 3,813.9 | 2 | % | 38 | % | |||||||||||||
Credit Cards | 635.6 | 722.0 | 780.6 | 833.4 | 816.6 | -2 | % | 28 | % | |||||||||||||
Others | 1,584.9 | 1,719.0 | 1,741.4 | 1,925.6 | 1,846.8 | -4 | % | 17 | % | |||||||||||||
Total credit to the private sector | 8,269.3 | 9,205.1 | 9,203.5 | 10,720.3 | 10,868.1 | 1 | % | 31 | % | |||||||||||||
Financial trusts | 728.2 | 548.9 | 658.7 | 733.5 | 549.4 | -25 | % | -25 | % | |||||||||||||
Leasing | 373.6 | 372.9 | 387.5 | 388.9 | 380.7 | -2 | % | 2 | % | |||||||||||||
Total credit w/ f. trusts and leasing | 9,371.1 | 10,126.9 | 10,249.7 | 11,842.7 | 11,798.2 | 0 | % | 26 | % | |||||||||||||
Total credit w/o liquidity administration | 9,044.3 | 9,823.2 | 10,061.4 | 11,053.9 | 11,078.6 | 0 | % | 22 | % |
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PUBLIC SECTOR ASSETS
The Bank’s exposure of public sector assets (net of LEBAC / NOBAC) to total assets ratio remained at 6.7% in 3Q08 and at similar level than the 6.8% system’s average.
PUBLIC SECTOR ASSETS | MACRO consolidated | |||||||||||||||
In MILLION $ | III07 | IV07 | I08 | II08 | III08 | |||||||||||
LEBAC / NOBAC B.C.R.A. | 3,853.6 | 3,268.7 | 3,856.3 | 3,118.5 | 4,227.8 | |||||||||||
Other | 268.2 | 311.6 | 706.1 | 378.7 | 508.3 | |||||||||||
Government securities | 4,121.8 | 3,580.3 | 4,562.4 | 3,497.2 | 4,736.1 | |||||||||||
Guaranteed loans | 750.2 | 730.0 | 742.7 | 731.7 | 727.7 | |||||||||||
Provincial loans | 0.4 | 0.4 | 0.4 | 0.3 | 0.1 | |||||||||||
Government securities loans | 14.5 | 7.0 | 6.0 | 13.8 | 11.8 | |||||||||||
Loans | 765.1 | 737.4 | 749.1 | 745.8 | 739.6 | |||||||||||
Purchase of government bonds | 111.0 | 125.8 | 64.5 | 195.1 | 318.9 | |||||||||||
Other receivables for financial intermediation | 111.0 | 125.8 | 64.5 | 195.1 | 318.9 | |||||||||||
BODEN to collect | 14.5 | 21.9 | 22.6 | 18.7 | 17.6 | |||||||||||
Other receivables | 14.5 | 21.9 | 22.6 | 18.7 | 17.6 | |||||||||||
TOTAL PUBLIC SECTOR ASSETS | 5,012.4 | 4,465.4 | 5,398.6 | 4,456.8 | 5,812.2 | |||||||||||
TOTAL PUBLIC SECTOR LIABILITIES | 642.9 | 470.0 | 580.4 | 685.1 | 618.0 | |||||||||||
Net exposure | 4,369.5 | 3,995.4 | 4,818.2 | 3,771.7 | 5,194.2 | |||||||||||
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC / NOBAC ) | 1,158.8 | 1,196.7 | 1,542.3 | 1,338.3 | 1,584.4 | |||||||||||
TOTAL PUBLIC SECTOR ASSETS (net of LEBAC / NOBAC) /TOTAL ASSETS | 5.9 | % | 6.0 | % | 7.1 | % | 6.3 | % | 6.7 | % | ||||||
Net exposure (net of LEBAC/NOBAC) / TOTAL ASSETS | 2.6 | % | 3.7 | % | 4.5 | % | 3.1 | % | 4.1 | % |
FUNDING
Deposits
Banco Macro’s total deposit base amounted to Ps.16.8 billion. The deposit base represents the most important source of funds for the Bank (80% of total liabilities).
Private sector deposits rose 11% or Ps.1.4 billion QoQ. This expansion was mainly explained by CDs which increased 16% or Ps.1.1 billion. Similarly, provincial public sector funding increased 21% QoQ, or Ps.0.5 billion.
