Banco Macro (BMA) Q1 2026 earnings summary

Executive summary

• Net income reached ARS 139.8 billion in Q1 2026, up 28% sequentially and 131% year-over-year; adjusted net income excluding restructuring was ARS 152.9 billion.

• Annualized ROE was 10% (10.9% adjusted), and ROA was 2.4% (2.6% adjusted).

• Operating income after expenses rose 15% quarter-on-quarter and 24% year-over-year.

• The bank maintained strong solvency and liquidity, with excess capital of ARS 4 trillion and a 32.4% capital adequacy ratio.

• Total deposits were ARS 13.99 trillion, down 7% quarter-on-quarter but up 10% year-over-year.

Financial highlights

• Net interest income was ARS 975.2 billion, up 7% sequentially and 27% year-over-year, driven by lower interest expense.

• Net interest margin (including FX) increased to 25.3% from 21.7% in Q4 2025.

• Administrative and employee expenses fell 22% quarter-on-quarter, mainly due to lower employee benefits and restructuring costs.

• Restructuring expenses of ARS 19.9 billion were recorded for early retirements and severance.

• Efficiency ratio improved to 32% from 38.7% in Q4 2025.

Outlook and guidance

• Loan growth guidance maintained at 42% nominal for 2026, with deposit growth at 34% nominal; inflation assumption is 28%.

• ROE guidance remains at 8% adjusted, with potential for upward revision if positive trends continue.

• Cost of risk expected between 5.5% and 6%, with asset quality deterioration seen as near its peak.

• NIM expected to contract slightly but average similar to last year.

• Operating expenses (excluding restructuring) expected to decline in real terms.