Apresentação do PowerPoint · First Wholesale Bank to Issue Debentures First Wholesale Bank to...
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Investor Relations
September 2019
COMPANY REPRESENTATIVES
2
The information contained in this presentation is confidential and has been prepared solely for informational purposes.
This presentation contains forward-looking statements which are based largely on our current beliefs, expectations and
projections about future events and financial trends affecting our business. Many important factors could cause our
actual results to differ substantially from those anticipated in our forward-looking statements among other things:
inflation; changes in interest rates and the cost of deposits; government regulation; adverse legal or regulatory disputes
or proceedings; credit and other risks of lending, such as increases in defaults by borrowers; fluctuations and declines in
the value of Argentine public debt; competition in banking, financial services; deterioration in regional and national
business and economic conditions in Argentina; and fluctuations in the exchange rate of the peso. Banco Macro financial
results presented as of June 30, 2019 are stated in accordance with Central Bank Rules.
DICLAIMER
Chief Financial Officer
Jorge Scarinci, CFA
Investor Relations
Nicolás A. Torres
AGENDA
3
01. Section I - BMA Business Overview
02. Section II - BMA Strengths and Opportunities
03. Section III - BMA Financial Performance
04. Section IV - Financial System &
Argentine Economy
05. Section V - Appendix
SECTION I
BMA Business Overview
MACRO IN A NUTSHELL
5
01 A Leading Private Sector Bank in Argentina
02 Presence in Fast Growing Segments
03 Strong Profitability & Returns
04 Diversified Loan Portfolio & Prudent Risk Management
05 Robust Liquidity & Capital Ratios
5
A SUCCESSFUL BUSINESS MODEL & STRATEGIC FOCUS
6
Develop a sustainable business,
making life easier for our customers.
Tierra Del Fuego
Chubut
Río Negro
Buenos Aires
La Pampa
Mendonza
Neuquén
San Luis
Cordoba
Santa Fé
Entre Rios
San Juan
La Rioja
Catamarca Santiago
Del Estero
Chaco
Corrientes
Misiones Salta
Jujuy
Formosa
Tucuman
Santa Cruz
CABA
Growth by increasing market share
Potential for acquisitions
Aggressive growth focus by cross selling products
Market opportunities through geography and segment
Banco Macro Strategy
» Enhanced business model to increase efficiency and
cross-selling capabilities
» Continue gaining market share in low-to-mid income
individuals and rapidly grow our high-end customer
base through our revamped product suite (“Selecta”)
» Further increase payroll services to our large SME
customer base
» Expand commercial offering beyond working capital,
extending loan duration and offering local and foreign
currency products focused on export-oriented
businesses (e.g. agri-business, energy, etc.)
» Continue expanding our branch network by opening
new branches and / or through acquisitions, with
particular focus in solidifying our presence in the BA
metro area Operational and commercial efficiency by reducing costs and increase cross selling