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MACRO consolidated | Variation | |||||||||||||||||||||
In MILLION $ | III 07 | IV 07 | I 08 | II 08 | III 08 | Q to Q | Y to Y | |||||||||||||||
Public sector | 2,043.9 | 1,774.1 | 2,132.7 | 2,466.3 | 2,986.7 | 21 | % | 46 | % | |||||||||||||
Financial sector | 9.3 | 13.3 | 9.7 | 9.9 | 13.6 | 37 | % | 46 | % | |||||||||||||
Private sector | 11,419.2 | 11,803.7 | 12,410.1 | 12,430.8 | 13,785.0 | 11 | % | 21 | % | |||||||||||||
Current accounts | 2,370.0 | 2,599.7 | 2,552.9 | 2,536.4 | 2,715.2 | 7 | % | 15 | % | |||||||||||||
Savings accounts | 2,603.8 | 2,780.4 | 2,610.5 | 2,559.5 | 2,621.3 | 2 | % | 1 | % | |||||||||||||
Time deposits | 5,947.8 | 5,907.0 | 6,667.4 | 6,776.8 | 7,884.4 | 16 | % | 33 | % | |||||||||||||
Other | 497.7 | 516.6 | 579.3 | 558.1 | 564.1 | 1 | % | 13 | % | |||||||||||||
TOTAL | 13,472.5 | 13,591.1 | 14,552.5 | 14,907.0 | 16,785.3 | 13 | % | 25 | % |
Other sources of funds
In 3Q08, other sources of funds decreased Ps.98.9 million or 2% QoQ mainly explained by Bisel’s annual payment of its Central Bank debt and a reduction in inter-banking loans.
When compared to 2Q08, unsubordinated bonds decreased due to the cancellation of US$ 10 million nominal value of “Class 2” Notes in September, partially offset by the increase of nominal exchange rate and the impact on the Bank’s debt.
Additionally, subordinated bond balance also rose due to the impact of the nominal exchange rate increase (Ps.15.9 million) and the accrued interests to be paid in the period (Ps.11.5 million).
Finally, the Bank’s equity QoQ decrease was explained by the share buy back program (Ps 189.6 million), which was partially compensated by the quarterly net income (Ps 163.2 million).
OTHER FUNDING | MACRO consolidated | |||||||||||||||
In MILLION $ | III 07 | IV 07 | I 08 | II 08 | III 08 | |||||||||||
Central Bank | 339.0 | 347.9 | 355.3 | 366.4 | 296.6 | |||||||||||
Banks and international institutions | 167.6 | 164.8 | 170.5 | 212.7 | 243.3 | |||||||||||
Financing received from Argentine financial institutions | 130.3 | 160.3 | 114.8 | 208.2 | ||||||||||||
Subordinated corporate bonds | 501.5 | 490.7 | 504.4 | 471.1 | 507.4 | |||||||||||
Unsubordinated corporate bonds | 787.0 | 799.5 | 769.4 | 749.9 | 732.5 | |||||||||||
Shareholders´ equity | 2,538.9 | 2,707.7 | 2,849.3 | 2,766.5 | 2,740.0 | |||||||||||
Total Funding | 4,464.3 | 4,670.9 | 4,763.7 | 4,774.8 | 4,676.0 |
Banco Macro’s average cost of funds was 6.9% as of September 2008, one of the lowest in the banking sector. Banco Macro’s current and saving accounts continued to represent approximately 50% of its deposit base. These accounts are low cost and are not sensitive to interest rate increases.
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LIQUID ASSETS
The Bank’s liquid assets increased by 18% QoQ. During the quarter, LEBAC/NOBAC portfolio increased by Ps.1.7 billion, of wich Ps.5.8 million were repos.
Banco Macro’s liquid assets to deposits ratio remained at a healthy 53.7%.
LIQUID ASSETS | MACRO consolidated | |||||||||||||||
In MILLION $ | III07 | IV07 | I08 | II08 | III08 | |||||||||||
Cash | 2,567.6 | 3,117.4 | 2,462.1 | 3,485.0 | 3,239.3 | |||||||||||
Guarantees for compensating chambers | 154.2 | 186.4 | 178.6 | 183.0 | 183.6 | |||||||||||
Loans to AAA companies | 326.8 | 303.7 | 188.3 | 788.8 | 719.6 | |||||||||||
Call | 28.6 | 65.0 | 130.0 | 65.0 | 52.0 | |||||||||||
Repos | 25.2 | 67.0 | 18.4 | 14.5 | 8.7 | |||||||||||
LEBAC / NOBAC | 4,586.0 | 3,478.2 | 4,900.6 | 3,118.5 | 4,816.5 | |||||||||||
TOTAL | 7,688.4 | 7,217.7 | 7,878.0 | 7,654.8 | 9,019.7 | |||||||||||
Liquid assets to total deposits | 57.1 | % | 53.1 | % | 54.1 | % | 51.4 | % | 53.7 | % |
SOLVENCY
In 3Q08, Banco Macro showed an excess capital of Ps.1.6 billion, a value grater than the required capital amount of Ps.1.3 billion.
The capitalization ratio was 22.1%, well above the 10.5% minimum required by the Central Bank.
The main target for the Bank’s excess capital is growth with the consequent higher leverage of its balance sheet.
MIN.CAP.REQUIREMENT | MACRO consolidated | |||||||||||||||
In MILLION $ | III07 | IV07 | I08 | II08 | III08 | |||||||||||
Credit requirements | 799 | 884 | 927 | 1.023 | 1.089 | |||||||||||
Market risk requirements | 127 | 127 | 111 | 103 | 67 | |||||||||||
Interest rate requirements | 7 | 102 | 118 | 165 | 185 | |||||||||||
Incremental requirements | 18 | 36 | 148 | 11 | 0 | |||||||||||
Integrated capital | 2.852 | 2.970 | 3.132 | 2.962 | 2.981 | |||||||||||
Excess capital | 1.901 | 1.821 | 1.828 | 1.660 | 1.640 |
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ASSET QUALITY
In 3Q08, Banco Macro’s non-performing financing to total financing ratio was 2.04%, similar to the previous quarter. This slight weakening in consumer portfolio was expected by the Bank due to the lower growth rate of the Argentine economy and the portfolio maturity.
