BUENOS AIRES, Argentina, Feb. 10, 2011 /PRNewswire/ -- Banco Macro S.A. (NYSE: BMA; Buenos Aires: BMA) ("Banco Macro" or "BMA" or the "Bank") announced today its results for the fourth quarter ended December 31, 2010 ("4Q10"). All figures are in Argentine pesos (Ps.) and have been prepared in accordance with Argentine GAAP.
- The Bank's net income totaled Ps.274.4 million in 4Q10. This result was 13% higher than the Ps.241.8 million posted for the fourth quarter of 2009 ("4Q09") and 2% higher than the result posted in the third quarter of 2010 ("3Q10"). In 4Q10, the annualized return on average equity ("ROAE") and return on average assets ("ROAA") were 27.3% and 3.7%, respectively.
- In 4Q10, the Bank's net financial income was Ps.647.8 million growing 8% compared to 3Q10 due to higher income from interest on loans supported by the significant loan growth achieved.
- In 4Q10, Banco Macro's financing to the private sector grew 14% or Ps.1.9 billion quarter on quarter ("QoQ") excluding liquidity administration credit lines. Within the commercial credit lines, documents and structured loans to SMEs grew 24% and 15% QoQ respectively. While among consumer credit lines, credit cards and consumer loans expanded 17% and 13% QoQ respectively.
- In 4Q10, total deposits grew 3% QoQ, totaling Ps.23.4 billion and representing 80% of the Bank's total liabilities. Private sector deposits grew 8% in 4Q10, led by transactional deposits which increased 16%.
- In 4Q10, the Bank's non-performing financing to total financing ratio improved to 2.1%. During the 4Q10 the Bank decided to create provisions, for Ps.64.7 million, in excess of those required by the Argentine Central Bank ("BCRA") and to comply with the provisioning policy established by the Bank. Therefore, due to the improvement in the NPL portfolio and the additional provisions, the coverage ratio reached 147.2%.
- Banco Macro continued showing a strong solvency ratio, with excess capital of Ps.2.6 billion (24.7% capitalization ratio). In addition, the Bank's liquid assets remained at a high level, reaching 51.9% of its total deposits in 4Q10.
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 February 11, 2011 at 13:00 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:
(800) 817-8873 (Within the U.S.)
(719) 325-2496 (Outside the U.S.)
Conference ID: 2300322
SOURCE Banco Macro S.A.