Banco Macro S.A. (NYSE:BMA) Q2 2023 Earnings Conference Call August 25, 2023 11:00 AM ET

Company Participants

Nicolas Torres - IR

Jorge Scarinci - CFO

Conference Call Participants

Brian Flores - Citibank

Ernesto Gabilondo - Bank of America

Nicolas Riva - Bank of America

Carlos Gomez - HSBC

Operator

Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Banco Macro’s Second Quarter 2023 Earnings Conference Call. We would like to inform you that the second quarter ‘23 press release is available to download at the Investor Relations website of Banco Macro at www.macro.com.ar/relaciones-inversores.

Also this event is being recorded and all participants will be in listen-only mode during the company’s presentation. After the company’s remarks’ are completed, there will be a question-and-answer session. At that time, further instructions will be given. [Operator Instructions]

It is now my pleasure to introduce our speakers joining us from Argentina are Mr. Gustavo Manriquez, Chief Executive Officer; and Mr. Jorge Scarinci, Chief Financial Officer; and Mr. Nicolas Torres of Investor Relations.

Now, I will turn the conference over to Mr. Nicolas Torres. You may begin your conference.

Nicolas Torres

Thank you, Andrea. Good morning, and welcome to Banco Macro's second quarter 2023 conference call. Any comment we may make today may include forward-looking statements, which are subject to various conditions, and these are outlined in our 20-F, which was filed to the SEC, and it's available at our website. Second quarter 2023 press release was distributed on Wednesday and it's available at our website.

All figures are in Argentinian pesos and have been restated in terms of the measuring unit current at the end of the reporting period. As of the year 2020, the bank began reporting results applying hyperinflation accounting in accordance with IFRS IAS 29 as established by the Central Bank of Argentina. For recent comparison, figures of previous quarters have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through June 30, 2023.

I will now briefly comment on the bank's second quarter 2023 financial results. Banco Macro's net income for the quarter was ARS44.2 million, 265% higher than the first quarter of 2023 and 394% higher than the result posted a year ago. The bank's accumulated ROE and ROA of 15.5% and 3.9%, respectively, remained healthy and showed the bank's earnings potential.