A SUCCESSFUL BUSINESS MODEL & STRATEGIC FOCUS
7
Business Model
A SUCCESSFUL GROWTH STORY
8 Note: 1- As of June 2019.
40 years of experience in the
Argentine Financial System
Initial Stages
Wholesale Bank
Regional Bank
National Bank
Anglia (Over the Counter Agent)
Anglia Opens Brokerage House
Macro (Financial Company)
Commercial Bank License
Banco Macro Emerges as a Leading Wholesale Bank in Argentina
First Wholesale Bank to Issue Debentures
First Wholesale Bank to Issue Equity / First Branch in Salta / Strategic Decision to Move into Retail
Banco Salta / Banco del Noroeste / Banco Misiones
Banco Jujuy
Branches of Banco Mayo, Almafuerte, Mendoza and Israelita
Banco Bansud / 35% of Scotiabank Argentina
Nuevo Banco Suquía
Banco Empresario de Tucumán
Banco de Tucumán / NYSE IPO / Nuevo Banco Bisel
Merger Nuevo Banco Bisel
Banco Privado de Inversiones
Branches 463
Assets (Ps. Mm) 401,032
28%
31%
31%
34%
32%
43%
47%
38%
60%
79%
36%
36%
32%
37%
22%
38%
27%
39%
30%
15%
35%
33%
38%
29%
48%
19%
26%
23%
10%
6%
0% 20% 40% 60% 80% 100%
Galicia
ICBC
BBVA Frances
Santander Rio
HSBC
Credicoop
Patagonia
Supervielle
Nacion
Macro
Strongest presence outside Buenos Aires²
Interior of Argentina BA Province BA City
A UNIQUE BRANCH NETWORK
9
Provinces with Branches
Financial Agency Agreements
463 Branches throughout the country
1542 ATMs
938 TAS
31 Service points
8,893 Employees
3,721,119 Retail Customers
89,176 Corporate Customers
Nationwide
Presence¹
Financial Agency Agreements
Provincial
Government’s Bank
Public Employees
Payroll Accounts
Cross Selling
» Employees and relatives
» Companies with government
contracts
» Companies operating in regional
economies
Large
Customer Base
Low - Cost
Funding
Fee Income
Largest private sector branch network in Argentina and exclusive
financial agent in 4 provinces
463
162
484
272
121
347
280
189
179
636
Branches
Provinces
» Salta
» Misiones
» Jujuy
» Tucumán
Population
» 1.2 m
» 1,1 m
» 0.7 m
» 1.5 m
Branch Market
Share
» 46%
» 52%
» 47%
» 42%
Agreement
expires
» 2026
» 2029
» 2024
» 2031
Source: BCRA
Note 1- As of June 2019. Bank´s with 100 branches or more. Galicia excludes Tarjetas Regionales; Patagonia and BBVA consolidated with GPAT and PSA Finance, Rombo & Volkswagen Credit, respectively. Note 2 – As of June 2019.
AN INCREASING BRANCH NETWORK
IN BUENOS AIRES
10
Metropolitan Area & Great
Buenos Aires1
Rest of Buenos Aires Province1
Bank (total branches) Total Market
Share
1 Santander Rio 224 14%
2 Galicia 185 11%
3 BBVA Francés 145 9%
4 Provincia de Bs As 117 7%
5 Nación 104 6%
6 HSBC 102 6%
7 Credicoop 90 6%
8 Supervielle 83 5%
9 Ciudad de Bs As 69 4%
10 Itaú 66 4%
11 ICBC 65 4%
12 Patagonia 65 4%
13 Macro 48 3%
14 Comafi 43 3%
Other 185 11%
Financial System 1,624 100%
Bank (total branches) Total Market
Share
1 Provincia de Bs As 234 26%
2 Nación 150 17%
3 Santander Río 97 11%
4 Credicoop 70 8%
5 Galicia 60 7%
6 Macro 49 5%
7 BBVA Francés 41 5%
8 Patagonia 29 3%
9 Supervielle 28 3%
10 Banco Industrial 18 2%
Other 125 14%
Financial System 901 100%
Source: BCRA
Note:1- As of June, 2019. Galicia excludes Tarjetas Regionales; Patagonia and BBVA consolidated with GPAT and PSA Finance, Rombo & Volkswagen Credit, respectively.
Keep increasing our market share in Buenos Aires
A LEADING PRIVATE SECTOR BANK
IN ARGENTINA
11
1,130,969 586,447 584,974 531,310 403,504 400,054 255,658 214,429 199,201 192,262
1,604,068
6,105,876
Assets (Ps Billion - % Market Share)
106,706 62,944 60,242 54,887 49,742 48,776
26,367 22,639 21,539 21,446
203,844
692,831 Equity (Ps Billion - % Market Share)
931,585
455,825 438,793 409,224 285,527 281,282 188,026 167,528 162,734 121,422
1,058,539
4,500,484
Deposits (Ps Billion - % Market Share)
378,296 241,095 209,443 212,596 191,380 164,141 97,401 96,603 88,599 75,031
587,244
2,363,077 Loans (Ps Billion - % Market Share)
Source: BCRA.
Note:1- As of June 2019; Patagonia and BBVA consolidated with GPAT and PSA Finance, Rombo & Volkswagen Credit, respectively.
