Business Context and Reporting Period
Company: Macro Bank Inc.
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: March 8, 2019
Context: The filing reports a relevant event regarding a Board of Directors meeting held on March 8, 2019. The Board proposed resolutions for shareholder approval concerning dividend distribution and the allocation of retained earnings as of December 31, 2018.
Key Financial Metrics
The filing focuses on capital allocation rather than operational performance metrics. Specific data points include:
- Proposed Cash Dividend: AR$ 10 per share.
- Total Dividend Distribution: AR$ 6,393,977,460 (representing 1,000% of the outstanding shares of AR$ 639,397,746).
- Source of Dividend: Partial write-off of the optional reserve fund for future profit distributions.
- Retained Earnings (as of 12/31/2018): AR$ 19,204,911,966.83.
Note: The filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes and Allocations
The Board resolved to apply the retained earnings of AR$ 19,204,911,966.83 as follows:
- Legal Reserve Fund: AR$ 3,145,848,599.32.
- Statutory Reserve Fund (Special for first-time application of IFRS): AR$ 3,475,668,970.21 (pursuant to Central Bank Communication "A" 6618).
- Optional Reserve Fund for Future Profit Distributions: AR$ 12,583,394,397.30 (pursuant to Central Bank Communication "A" 5273).
The Board also resolved not to motion for profit capitalization or monetary adjustments to capital or other items.
Guidance, Outlook, and Risks
The filing does not contain management commentary on future guidance, outlook, or specific risk factors. It is strictly a notification of a corporate action regarding the distribution of profits and reserve allocations. The dividend proposal is subject to shareholder approval.
Investor Verification Checklist
- Verify the shareholder meeting date and outcome regarding the proposed AR$ 10 per share dividend.
- Confirm the ex-dividend date and payment schedule for the cash distribution.
- Review the impact of the AR$ 6.39 billion distribution on the bank's liquidity and capital adequacy ratios.
- Check for any regulatory updates from the Central Bank of the Republic Argentina regarding the specific reserve fund communications cited (A 6618 and A 5273).