Business Context and Reporting Period
Company: Macro Bank Inc.
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: April 27, 2018
Context: The filing announces the resolution of the Shareholders' Meeting and Board of Directors to distribute a cash dividend. The bank confirmed compliance with Argentine Central Bank regulations regarding capital requirements and dividend distribution.
Key Financial Metrics
- Total Cash Dividend: AR$ 3,348,315,105
- Dividend Per Share: AR$ 5.00
- Capital Stock: AR$ 669,663,021
- Dividend Yield on Capital: 500%
- Dividend Source Years:
- Fiscal Year 2012: AR$ 470,000,000
- Fiscal Year 2013: AR$ 1,930,000,000
- Fiscal Year 2014: AR$ 948,315,105
- Withholding Tax: Not subject to the 35% withholding under Section 69 of the Income Tax Law as dividends do not exceed determined income.
Note: The filing does not provide current period revenue, profit, cash flow, margins, debt, or liquidity metrics for 2018.
Material Changes
The filing does not report operational changes or comparative financial performance versus prior periods. The primary material event is the declaration of a significant cash dividend derived from retained earnings of fiscal years 2012, 2013, and 2014.
Guidance, Outlook, and Management Commentary
- Dividend Availability: The Board fixed May 15, 2018, as the date of effective availability for the dividend.
- Record Date: Shareholders registered in the Bank's Stock Ledger up to May 14, 2018, are eligible.
- Regulatory Compliance: Management stated the bank has excess capital to cover legal requirements and additional capital margins, meaning prior authorization from the Superintendency of Financial and Exchange Entities was not required.
- Payment Location: Caja de Valores S.A., Buenos Aires.
Investor Verification Checklist
- Verify the exchange rate between Argentine Pesos (AR$) and USD as of the payment date to assess the actual value of the AR$ 5 per share dividend.
- Confirm the shareholder's registration status in the Bank's Stock Ledger by May 14, 2018.
- Review the bank's most recent Form 20-F for updated 2017/2018 financial performance, as this filing only references historical earnings from 2012-2014.
- Check for any subsequent regulatory changes in Argentina affecting dividend repatriation or withholding taxes.