High Materiality8/10
AI Summary
Banco Macro reported 1Q26 net income of Ps.139.8b, up sharply YoY and QoQ, with ROAE 10% and ROAA 2.4%. Excluding restructuring, net income would be Ps.152.9b; deposits declined 7% QoQ to Ps13.99t while total financing fell 9% QoQ. The results underscore strong capital and liquidity, but ongoing deposit and loan mix shifts may pressure future growth.
Sentiment Rationale
Strong quarterly profitability and solid Basel III buffers can support multiple expansion; deposit weakness is a risk but not fatal.
Trading Thesis
Bullish in the near term as earnings strength and Basel III buffers support valuation; monitor deposits over 1–3 quarters.
Market-Moving
- Earnings strength supports near-term upside; investors watching RoE trajectory.
- Deposits fell 7% QoQ; liquidity remains ample at 78% deposit coverage.
- Excess capital and Basel III ratio at 32.4% support balance sheet resilience.
- USD financing declined 6% QoQ, signaling funding mix shifts.
Key Facts
- 1Q26 net income Ps.139.8b; ROAE 10%, ROAA 2.4%.
- Excluding restructuring costs, 1Q26 net income Ps.152.9b; ROAE 10.9%.
- Total deposits Ps.13.99t; -7% QoQ, +10% YoY.
- Total financing Ps.10.63t; -9% QoQ, +5% YoY; USD down 6%.
- NPL 5.40%, coverage 109.79%.
Companies Mentioned
- Banco Macro S.A. (NYSE: BMA): Primary issuer; 1Q26 profitability and capital metrics support equity valuation.
- Banco Macro S.A. (BYMA: BMA): Local market listing; same earnings release underscores cross-listed visibility.
Earnings
Earnings category fits as Banco Macro issued quarterly results with profitability, liquidity, and capital metrics.