26%
3% 3% 4% 4% 7% 7% 9% 10% 10%
19%
100%
100%
29%
3% 3% 3% 4% 5% 7% 8% 9% 9%
15%
100%
25%
3% 4% 4% 4%
7% 8% 9% 10% 10% 16%
100%
24% 21%
3% 4% 4% 4% 10% 10% 9% 6% 6%
SECTION II
BMA Financial Performance
BMA’S EARNINGS CONSISTENT GROWTH
13
123
115
88
169
152
161
163
184
156
163
191
242
246
222
268
274
258
258
314
346
324
332
412
426
458
460
572 9
53
1,1
86
733
986
575
1,1
14
823 1,1
05
1,9
67
1,4
08
1,8
05
1,6
33
1,6
95
2,0
16
2,2
24 2,7
35
3,1
01
3,5
42
3,1
15
3,8
28
5,2
43
7,3
43
7,0
33
Quarterly Net Profit (Ps Million)
BANCO MACRO HIGHLIGHTS’ X PEERS
14
Banco Macro Banco Galicia BBVA Santander Rio
Profitability
Net Interest Margin1 18.0% 19.59% 23.1% N/A
Efficiency Ratio² 38.3% 33.11% 34.2% 47.0%
ROAE 44.4% 73.59% 58.4% 40.9%
ROAA 7.1% 7.1% 7.0% 3.6%
Liquidity
Loans / Deposits 62.9% 60.7% 65.4% 52.9%
Capital
Total Equity / Total Assets 15.7% 10.3% 11.4% 9.38%
Tier 1 Capital Ratio 19.6% 14.58% 15.98% 11.39%
Total Regulatory Capital Ratio 26.3% 17.99% 16.67% 13.89%
Asset Quality
Allowances / Loans 2.5% 5.00% 3.00% 4.11%
NPLs/ Loans 2.12% 4.63% 2.66% 4.3%
Allowances / NPLs 116.1% 108.01% 112.9% 95.7%
Source: Numbers disclosed in press releases and Market Discipline documents of each bank as of 2Q19. Calculations may vary from bank to bank. Annualized Ratios
Note: 1 – Net interest income / average interest earning assets (annualized). 2 – Administrative expenses / Net fee income + Net financial income
SUPERIOR AND CONSISTENT
PERFORMANCE RELATIVE TO PEERS
15
7.10% 7.10% 7.00%
3.60%
5.90%
Banco Macro Galicia BBVAFrancés
SantanderRio
PeersAvarage
ROAA¹
44.40%
73.59%
58.40%
40.90%
57.63%
Banco Macro Galicia BBVAFrancés
SantanderRio
PeersAvarage
ROAE¹
18.00% 19.59%
23.10% 21.35%
Banco Macro Galicia BBVA Francés Peers Avarage
Net interest Margin²
38.30% 33.11% 34.20%
47.00%
38.10%
Banco Macro Galicia BBVAFrancés
SantanderRio
PeersAvarage
Efficiency Ratio³
Source: Numbers disclosed in press releases and Market Discipline documents of each bank as of 2Q19. Calculations may vary from bank to bank.
Note: 1 –Annualized Ratios. 2 – Net interest margen/ average interest earning assets(annualized). 3 – G&A Personnel Expenses + Depreciation & Impairment / Net Interest +Net fee income + Net Other
Operating Income + Difference in quoted prices of fx. Peers Average calculated as average of Galicia, BBVA Francés y Santander Rio, except Net Interest Margin which excludes Santander
Rio.
FINANCIAL SUMMARY
16
Balance Sheet Breakdown – Liabilities (Ps Billion) Balance Sheet Breakdown - Assets (Ps Billion)
81% 80%
87% 86% 86% 86% 88%
80% 83% 84%
14% 14% 8% 8% 7% 7% 6%
12%
2% 2% 2% 2% 2% 2% 2% 4%
5% 5%
1% 3% 2% 3% 3%
3% 3%
4%
10% 9%
2% 2% 1% 1% 1% 2% 1%
0% 2% 2%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2Q19
Non-subordinated Corporate Bonds
Other Liabilities
Subordanated Corporate Bonds
Other Liabilities from financial Institutions
Deposits
16% 15%
21% 22% 21% 18%
16% 15%
22% 24%
21%
11% 5% 4%
14% 15% 20%
16%
20%
25%
48%
59% 65% 66%
58% 59% 56%
59%
52%
45%
11% 11% 5% 5% 3% 3% 4% 6%
2% 3%
4% 4% 4% 4% 4% 4% 4% 4% 4% 3%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2Q19
Cash
Goverment & Privater Securities
Loans
Other Receivables
Other Assets
Earnings per Outstanding Share (Ps)¹ 45.0
0
10
20
30
40
50
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
(PS)