The coverage ratio level was 104.6%.
ASSET QUALITY | MACRO consolidated | |||||||||||||||
In MILLION $ | III07 | IV07 | I 08 | II08 | III08 | |||||||||||
Commercial portfolio | 4,981.7 | 5,291.3 | 4,908.0 | 6,150.7 | 6,436.2 | |||||||||||
Irregular | 47.3 | 46.2 | 67.6 | 60.6 | 61.8 | |||||||||||
Consumer portfolio | 5,057.8 | 5,699.6 | 6,054.1 | 6,292.6 | 6,312.1 | |||||||||||
Irregular | 87.5 | 121.8 | 150.4 | 191.4 | 198.5 | |||||||||||
Total portfolio | 10,039.5 | 10,990.9 | 10,962.1 | 12,443.3 | 12,748.3 | |||||||||||
Irregular | 134.8 | 168.0 | 218.0 | 252.0 | 260.4 | |||||||||||
Irregular / Total portfolio | 1.34 | % | 1.53 | % | 1.99 | % | 2.03 | % | 2.04 | % | ||||||
Total provisions | 211.8 | 238.3 | 241.9 | 271.7 | 272.2 | |||||||||||
Coverage ratio w/allowances | 157.12 | % | 141.85 | % | 110.95 | % | 107.81 | % | 104.56 | % |
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CER EXPOSURE AND FOREIGN CURRENCY POSITION
CER EXPOSURE | Macro consolidated | |||||||||||||||
In MILLION $ | III 07 | IV 07 | I 08 | II 08 | III 08 | |||||||||||
CER adjustable ASSETS | ||||||||||||||||
Guaranteed loans | 749.0 | 728.7 | 742.1 | 730.9 | 727.0 | |||||||||||
Loans to the private sector | 57.0 | 65.5 | 60.4 | 59.7 | 54.6 | |||||||||||
Other loans | 16.1 | 16.0 | 15.7 | 11.6 | 10.5 | |||||||||||
Loans | 822.1 | 810.2 | 818.2 | 802.2 | 792.1 | |||||||||||
Leasing | 4.3 | 4.4 | 4.2 | 4.3 | 3.8 | |||||||||||
Other loans | 12.9 | 13.1 | 12.8 | 12.8 | 3.2 | |||||||||||
Total CER adjustable assets | 839.3 | 827.7 | 835.2 | 819.3 | 799.1 | |||||||||||
CER adjustable LIABILITIES | ||||||||||||||||
Deposits | 92.9 | 74.6 | 23.2 | 13.1 | 6.5 | |||||||||||
Other liabilities for financial intermediation | 379.9 | 387.2 | 396.8 | 406.1 | 338.4 | |||||||||||
Subordinated debt | 2.4 | 2.5 | 2.1 | 2.2 | 11.0 | |||||||||||
Total CER adjustable liabilities | 475.2 | 464.3 | 422.1 | 421.4 | 355.9 | |||||||||||
NET ASSET CER EXPOSURE | 364.1 | 363.4 | 413.1 | 397.9 | 443.2 |
MACRO consolidated | ||||||||||||||||
In MILLION $ | III07 | IV07 | I08 | II08 | III08 | |||||||||||
Cash | 1,262.4 | 1,001.5 | 1,010.5 | 1,141.5 | 1,313.1 | |||||||||||
Government Securities | 187.4 | 288.4 | 277.8 | 174.2 | 415.4 | |||||||||||
Loans | 1,497.9 | 1,598.9 | 1,493.2 | 1,781.6 | 2,098.1 | |||||||||||
Other receivables from financial intermediation | 228.0 | 236.2 | 163.2 | 298.7 | 390.0 | |||||||||||
Investments in other companies | 1.3 | 1.3 | 1.3 | 0.4 | 0.5 | |||||||||||
Other receivables | 21.2 | 22.6 | 24.4 | 52.3 | 52.9 | |||||||||||
Other assets | 19.0 | 20.5 | 52.5 | 55.2 | 62.2 | |||||||||||
TOTAL ASSETS | 3,217.2 | 3,169.4 | 3,022.9 | 3,504.0 | 4,332.2 | |||||||||||
Deposits | 2,089.5 | 2,119.2 | 2,121.6 | 2,186.5 | 2,390.3 | |||||||||||
Other liabilities from financial intermediation | 901.4 | 984.0 | 880.6 | 1,158.1 | 1,244.8 | |||||||||||
Other liabilities | 5.3 | 7.3 | 4.7 | 3.9 | 9.2 | |||||||||||
Subordinated corporate bonds | 499.1 | 488.2 | 502.2 | 468.9 | 495.7 | |||||||||||
TOTAL LIABILITIES | 3,495.3 | 3,598.7 | 3,509.1 | 3,817.4 | 4,140.0 | |||||||||||
NET FX POSITION | -278.1 | -429.3 | -486.2 | -313.4 | 192.2 |
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RELEVANT AND RECENT EVENTS
ü | On October 1st, 2008, Banco Macro’s Board of Directors has requested to the Buenos Aires Stock Exchange its prior authorization to reduce the Bank's subscribed and paid-in capital stock in an amount of up to Ps.60 million, representing 60 million Class B shares, with a face value of $1 (one Argentine peso) each and the right to one vote per share. As of October 30th, 2008, Buenos Aires Stock Exchange did not report about this matter. |
