Business Context and Reporting Period
Company: Macro Bank Inc. (Banco Macro S.A.)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: June 18, 2025
Context: The filing announces the Board of Directors' resolution to distribute a cash dividend previously authorized by the Central Bank of the Republic of Argentina. The dividend is structured as 10 equal monthly installments indexed to the Consumer Price Index (CPI) to maintain constant currency value.
Key Financial Metrics
- Total Dividend Authorization: AR $300,000,000,000 (Argentine Pesos).
- First Installment Amount: AR $33,978,991,182.42 (Available June 30, 2025).
- Dividend Per Share (First Installment): AR $53.1408799960.
- Capital Stock: AR $639,413,408.
- Dividend Yield on Capital: 5,314.0879% (based on first installment).
- Tax Withholding: 7% under Section 97 of the Income Tax Law.
Material Changes and Payment Structure
The Board resolved to pay the total authorized dividend in 10 equal and consecutive monthly installments. While the nominal amount per installment is listed as AR $30,000,000,000 in the schedule, the actual payout is adjusted for inflation using the most recently published CPI from INDEC at the time of each payment. The first installment was adjusted to AR $33,978,991,182.42.
| Installment | Available Date | Scheduled Amount (Nominal) |
|---|---|---|
| 1 | June 30, 2025 | AR $30,000,000,000 |
| 2 | July 30, 2025 | AR $30,000,000,000 |
| 3 | August 28, 2025 | AR $30,000,000,000 |
| 4 | September 29, 2025 | AR $30,000,000,000 |
| 5 | October 30, 2025 | AR $30,000,000,000 |
| 6 | November 27, 2025 | AR $30,000,000,000 |
| 7 | December 30, 2025 | AR $30,000,000,000 |
| 8 | January 29, 2026 | AR $30,000,000,000 |
| 9 | February 26, 2026 | AR $30,000,000,000 |
| 10 | March 30, 2026 | AR $30,000,000,000 |
Note: Actual amounts are subject to CPI adjustment at the time of each payment.
Outlook, Risks, and Contingencies
- Inflation Risk: The dividend is indexed to the CPI to protect against inflation; future installments will vary based on INDEC data.
- Taxation: A 7% withholding tax applies to the aggregate dividend amount.
- Regulatory Compliance: Payments are contingent on Central Bank authorizations (Communique "A" 8214) and Board resolutions for each installment.
- ADR Holders: American Depositary Receipt holders will receive dividends through The Bank of New York Mellon under applicable depositary agreements.
Investor Verification Checklist
- Verify the record date for the first installment (June 27, 2025) to ensure eligibility.
- Confirm the specific CPI index value used for the first installment calculation to validate the AR $33.98 billion payout.
- Review the 7% withholding tax implications for non-resident shareholders.
- Monitor future Board resolutions for the remaining 9 installments to confirm payment dates and inflation-adjusted amounts.
- Check with The Bank of New York Mellon for ADR-specific payment procedures and timing.