Banco Macro (BMA) Q3 2025 earnings summary

Executive summary

• Reported a net loss of ARS 33.1 billion in Q3 2025, ARS 191.5 billion lower than the previous quarter, mainly due to higher loan loss provisions, increased administrative expenses, and lower income from securities and fees, partially offset by higher other operating income and reduced monetary position loss.

• Net income for the first nine months of 2025 was ARS 176.7 billion, 35% below the same period last year.

• Total comprehensive income for Q3 2025 was a loss of ARS 28.4 billion.

• Accumulated annualized ROE and ROA for Q3 2025 were 4.5% and 1.5%, respectively; ROAA for 9M25 was 1.3%.

• Maintained strong solvency with excess capital of ARS 3.3 trillion and a capital adequacy ratio of 29.9%.

Financial highlights

• Net operating income before expenses was ARS 779.6 billion, down 23% sequentially and 29% year-over-year.

• Net interest income in Q3 2025 was ARS 686.2 billion, down 7% sequentially and 8% year-over-year.

• Net interest margin (including FX) fell to 18.7% from 23.5% in Q2 and 31.5% a year ago.

• Provision for loan losses rose 45% quarter-on-quarter and 424% year-over-year to ARS 156.8 billion.

• Net fee income was ARS 177.3 billion, down 7% sequentially but up 14% year-over-year.

• Administrative expenses plus employee benefits totaled ARS 331.5 billion, up 4% sequentially; employee benefits rose 20% due to early retirement and severance provisions.

• Efficiency ratio deteriorated to 39.1% from 35.9% in Q2 and 25.5% a year ago.

• Net monetary position loss was ARS 203.1 billion, 6% lower sequentially and 46% lower year-over-year.

• Operating income after G&A and personnel expenses was ARS 164.4 billion, down 65% sequentially and 69% year-over-year.

Outlook and guidance

• Forecasting 35% real loan growth and 25% real deposit growth for 2026.

• ROE expected to be in the low 10s for 2026 and 8% for 2025; targeting 20% ROE from 2027 onwards.

• NIMs expected to recover to Q2 levels in Q4 2025 and stabilize around 20% in 2026, declining to mid-teens by 2027.

• Cost of risk expected to remain at 6.5% in Q4 2025, declining to 5% in 2026.

• NPLs expected to peak between Q3 and Q4 2025, with stabilization and improvement anticipated in 2026.

• Management highlights ongoing macroeconomic and regulatory risks, including inflation, interest rate changes, and currency volatility.