Business Context and Reporting Period
Company: Macro Bank Inc.
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: May 30, 2017
Context: Notification to the U.S. Securities and Exchange Commission regarding a submission to the Argentine Securities Exchange Commission (CNV). The filing announces the authorization and payment schedule for a cash dividend distribution.
Key Financial Metrics
- Total Cash Dividend: AR$ 701,475,633.60
- Dividend Per Share: AR$ 1.20
- Outstanding Corporate Capital: AR$ 584,563,028
- Dividend Yield on Capital: 120%
- Source of Funds: Income from fiscal year 2012
- Withholding Tax: Not subject to the 35% withholding tax under Argentine Income Tax Law as the distribution does not exceed determined income.
Note: The filing does not provide specific values for total revenue, net profit, operating cash flow, margins, debt levels, or liquidity ratios for the current or prior periods.
Material Changes
The filing does not report material changes in operational performance, revenue, or balance sheet items compared to prior periods. The primary material event is the regulatory authorization by the Superintendency of Financial and Exchange Entities of the Central Bank of the Argentine Republic (received May 29, 2017) to distribute the aforementioned cash dividend.
Guidance, Outlook, and Management Commentary
- Dividend Payment Schedule: Payments will be made available starting June 13, 2017.
- Record Date: Shareholders must be entered in the stock ledger as of June 12, 2017.
- Payment Location: Caja de Valores S.A., 25 de Mayo 362, Capital Federal (Mondays to Fridays, 10 am to 3 pm).
- Approvals: The distribution was approved by the General and Special Shareholders' Meeting on April 28, 2017, and the Board of Directors on May 30, 2017.
Note: The filing contains no forward-looking guidance, risk factors, or management commentary regarding future business outlook beyond the dividend payment logistics.
Investor Verification Checklist
- Verify shareholder status on the record date of June 12, 2017, to ensure eligibility for the AR$ 1.20 per share dividend.
- Confirm the exchange rate between Argentine Pesos (AR$) and the investor's reporting currency to assess the actual value of the dividend.
- Review the bank's full annual report for fiscal year 2016 to understand the broader financial context, as this filing only details the dividend distribution.
- Confirm the specific tax implications for non-Argentine residents, despite the filing stating the distribution is not subject to the 35% withholding under local law.