FINANCIAL SUMMARY
17 Note 1 – Annualized.
Income Statement Highligths
Ps Million 2Q18 3Q18 4Q18 1Q19 2Q19
Net Interest Income 9,093 10,323 12,288 12,931 16,785
Net fee income 2,681 2,869 3,259 3,310 3,391
Subtotal (Net Interest Income + Net Fee Income) 11,774 13,192 15,547 16,241 20,176
Net Income from financial instruments at fair value through P&L -46 499 364 1,974 133
Income from assets at amortized cost 0 -3 1 -17 0
Differences in quoted prices of gold and foreign currency -1,012 -1,244 729 -51 333
Other operating income 600 1,202 413 3,114 983
Provision for loan losses 571 732 836 2,154 848
Net Operating Income 10,745 12,914 16,218 19,107 20,777
Employee benefits 2,443 2,720 3,124 3,133 4,916
Administrative expenses 1,550 1,776 2,105 2,096 2,301
Depreciation and impairment of assets 173 187 215 290 317
Other operating expenses 2,317 2,693 3,213 3,104 3,950
Operating Income 4,262 5,538 7,561 10,484 9,293
Result from associates & joint ventures 145 12 33 26 613
Result before taxes from continuing operations 4,407 5,550 7,594 10,510 9,906
Income tax 1,271 1,718 2,351 3,166 2,874
Net income from continuing operations 3,136 3,832 5,243 7,344 7,032
Net Income of the period 3,136 3,832 5,243 7,344 7,032
Net income of the period attributable to parent company 3,116 3,828 5,243 7,343 7,033
Net income of the period atributable to minority interest 20 4 0 1 -1
FINANCIAL SUMMARY
18
BALANCE SHEET
2Q18 3Q18 4Q18 1Q19 2Q19
Assets 271,735 311,146 342,883 390,296 401,032
Loans 155,620 174,288 178,875 177,717 178,851
Other assets 116,115 136,858 164,008 212,579 222,181
Liabilities 221,345 260,181 288,245 328,208 338,296
Deposits 179,473 212,569 237,954 272,611 284,259
Other liabilities 41,872 47,612 50,290 55,597 54,037
Shareholders Equity 50,390 50,965 54,638 62,088 62,736
Note: 1 Net interest margin (excluding difference in quote in foreign currency) except income from government & private securities and guaranteed loans.
ACCUMULATED ANNUALIZED RATIOS
2Q18 3Q18 4Q18 1Q19 2Q19
Profitability & performance
Net interest margin 14.4% 14.0% 14.9% 17.2% 17.6%
Net interest margin adjusted (exc. FX) 15.2% 15.2% 15.4% 17.3% 17.5%
Net fee income ratio 18.2% 21.5% 16.7% 23.1% 17.7%
Efficiency ratio 38.7% 37.6% 37.9% 28.6% 33.5%
Net fee income as % of A&G Expenses 47.0% 57.2% 44.0% 80.9% 52.8%
Return on average assets 5.7% 5.6% 5.8% 8.4% 7.7%
Return on average equity 27.2% 27.8% 30.7% 50.0% 47.0%
Liquidity
Loans as a percentage of total deposits 86.7% 82.0% 75.2% 65.2% 62.9%
Liquid assets as a percentage of total deposits 52.3% 51.7% 57.1% 66.1% 66.4%
Capital
Total equity as a percentage of total assets 18.5% 16.4% 15.9% 15.9% 15.6%
Regulatory capital as % of APR 27.6% 26.4% 26.5% 27.7% 26.3%
Asset Quality
Allowances over total loans 2.1% 2.1% 2.3% 2.4% 2.5%
Non-performing financing as a percentage of total financing 1.4% 1.6% 1.9% 2.0% 2.1%
Coverage ratio w/allowances 149.3% 131.1% 117.7% 119.2% 116.1%
Cost of Risk 1.6% 1.7% 1.7% 4.9% 3.4%
Others 4%
Sight 42%
Time 54%
Deposits
TOTAL LOANS & DEPOSITS BREAKDOWN
19
31% of Loan Book in
dollars.
