Banco Macro releases Q3 2017 financial results

Banco Macro S.A. announced its results for the third quarter ended September 30, 2017 ("3Q17"). All figures are in Argentine pesos (Ps.) and have been prepared in accordance with Argentine GAAP.
 
Summary
• The Bank’s net income totaled Ps.2.6 billion in 3Q17.This result was 29% higher than the Ps.2.0 billionposted in the second quarter of 2017 ("2Q17") and 59% higher than a year ago. In 3Q17, the accumulated annualized return on average equity ("ROAE") and the accumulated annualized return on average assets ("ROAA") were 28.7% and 4.9%, respectively.
•In 3Q17, Banco Macro’s financing to the private sector grew 12% or Ps.12.2 billion quarter over quarter ("QoQ") totaling Ps.117.4 billion and increased 54% or Ps.41 billion year over year ("YoY"). In the quarter, growth was driven by commercial loans, among which Overdrafts and Documents stand out, which grew 26% and 17% QoQ, respectively. Meanwhile within consumer loans, personal loans and credit cards rose 13% and 4% QoQ, respectively.
• In 3Q17, the accumulated efficiency ratio reached 43.3%, lower than the 45% posted in 2Q17 and the 47% in 3Q16. Net fee income over administrative expenses was 58%, higher than the 53.6% registered in 3Q16.
• In 3Q17, Banco Macro’s total deposits grew 10% QoQ, totaling Ps.136.6 billion and representing 82% of the Bank’s total liabilities. Private sector deposits grew 6% QoQ.
• Banco Macro continued showing a strong solvency ratio, with excess capital of Ps.31.5 billion and 25.8% regulatory capital ratio - Basel III. In addition, the Bank’s liquid assets remained at an adequate level, reaching 50.7% of its total deposits in 3Q17.
• In 3Q17, the Bank’s non-performing to total financing ratio was 1% and the coverage ratio reached 199.25%.
 
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