Business Context and Reporting Period
Company: Macro Bank Inc. (Banco Macro S.A.)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Reporting Period: Second Quarter ended June 30, 2026 (2Q26)
Filing Date: August 19, 2026
Currency: Argentine Pesos (Ps.), restated for inflation under IAS 29.
Key Financial Metrics
| Metric | 2Q26 Value | Comparison |
|---|---|---|
| Net Income | Ps. 206.8 billion | +39% QoQ; +4% YoY |
| Operating Income (after G&A) | Ps. 603.8 billion | -1% QoQ; +1% YoY |
| Net Interest Income | Ps. 1.03 trillion | -1% QoQ; +11% YoY |
| Net Fee Income | Ps. 213.4 billion | -2% QoQ; -11% YoY |
| Total Financing (Loans) | Ps. 11.69 trillion | +3% QoQ; -5% YoY |
| Total Deposits | Ps. 14.74 trillion | -1% QoQ; +4% YoY |
| Liquid Assets | Ps. 10.98 trillion | -5% QoQ; +16% YoY |
| Return on Average Equity (ROAE) | 13.4% (14.3% adj.) | Annualized |
| Return on Average Assets (ROAA) | 3.3% (3.5% adj.) | Annualized |
| Net Interest Margin (NIM) | 24% | -130 bps QoQ |
| Non-Performing Loans (NPL) Ratio | 6.25% | +85 bps QoQ |
| Capital Adequacy Ratio (CAR) | 28% | Excess Capital: Ps. 4.1 trillion |
Material Changes vs. Prior Period
- Profitability Drivers: Net income growth was driven by higher income from government securities at fair value, lower operating expenses, and a reduced loss from the net monetary position due to lower inflation (6.77% in 2Q26 vs. 9.44% in 1Q26). These gains were partially offset by lower FX income and higher income taxes.
- Asset Quality Deterioration: The non-performing to total financing ratio increased to 6.25% from 5.4% in 1Q26. This was largely due to mandatory reclassifications by the Central Bank. The Stage 3 (Expected Credit Loss) ratio rose to 4.08% from 3.81%. Consumer portfolio NPLs worsened significantly (8.42%), while commercial NPLs improved (0.85%).
- Deposit Mix Shift: Total deposits declined slightly QoQ. Private sector deposits fell 4%, driven by an 11% drop in time deposits and an 11% drop in USD deposits. Conversely, public sector deposits surged 48%.
- Cost Structure: Administrative and employee expenses rose 7% QoQ, including Ps. 21.9 billion in restructuring expenses related to early retirement and branch closures (18 branches closed in the quarter).
Guidance, Outlook, and Risks
- Management Commentary: Management highlighted a strong solvency position with a 28% CAR and 243% excess capital. The bank aims to utilize this excess capital efficiently. The restructuring plan aims to improve efficiency and agility.
- Dividends: The bank completed the payment of a cash dividend totaling approximately Ps. 147.1 billion (constant currency) in three installments during May, June, and July 2026.
- Regulatory Changes: New Central Bank regulations (Communication "A" 8445) limit Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) requirements to systemically important banks (D-SIBs/G-SIBs) starting October 1, 2026, potentially reducing compliance burdens for non-designated entities.
- Risks: Key risks include high inflation, exchange rate fluctuations (peso depreciated 7.3% vs. USD in the quarter), changes in interest rates, government regulation, and credit risk from borrower defaults.
Investor Verification Checklist
- Inflation Adjustment Impact: Verify the sensitivity of reported figures to IAS 29 restatement, as all data is adjusted for hyperinflation.
- NPL Reclassification: Confirm the extent to which the rise in NPLs is due to mandatory Central Bank reclassifications versus organic credit deterioration.
- USD Deposit Outflow: Assess the sustainability of the 11% QoQ decline in USD deposits and its impact on funding costs.
- Restructuring Costs: Review the timeline and total expected cost of the restructuring plan, including future branch closures and headcount reductions.
- Capital Deployment: Monitor management's strategy for deploying the Ps. 4.1 trillion excess capital (e.g., dividends, buybacks, or loan growth).