Banco Macro (BMA) Q2 2026 earnings summary

Executive summary

• Net income for Q2 2026 reached ARS 206.8 billion, up 39% quarter-on-quarter and 4% year-on-year, driven by higher results from financial instruments and lower loan loss provisions.

• Adjusted net income was ARS 221 billion, with an adjusted annualized ROE of 14.3%, excluding ARS 14.2 billion in after-tax restructuring expenses.

• Efficiency initiatives continued, including 18 branch closures and a 1% reduction in headcount quarter-on-quarter.

• Asset quality outperformed the system, with NPLs at 6.25% versus the system's 7.7%, and coverage at 95.4%.

• The bank maintained strong solvency with a 28% capital adequacy ratio and 74% liquid assets to total deposits.

Financial highlights

• Net operating income before administrative expenses was ARS 1.29 trillion, down 2% quarter-on-quarter and up 1% year-on-year.

• Net interest income for Q2 2026 was ARS 1.03 trillion, up 11% year-on-year.

• Net interest margin (including FX) declined from 25% to 24% quarter-on-quarter.

• Total deposits reached ARS 14.74 trillion, down 1% quarter-on-quarter and up 4% year-on-year.

• Loan loss provisions decreased 24% quarter-on-quarter, reflecting lower commercial delinquency.

Outlook and guidance

• Loan growth guidance revised down to 2–5% in real terms for 2026, reflecting muted demand and macro uncertainty.

• Cost of risk expected between 6.5% and 7% by year-end, with NPLs ranging 5.5–6% for the total portfolio.

• Adjusted ROE guidance raised to 12% for 2026, with reported ROE expected between 9–10% due to restructuring charges.

• Deposit growth guidance reduced to around 10% in real terms for the year.

• Long-term ROE target set at 20% by 2030, assuming continued macro stabilization.