33% of deposits in
dollars.
Low-Cost
Deposits
Cross Selling Opportunities for
depositors (especially payroll
customers and SMEs) to utilize
other products (such as credit
cards, mortgages, long-term loans).
Cross Selling allows us to increase growth,
while controlling risk.
Loans
Consumer 61%
Corporate 36%
Publ & Fin 3%
Corporate 25%
Retail 67%
Publ & Fin 8%
Personal Loans 33%
Credit Cards 18%
Others³ 18%
Documents² 13%
Overdrafts 9%
Mortgage Loans
7%
Pledged Loans
2%
Note: 1 As of June, 2019. 2 Factoring, check cashing advances and promissory notes. 3 Mostly structured loans (medium- and long-term).
DEPOSITS AND TOTAL FINANCING MATURITY
20
Up to 1 Month¹
16%
More than 1 up to 3 months
22%
More than 3 up to 6 months
9%
More than 6 up to 12 months
11%
More than 12 up to 24 months
16%
More than 24 months
26%
Total Deposits¹ Total Financing¹
Up to 1 Month 83%
More than 1, up to 3 months
14%
More than 3, up to 6 Months
2%
More than 6 months
1%
Note 1 – As of June,2019. Includes 1% of matured total financing.
Market Share Evolution1
ORGANIC, INORGANIC AND FEE INCOME GROWTH
21 Source: BCRA
Notes: 1-As of June 2019, 2 - As of December, 2017, annualized.
Fee Income Growth 2
56%
29%
3%
12%
-1,000.0
1,000.0
3,000.0
5,000.0
7,000.0
9,000.0
11,000.0
(Million Ps.
)
Other
Credit-related fees
Debit and credit card income
Fee charges on deposit accounts
7.7%
7.0%
0%
3%
5%
8%
10% IIV III II I V
NPLs as a % of Total Lending1
ASSET QUALITY
22
Allowances as a % of NPLs¹
2.0
1.5
2.6
3.2
2.1
1.5 1.8 1.7
2.0
1.6
1.1 1.1
1.9 2.1
Banco Macro 4.5
3.2 3.1 3.5
2.1
1.4 1.7 1.7
2.0 1.7 1.8 1.7
2.8
4.6 Financial System¹
156 142 138
116
147 158 155 149
135 151
176 183
117 116
Banco Macro
108 115 117.0 115
148
176
144 150 142 150 140 141
120
92
Financial System¹
Source: BCRA
Note: 1 – NPLs defined as non-performing financing (Situation 3,4,5 and 6 from the “Situación de Deudores” as defined by BCRA).
Large share of demand deposits
complemented by low-cost
deposits from provinces
46% low-cost
funding
Appropriate liquidity
available to take advantage of
expected credit expansion
Deposit Base Liquidity Management
4%
42%
56%
(Million Ps) 2Q18 2Q19
Cash + cash collateral + call 55,752 103,409
Repos - -
Central Bank Notes
(Lebacs / Leliqs) 38,039 85,344
Liquid Assets 93,791 188,753
Liquid Assets / Total Assets 34.5% 47.1%
Liquid Assets / Deposits 52.3% 66.4%
FUNDING & LIQUIDITY MANAGEMENT
23
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
220,000
240,000
260,000
280,000
300,000
Time deposits Sight deposits Other
(Million
Ps.
)
Notes: As of June, 2019
LOWER EXPOSURE TO PUBLIC SECTOR AN SOLID
CAPITALIZATION AND SOLVENCY
24
Exposure to the Public Sector1 Excess Capital
2.9
9.4
0
6
12
18
24
Banco Macro Financial System
Net
Public E
xposu
re/Tota
l Ass
ets
(%)
Excess
of
Capit
al (M
illion P
s.)
Tota
l Capita
l Ratio
/ T
ier 1
Ratio
(%)
Source: BCRA.
Notes 1-Net of LEBACs and LELIQs as of 2Q19.
19.6
26.3
0
10
20
30
40
0
10,000
20,000
30,000
40,000
50,000
60,000
Excess Capital Tier 1 Ratio Total Capital Ratio
25
SECTION III
BMA STRENGHTS AND
OPPORTUNITIES
A STRONG POSITION IN CORE BANKING ACTIVITY
26
Market Share / Group of Banks1
Source: BCRA.