ü | On October 29th, 2008, the Board of Directors increased the Share Buy Back Program to 102 million ordinary shares from 68 million and the maximum amount to be invested to Ps.495 million from Ps.390 million. In addition, the price range was set between Ps.0.01 and Ps.4 per share and the Share Buy Back Program was extended for 45 additional days starting on November 4th. |
ü | As of October 30th, 2008, Banco Macro has repurchased 62.9 million ordinary shares Class B (including ADS) totaling Ps.339.9 million according to the terms and conditions established in the Share Buy Back Program launched in January 8, 2008. Additionally, the Bank has repurchased “Class 2” and “Class 3” Notes for a nominal value of US$ 32.7 million and US$ 1.5 million respectively. |
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QUARTERLY CONFERENCE CALL
A conference call to discuss this press release will be held on November 4, 2008 at 1:00 p.m. Buenos Aires time (10:00 a.m., New York time), with the presence of Jorge Pablo Brito (Member of the Executive Committee), Guillermo Stanley (Board Member), Guillermo Goldberg (Deputy General Manager) and Jorge Scarinci, (Finance and Investor Relations Manager). Dial in information:
(866) 550-6338 (Within the U.S.)
(347) 284-6930 (Outside the U.S.)
Conference ID: 6124572
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, 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.gov.ar), the Securities and Exchange Commission (www.sec.gov), the Bolsa de Comercio de Buenos Aires (www.bolsar.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.
INVESTOR RELATIONS CONTACTS:
In Buenos Aires:
Jorge Scarinci, CFA
Finance and Investor Relations Manager
Tel: +5411-5222-6730
E-mail: investorelations@macro.com.ar | visit our website at: www.macro.com.ar |
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QUARTERLY BALANCE SHEET | MACRO consolidated | |||||||||||||||
In MILLION $ | III07 | IV07 | I08 | II08 | III08 | |||||||||||
ASSETS | 19,731.7 | 19,781.2 | 21,606.6 | 21,170.7 | 23,623.6 | |||||||||||
Cash | 2,567.6 | 3,117.4 | 2,462.1 | 3,485.0 | 3,239.3 | |||||||||||
Government Securities | 4,946.2 | 3,950.7 | 5,715.1 | 3,600.7 | 5,497.0 | |||||||||||
LEBAC/NOBAC | 4,586.0 | 3,478.2 | 4,900.6 | 3,118.5 | 4,816.5 | |||||||||||
Other | 360.2 | 472.5 | 814.5 | 482.2 | 680.5 | |||||||||||
Loans | 9,015.9 | 10,009.4 | 10,044.8 | 11,436.9 | 11,731.5 | |||||||||||
to the non-Financial Government Sector | 752.8 | 732.5 | 745.1 | 733.8 | 866.6 | |||||||||||
to the Financial Sector | 80.5 | 161.7 | 183.5 | 97.9 | 115.4 | |||||||||||
to the non-financial private sector | 8,376.0 | 9,335.6 | 9,339.9 | 10,858.7 | 11,009.7 | |||||||||||
-Overdrafts | 1,342.8 | 1,375.1 | 1,116.7 | 2,022.5 | 1,916.2 | |||||||||||
-Discounted documents | 1,043.2 | 1,213.7 | 1,058.8 | 1,093.5 | 1,397.2 | |||||||||||
-Mortgages | 575.3 | 619.8 | 621.6 | 722.9 | 736.5 | |||||||||||
-Pledges | 324.3 | 348.0 | 362.7 | 378.3 | 340.9 | |||||||||||
-Consumer | 2,763.2 | 3,207.5 | 3,521.8 | 3,744.1 | 3,813.9 | |||||||||||
-Credit cards | 635.6 | 722.0 | 780.6 | 833.4 | 816.6 | |||||||||||
-Other | 1,584.9 | 1,719.0 | 1,741.4 | 1,925.6 | 1,846.8 | |||||||||||
- Less: int. doc., cotiz dif. | 106.7 | 130.5 | 136.3 | 138.4 | 141.6 | |||||||||||
