Banco Macro Announces Results for the Third Quarter of 2010

BUENOS AIRES, Argentina, Nov. 4, 2010 /PRNewswire-FirstCall/ -- Banco Macro S.A. (NYSE: BMA; Buenos Aires: BMA) ("Banco Macro" or "BMA" or the "Bank") announced today its results for the third quarter ended September 30, 2010 ("3Q10").  All figures are in Argentine pesos (Ps.) and have been prepared in accordance with Argentine GAAP.  

SUMMARY

  • The Bank's net income totaled Ps.267.9 million in 3Q10. This result was 40% higher than the Ps.190.9 million posted for the third quarter of 2009 ("3Q09") and 21% higher than result accounted for the second quarter of 2010 ("2Q10"). The annualized nine-month return on average equity ("ROAE") and return on average assets ("ROAA") were 27.5% and 3.4%, respectively.
  • In 3Q10, the Bank's net financial income was Ps.599.7 million growing 21% compared to 2Q10 due to higher income from interest on loans and gain on government securities.
  • In 3Q10, Banco Macro's financing to private sector grew 10% or Ps.1.3 billion quarter on quarter ("QoQ") excluding liquidity administration credit lines. This growth was fuelled by credit card and consumer loans which increased 30% and 10% (QoQ) respectively. The credit card portfolio growth was mainly due to the acquisition of Banco Privado on September 20th, 2010, with a credit card portfolio of Ps.262.4 million as of 3Q10.
  • In 3Q10, total deposits grew 6% QoQ, totaling Ps.22.6 billion and representing 80% of the Bank's total liabilities. Private sector deposits grew 5% in 3Q10, of which Ps.293.9 million represent Banco Privado's deposit base.
  • In 3Q10, the Bank's non-performing to total financing ratio improved to 2.4% and the coverage ratio was 121.6%.
  • Banco Macro continued showing a strong solvency ratio, with excess capital of Ps.2.5 billion (26.9% capitalization ratio). In addition, the Bank's liquid assets remained at a high level, reaching 54.8% of its total deposits in 3Q10.

A longer version of this press release with detailed information is available on our web site: www.macro.com.ar

QUARTERLY CONFERENCE CALL

A conference call to discuss this press release will be held on November 5, 2010 at 12:00 p.m. Buenos Aires time (11:00 a.m., New York time), with the presence of Jorge Pablo Brito (Member of the Executive Committee), Guillermo Stanley (Board member), Guillermo Goldberg (Deputy General Manager) and Jorge Scarinci, (Finance and Investor Relations Manager).  Dial in information:

(888) 378-4361 (Within the U.S.)

(719) 457-2621 (Outside the U.S.)

Conference ID: 4422070



INVESTOR RELATIONS CONTACTS:


In Buenos Aires:

Jorge Scarinci, CFA

Finance and Investor Relations Manager

Tel: +5411-5222-6730

E-mail: investorelations@macro.com.ar

visit our website at: www.macro.com.ar



SOURCE Banco Macro S.A.

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