Note: 1- As of June, 2019. Excluding interests.
Macro 24%
Public Banks 35%
Private Banks (Foreign)
31%
Private Banks (Local)
32%
Macro 23%
Public Banks 34%
Private Banks (Foreign)
33%
Private Banks (Local)
32%
Loans to the Private Sector Private Sector Deposits
Banco Macro (Ps. 169.5 Billion)¹
STRONG WELL DIVERSIFIED LOAN BOOK
27
System (Ps. 2.2 Trillion)²
Private Sector Loans – Banco Macro vs. System
Source: BCRA.
Note: 1- As of June, 2019. 2- As of June 2019. Loans before Provisions. Interest excluded. 3- Factoring, checks, cashing advances and promisory notes. 4- Mostly structured loans (medium and long term).
Overdraft 8%
Documents (2) 34%
Mortgage Loans 10%
Pledged Loans 5%
Personal Loans 19%
Credit Cards 19%
Others (3) 5% Overdraft
9%
Documents (2) 13%
Mortgage Loans 7%
Pledged Loans 2%
Personal Loans 33%
Credit Cards 18%
Others (3) 18%
STRONG WELL DIVERSIFIED LOAN BOOK
28 Souce: BCRA.
Note: 1- As of June 2019. Loans before Provisions. Interest excluded.
Breakdown of Loans by Economic Activity¹
Agricultural livestock - Forestry - Fishing - Mining - Hunting
17%
Foodstuff and beverages 6%
Manufacturing and wholesale 4%
Chemicals 3%
Others 6%
Electricity, oil, water 2%
Construction 2%
Retail and consumer products 5%
Governmental services 1%
Financial services 2%
Real estate, business and leases 1%
Retail loans 47%
Hotels and restaurants 0%
Other services 2%
Transportation, storage and communications.
2%
722
27,701
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
STRONG PRESENCE IN FAST
GROWING SEGMENTS
29
Cre
dit
Card
s Pers
onal Loans
Corp
ora
te L
oans
Source: BCRA. Notes: 1 – Open market includes prof & bus. 2 – Mostly structured loans (medium and long term). 3 – Factoring, check cashing advances and promissory notes. Companies Classification: Small and Micro companies:
Up to Ps.200 million in sales per year; Medium-sized companies: more than Ps.200 million and less than Ps.800 million in sales per year; Corporate companies: more than Ps.800 million in sales per year; Agro companies: includes
individuals and companies who operate in agriculture or in the commerce of agricultural products.
» As of June 2019, credit cards comprise 17% of
outstanding loans, up 6% YoY.
» We have grown our credit cards business at 40% CAGR
since 2007 through our point-of-sale promotion strategy
and discounts and fixed installments for our customers.
» Continue growing our business currently at ~8% market
share as of June 2019.
» Recently upgraded “Selecta” program, directed to high-
income customers.
» Only ~36% of credit card loans derived from open market
customers.
» Ranked #2 in terms of personal loans with ~14%
market share as of June 2019.
» Rapidly growing, with core focus on cross-selling
products to payroll and pension customers.
» Opportunity to expand portfolio as demand for longer-
term loans increases (i.e. mortgages).
» Collateralized loans, including Retirees, Public Payroll
& Private Payroll, represents ~93% of total personal
loans.
» Only 7% of personal loans derived from open market
customers.
» Corporate loans growth driven by Overdrafts with
47% YoY increase.
» Diversified SME customer base with ~71K small &
micro, ~15k agro, ~3k medium clients.
» Opportunity to expand product offering beyond
working capital and short-term pre-export financing
with longer-term local and foreign currency loans.
Open Market
36%
Public Sector Payroll
16%
Private Sector Payroll
26%
Retirees 22%
Breakdown¹ Volume (Ps. Millions)
Open Market
7%
Public Sector Payroll
47%
Private Sector Payroll
21%
Retirees 25%
Breakdown¹
Overdraft 15%
Documents² 34%
Mortgage Loans
7%
Pledged Loans
1%
Credit Cards
1%
Others³ 42%
Breakdown¹ Corporate
1% Medium
3%
Micro 56%
Small 23%
Agro 17%
Corporate Customers
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
Ps.