Allowances | -193.4 | -220.4 | -223.7 | -253.5 | -260.2 | |||||||||||
Other receivables from financial intermediation | 1,740.5 | 1,226.3 | 1,902.8 | 1,216.2 | 1,751.5 | |||||||||||
Investments in other companies | 10.4 | 10.4 | 10.4 | 9.7 | 28.6 | |||||||||||
Other receivables | 265.5 | 254.3 | 257.7 | 238.0 | 254.7 | |||||||||||
Other assets | 1,185.6 | 1,149.7 | 1,213.7 | 1,184.2 | 1,121.0 | |||||||||||
LIABILITIES | 17,192.8 | 17,010.5 | 18,757.3 | 18,404.2 | 20,883.7 | |||||||||||
Deposits | 13,472.5 | 13,591.1 | 14,552.5 | 14,907.0 | 16,785.3 | |||||||||||
From the non-financial government sector | 2,043.9 | 1,774.1 | 2,132.7 | 2,466.3 | 2,986.7 | |||||||||||
From the financial sector | 9.3 | 13.3 | 9.7 | 9.9 | 13.6 | |||||||||||
From the non-financial private sector | 11,419.3 | 11,803.7 | 12,410.1 | 12,430.8 | 13,785.0 | |||||||||||
-Checking accounts | 2,370.0 | 2,599.7 | 2,552.9 | 2,536.4 | 2,715.2 | |||||||||||
-Savings accounts | 2,603.8 | 2,780.4 | 2,610.5 | 2,559.5 | 2,621.3 | |||||||||||
-Time deposits | 5,947.8 | 5,907.0 | 6,667.4 | 6,776.8 | 7,884.4 | |||||||||||
-Other | 497.7 | 516.6 | 579.3 | 558.1 | 564.1 | |||||||||||
Other liabilities from financial intermediation | 2,858.7 | 2,571.9 | 3,197.0 | 2,595.9 | 3,126.8 | |||||||||||
Subordinated corporate bonds | 501.5 | 490.7 | 504.4 | 471.1 | 507.4 | |||||||||||
Other liabilities | 360.1 | 356.8 | 503.4 | 430.2 | 464.2 | |||||||||||
STOCKHOLDERS´ EQUITY | 2,538.9 | 2,707.7 | 2,849.3 | 2,766.5 | 2,740.0 | |||||||||||
LIABILITIES + STOCKHOLDERS´ EQUITY | 19,731.7 | 19,781.2 | 21,606.6 | 21,170.7 | 23,623.6 |
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QUARTERLY BALANCE SHEET | BISEL | |||||||||||||||
In MILLION $ | III07 | IV07 | I08 | II08 | III08 | |||||||||||
ASSETS | 3,513.6 | 3,757.8 | 3,836.1 | 3,957.5 | 4,401.8 | |||||||||||
Cash | 400.8 | 484.4 | 417.7 | 454.6 | 430.3 | |||||||||||
Government Securities | 1,089.5 | 840.5 | 1,103.8 | 867.5 | 1,065.8 | |||||||||||
Loans | 1,450.4 | 1,663.3 | 1,690.2 | 1,873.7 | 1,996.6 | |||||||||||
to the non-Financial Government Sector | 182.7 | 176.8 | 181.3 | 175.2 | 265.9 | |||||||||||
to the Financial Sector | 0.1 | 3.3 | 0.0 | 0.0 | 0.0 | |||||||||||
to the non-financial private sector | 1,295.2 | 1,515.1 | 1,550.9 | 1,743.7 | 1,777.4 | |||||||||||
-Overdrafts | 143.4 | 117.8 | 113.4 | 265.4 | 274.2 | |||||||||||
-Discounted documents | 375.4 | 469.3 | 450.9 | 420.5 | 467.3 | |||||||||||
-Mortgages | 89.8 | 103.7 | 104.1 | 106.3 | 113.4 | |||||||||||
-Pledges | 77.7 | 109.7 | 118.2 | 126.0 | 104.6 | |||||||||||
-Consumer | 284.9 | 344.3 | 383.2 | 415.3 | 425.6 | |||||||||||
-Credit cards | 176.3 | 210.0 | 220.8 | 223.5 | 194.1 | |||||||||||
-Other | 122.7 | 128.2 | 130.2 | 154.5 | 174.8 | |||||||||||
-Less: int. doc., cotiz dif. | 25.0 | 32.0 | 30.1 | 32.2 | 23.4 | |||||||||||
Allowances | -27.6 | -31.8 | -42.0 | -45.2 | -46.7 | |||||||||||
Other receivables from financial intermediation | 368.1 | 572.8 | 404.3 | 532.2 | 689.3 | |||||||||||
Investments in other companies | 1.3 | 1.3 | 1.3 | 0.4 | 0.4 | |||||||||||
Other receivables | 41.9 | 45.6 | 46.5 | 52.7 | 58.9 | |||||||||||
Other assets | 161.6 | 149.9 | 172.3 | 176.4 | 160.5 | |||||||||||
LIABILITIES | 2,475.6 | 2,662.5 | 2,668.9 | 2,720.3 | 3,089.2 | |||||||||||
Deposits | 1,951.0 | 1,929.9 | 2,065.9 | 1,892.9 | 2,093.6 | |||||||||||
From the non-financial government sector | 19.7 | 14.7 | 20.4 | 23.6 | 27.4 | |||||||||||
From the financial sector | 0.5 | 1.7 | 0.6 | 1.6 | 3.0 | |||||||||||
From the non-financial private sector | 1,930.8 | 1,913.5 | 2,044.9 | 1,867.7 | 2,063.2 | |||||||||||
-Checking accounts | 498.1 | 501.8 | 552.0 | 530.0 | 604.6 | |||||||||||
-Savings accounts | 478.8 | 496.1 | 492.4 | 458.6 | 476.9 | |||||||||||
-Time deposits | 877.9 | 836.9 | 916.4 | 809.8 | 912.3 | |||||||||||
-Other | 76.0 | 78.7 | 84.1 | 69.3 | 69.4 | |||||||||||
Other liabilities from financial intermediation | 472.6 | 676.5 | 539.5 | 774.2 | 952.2 | |||||||||||
Subordinated corporate bonds | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
Other liabilities | 52.0 | 38.0 | 63.5 | 53.2 | 43.4 | |||||||||||
STOCKHOLDERS´ EQUITY | 1,038.0 | 1,113.4 | 1,167.2 | 1,237.2 | 1,312.6 | |||||||||||
LIABILITIES + STOCKHOLDERS´ EQUITY | 3,513.6 | 3,757.8 | 3,836.1 | 3,957.5 | 4,401.8 |
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QUARTERLY INCOME STATEMENT | MACRO consolidated | |||||||||||||||
In MILLION $ | III07 | IV07 | I08 | II08 | III08 | |||||||||||
Financial income | 440.0 | 629.8 | 603.7 | 699.3 | 734.1 | |||||||||||
Interest on cash and due from banks | 6.6 | 5.3 | 2.5 | 1.7 | 1.6 | |||||||||||
Interest on loans to the financial sector | 5.1 | 4.8 | 2.6 | 3.9 | 4.9 | |||||||||||
Interest on overdrafts | 43.8 | 58.8 | 56.6 | 77.4 | 100.4 | |||||||||||
Interest on documents | 26.7 | 36.6 | 36.7 | 37.8 | 54.2 | |||||||||||
Interest on mortgages | 17.7 | 21.3 | 21.3 | 22.9 | 26.0 | |||||||||||
Interest on pledges | 12.5 | 14.8 | 15.2 | 15.9 | 16.6 | |||||||||||
Interest on credit cards | 13.7 | 17.4 | 20.6 | 24.5 | 32.1 | |||||||||||
Interest on other loans | 155.0 | 190.3 | 220.3 | 240.4 | 268.9 | |||||||||||
Income from government & private securities | 84.4 | 191.3 | 139.6 | 156.4 | 122.6 | |||||||||||
Net options results | 0.5 | 0.1 | 0.0 | 0.0 | 0.1 | |||||||||||
Results of guaranteed loans | 14.4 | 2.9 | 9.0 | 9.2 | 9.3 | |||||||||||
Interest on other receivables from fin. intermediation | 5.7 | 3.8 | 6.2 | 3.7 | 3.6 | |||||||||||
CER adjustment | 6.3 | 30.5 | 22.4 | 21.6 | 14.3 | |||||||||||
CVS adjustment | 0.4 | 0.3 | 0.2 | 0.2 | 0.2 | |||||||||||
Difference in Foreign Exchange | 13.9 | 16.8 | 12.0 | 47.0 | 21.0 | |||||||||||
Other | 33.3 | 34.7 | 38.4 | 36.7 | 58.3 | |||||||||||
Financial expense | -207.0 | -271.0 | -248.8 | -300.7 | -366.7 | |||||||||||
Interest on checking accounts | -5.3 | -4.8 | -4.0 | -3.4 | -4.7 | |||||||||||
Interest on saving accounts | -2.7 | -4.3 | -3.4 | -3.3 | -3.2 | |||||||||||
Interest on time deposits | -119.3 | -150.7 | -165.7 | -186.6 | -270.4 | |||||||||||
Interest on loans from the financial sector | -1.4 | -2.1 | -1.0 | -0.8 | -1.3 | |||||||||||
Interest on other loans from the financial sector | 0.0 | -0.1 | 0.0 | -0.1 | 0.1 | |||||||||||
Interest on subordinated notes | -11.7 | -12.0 | -11.8 | -11.5 | -11.7 | |||||||||||
Other Interest | -2.6 | -1.3 | -2.3 | -2.4 | -2.1 | |||||||||||
Net Income from options | 0.0 | 0.1 | -0.3 | 0.1 | 0.2 | |||||||||||
Interest on other receivables from fin. intermediation | -21.7 | -21.6 | -23.9 | -22.0 | -22.5 | |||||||||||
CER adjustments | -7.6 | -10.4 | -11.4 | -10.5 | -6.4 | |||||||||||
Deposits guarantee fund | -5.1 | -6.1 | -6.0 | -6.2 | -6.7 | |||||||||||
Other Interest | -29.6 | -57.7 | -19.0 | -54.0 | -38.0 | |||||||||||
Net financial income | 233.0 | 358.8 | 354.9 | 398.6 | 367.4 | |||||||||||
Provision for loan losses | -29.8 | -33.0 | -28.7 | -43.2 | -25.0 | |||||||||||
Fee income | 168.7 | 193.7 | 196.8 | 218.1 | 228.8 | |||||||||||