Millions
Personal Loans Growth
MACRO PROVINCIA NACION
SANTANDER GALICIA
30
SECTION IV
FINANCIAL SYSTEM &
ARGENTINE ECONOMY
PRIVATE SECTOR LOANS GROWTH
31 Source: BCRA/BMA
As of June 2019. Note 1 : As of June, 2019.
Loans Growth Rates (YoY)
10%
9%
11%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Total Individuals Corporations
16%
05%
10%
15%
20%
Private Sector Loans/GDP¹
PRIVATE SECTOR DEPOSITS GROWTH
32
Private Sector Deposits/GDP¹
Source: BCRA/BMA
As of June 2019. Note 1 : As of December, 2018.
21%
19%
0%
5%
10%
15%
20%
25%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Dep SF ($+u$s) Priv S. Dep
Deposits Growth Rates (YoY)
48%
56%
72%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
Total Individuals Corporations
PRIVATE SECTOR LOANS AND DEPOSITS GROWTH
33 Sources: BCRA, Countries Central Banks, INDEC, INERGI, INEI and BCR, Superintendencia Financiera de Colombia, DANE.
Low Penetration Compared to Selected Peers
26%
38% 41% 43%
21%
10%
38% 47%
31% 31%
20%
36%
25%
52%
32%
11%
21% 22% 25%
8%
20%
30% 27% 30% 28%
32%
47% 43%
29%
61%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Deposits and Loans with Private Sector Consistent Growth
Loans Deposits
93%
49% 47% 42%
22% 16%
Average = 45%
Chile Brazil Colombia Peru Mexico Argentina
Loans to GDP (Dec 2018)
72%
42% 38%
35%
23% 20%
Average = 38%
Chile Colombia Peru Brazil Mexico Argentina
Deposits to GDP (Dec 2018)
34
SECTION V
APPENDIX
TOTAL
639,397,746
Fiscal Year Payment
Dividends paid to the
shares
(In thousands Ps.)
Dividends per
share
(Ps)
Payout
Ratio
2005 May/06 68,395 0.1 26.03%
2006 May/07 102,591 0.15 24.18%
2007 May/08 170,995 0.25 34.53%
2008 Sep/09 148,334 0.25 22.47%
2009 Jun/10 208,070 0.35 27.67%
2010 May/11 505,312 0.85 50.01%
2011 - 0,000 0.00 0.00%
2012 - 0,000 0.00 0.00%
2013 Jul/14 596,254 1.02 24.40%
2014 Mar/16 227,708 0.39 6.54%
2015 Aug/16 643,018 1.1 12.84%
2016 Jun/17 701,475 1.20 10.70%
2017 May/18 3,348,315 5.00 35.70%
2018 May/19 6,393,977 10.00 40.65%
Class A: 11,235,670
Anses 28%
Others 6%
ADS´s 29%
Major Shareholders
33%
Banco Macro (Treasury
Stock) 4%
Float 35%
OWNERSHIP STRUCTURE1 |
DEBT & EQUITY INFORMATION
35
Denomination Amount (USD)
Maturity Call Option Coupon Ratings
Original Oustanding Moodys Fitch
Subordinated (Class A ) 400 400 2026 2021 Bullet 6.75% Caa3(hyb) CCC-/RR6
Peso Linked (Class B) 300* 300* 2022 - Bullet 17.50% B1.ar / Caa2 CCC/RR4
Peso (Class C) AR$3,207 AR$3,207 2020 - Bullet
Badlar +
3.5% B1.ar/Caa2 NR
Note: 1-As of June, 2019. * Equivalent to AR$ 4,620,570,000. As of June 31, 2019 AR$ 1,229,518,00 of this issuance had been cancelled, bringing the total outstanding amount
to AR$ 3,391,052,000
STOCK PERFORMANCE
36 Source: Bloomberg
As of July 10, 2019.
2,751.68
6,532.54
7,500
3,144.94
0
1000
2000
3000
4000
5000
6000
7000
8000
2006 20007 2008 2009 2010 2012 2013 2014 2015 2017 2018 2019
Banco Macro's Share Performance x Merval Index & Peers (100 points as of Jan, 2, 2006)
Merval Index
Macro
Galicia
Frances