Fee expense | -43.1 | -42.8 | -43.5 | -43.6 | -39.6 | |||||||||||
Net fee income | 125.5 | 150.9 | 153.3 | 174.5 | 189.2 | |||||||||||
Administrative expense | -234.4 | -274.2 | -301.8 | -296.3 | -297.8 | |||||||||||
Minority interest | -0.5 | -0.6 | -0.6 | -0.7 | -1.1 | |||||||||||
Net other income | 10.9 | 4.5 | 12.8 | -12.9 | 11.5 | |||||||||||
Earnings before income tax | 104.7 | 206.4 | 189.9 | 220.0 | 244.2 | |||||||||||
Income tax | -16.7 | -37.7 | -38.3 | -59.0 | -80.9 | |||||||||||
Net income | 88.0 | 168.7 | 151.6 | 161.0 | 163.2 |
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QUARTERLY INCOME STATEMENT | BISEL | |||||||||||||||
In MILLION $ | III07 | IV07 | I08 | II08 | III08 | |||||||||||
Financial income | 81.2 | 132.4 | 117.2 | 150.2 | 146.5 | |||||||||||
Interest on cash and due from banks | 0.8 | 0.4 | 0.2 | 0.1 | 0.0 | |||||||||||
Interest on loans to the financial sector | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | |||||||||||
Interest on overdrafts | 6.2 | 6.8 | 7.3 | 9.0 | 14.0 | |||||||||||
Interest on documents | 10.2 | 15.3 | 16.0 | 16.1 | 23.2 | |||||||||||
Interest on mortgages | 2.4 | 3.3 | 3.4 | 3.5 | 3.9 | |||||||||||
Interest on pledges | 2.8 | 4.6 | 5.1 | 5.6 | 5.9 | |||||||||||
Interest on credit cards | 1.8 | 2.7 | 3.6 | 4.8 | 6.2 | |||||||||||
Interest on other loans | 14.2 | 18.9 | 21.6 | 24.3 | 26.7 | |||||||||||
Income from government & private securities | 31.3 | 65.0 | 44.6 | 59.0 | 43.9 | |||||||||||
Results of guaranteed loans | 8.0 | -3.6 | 2.4 | 2.4 | 2.5 | |||||||||||
Interest on other receivables from fin. intermediation | 0.7 | 0.8 | 0.8 | 0.4 | 0.5 | |||||||||||
CER adjustment | -3.0 | 10.6 | 5.8 | 5.5 | 4.0 | |||||||||||
Difference in Foreign Exchange | 1.7 | 2.8 | 1.3 | 14.2 | 4.3 | |||||||||||
Other | 4.1 | 4.8 | 5.2 | 5.3 | 11.3 | |||||||||||
Financial expense | -33.6 | -41.7 | -32.4 | -47.6 | -41.4 | |||||||||||
Interest on checking accounts | -0.1 | -0.2 | -0.2 | -0.2 | -0.2 | |||||||||||
Interest on saving accounts | -0.6 | -0.7 | -0.7 | -0.6 | -0.7 | |||||||||||
Interest on time deposits | -15.2 | -17.9 | -18.8 | -19.0 | -25.5 | |||||||||||
Interest on loans from the financial sector | 0.0 | -0.1 | 0.0 | -0.1 | -0.2 | |||||||||||
Interest on other loans from the financial sector | 0.0 | 0.0 | 0.0 | -0.1 | 0.1 | |||||||||||
Other Interest | -0.9 | -0.8 | -0.9 | -0.8 | -0.8 | |||||||||||
Interest on other receivables from fin. intermediation | 0.0 | -0.1 | -0.1 | 0.0 | -0.3 | |||||||||||
CER adjustments | -2.8 | -4.0 | -4.7 | -4.2 | -2.4 | |||||||||||
Deposits guarantee fund | -0.8 | -0.8 | -0.9 | -0.9 | -0.9 | |||||||||||
Other Interest | -13.2 | -17.1 | -6.1 | -21.7 | -10.5 | |||||||||||
Net financial income | 47.6 | 90.7 | 84.8 | 102.6 | 105.2 | |||||||||||
Provision for loan losses | -6.3 | -4.8 | -7.8 | -7.2 | -6.1 | |||||||||||
Fee income | 33.1 | 36.2 | 38.1 | 40.0 | 44.5 | |||||||||||
Fee expense | -4.0 | -6.7 | -6.1 | -6.0 | -6.8 | |||||||||||
Net fee income | 29.1 | 29.5 | 32.0 | 34.0 | 37.6 | |||||||||||
Administrative expense | -51.2 | -53.4 | -62.4 | -64.3 | -65.6 | |||||||||||
Minority interest | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
Net other income | 10.7 | 13.4 | 7.3 | 4.8 | 4.3 | |||||||||||
Earnings before income tax | 29.9 | 75.4 | 53.9 | 69.9 | 75.5 | |||||||||||
Income tax | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
Net income | 29.9 | 75.4 | 53.9 | 69.9 | 75.5 |
Page 17 of 18
![](https://capedge.com/proxy/6-K/0001144204-08-060773/logo1.jpg)
QUARTER ANNUALIZED RATIOS | MACRO consolidated | |||||||||||||||
III07 | IV07 | I08 | II08 | III08 | ||||||||||||
Profitability & performance | ||||||||||||||||
Net interest margin | 5.8 | % | 8.4 | % | 7.8 | % | 7.7 | % | 7.2 | % | ||||||
Fee income ratio | 35.0 | % | 29.6 | % | 30.2 | % | 30.5 | % | 34.0 | % | ||||||
Efficiency ratio | 65.6 | % | 54.0 | % | 59.4 | % | 51.7 | % | 53.5 | % | ||||||
Fee income as a percentage of adm expenses | 53.4 | % | 54.8 | % | 50.8 | % | 58.9 | % | 63.5 | % | ||||||
Return on average assets | 2.0 | % | 3.5 | % | 3.0 | % | 3.1 | % | 2.9 | % | ||||||
Return on average equity | 14.5 | % | 26.2 | % | 22.0 | % | 23.6 | % | 24.2 | % | ||||||
Liquidity | ||||||||||||||||
Loans as a percentage of total deposits | 68.4 | % | 75.3 | % | 70.6 | % | 78.4 | % | 71.4 | % | ||||||
Liquid assets as a percentage of total deposits | 57.1 | % | 53.1 | % | 54.1 | % | 51.4 | % | 53.7 | % | ||||||
Capital | ||||||||||||||||
Total equity as a percentage of total assets | 12.9 | % | 13.7 | % | 13.2 | % | 13.1 | % | 11.6 | % | ||||||
Regulatory capital as a percentage of risk weighted assets | 28.1 | % | 26.8 | % | 27.3 | % | 22.1 | % | 22.1 | % | ||||||
Asset Quality | ||||||||||||||||
Allowances over total loans | 2.1 | % | 2.2 | % | 2.2 | % | 2.2 | % | 2.2 | % | ||||||
Non-performing loans as a percentage of total loans | 1.4 | % | 1.6 | % | 2.0 | % | 2.0 | % | 2.0 | % | ||||||
Allowances as a percentage of non-performing loans | 152.1 | % | 138.8 | % | 111.4 | % | 107.0 | % | 106.7 | % | ||||||
Amparos as a percentage of average equity | 4.5 | % | 3.9 | % | 3.3 | % | 3.2 | % | 1.3 | % |
PERIOD ANNUALIZED RATIOS | MACRO consolidated | |||||||||||||||
III07 | IV07 | I08 | II08 | III08 | ||||||||||||
Profitability & performance | ||||||||||||||||
Net interest margin | 6.4 | % | 6.9 | % | 7.8 | % | 7.7 | % | 7.6 | % | ||||||
Fee income ratio | 33.2 | % | 32.0 | % | 30.2 | % | 30.3 | % | 31.6 | % | ||||||
Efficiency ratio | 62.7 | % | 59.9 | % | 59.4 | % | 55.3 | % | 54.7 | % | ||||||
Fee income as a percentage of adm expenses | 53.0 | % | 53.5 | % | 50.8 | % | 54.8 | % | 57.7 | % | ||||||
Return on average assets | 2.6 | % | 2.8 | % | 3.0 | % | 3.0 | % | 3.0 | % | ||||||
Return on average equity | 18.4 | % | 20.2 | % | 22.0 | % | 22.8 | % | 23.3 | % | ||||||
Liquidity | ||||||||||||||||
Loans as a percentage of total deposits | 68.4 | % | 75.3 | % | 70.6 | % | 78.4 | % | 71.4 | % | ||||||
Liquid assets as a percentage of total deposits | 57.1 | % | 53.1 | % | 54.1 | % | 51.4 | % | 53.7 | % | ||||||
Capital | ||||||||||||||||
Total equity as a percentage of total assets | 12.9 | % | 13.7 | % | 13.2 | % | 13.0 | % | 11.6 | % | ||||||
Regulatory capital as a percentage of risk weighted assets | 28.1 | % | 26.8 | % | 27.3 | % | 22.1 | % | 22.1 | % | ||||||
Asset Quality | ||||||||||||||||
Allowances over total loans | 2.1 | % | 2.2 | % | 2.2 | % | 2.2 | % | 2.2 | % | ||||||
Non-performing loans as a percentage of total loans | 1.4 | % | 1.6 | % | 2.0 | % | 2.0 | % | 2.0 | % | ||||||
Allowances as a percentage of non-performing loans | 152.1 | % | 138.8 | % | 111.4 | % | 107.0 | % | 106.7 | % | ||||||
Amparos as a percentage of average equity | 4.6 | % | 4.1 | % | 3.3 | % | 3.2 | % | 1.3 | % |
Page 18 of 18
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: November 03, 2008 | ||
MACRO BANK INC. | ||
| | |
By: | /s/ | |
Name: Luis Cerolini | ||
Title: Director |