Banco Macro S.A. (NYSE:BMA) Q4 2022 Earnings Conference Call February 24, 2023 11:00 AM ET

Company Representatives

Gustavo Manriquez - Chief Executive Officer

Jorge Scarinci - Chief Financial Officer

Nicolas Torres - Investor Relations

Conference Call Participants

Ernesto Gabilondo - Bank of America

Brian Flores - Citibank

Yuri Fernandes - JP Morgan

Carlos Gomez - HSBC

Rodrigo Nistor - Latin Securities

Operator

Good morning ladies and gentlemen and thank you for waiting. At this time we would like to welcome everyone to Banco Macro's Fourth Quarter 2022 Earnings Conference Call. We would like to inform you that the 4Q 2022 press release is available to download at the Investor Relations website of Banco Macro, www.macro.com.ar/relaciones-inversores.

Also, this event is also being recorded and all participants will be in a listen-only mode during the company’s presentation. [Operator Instructions].

It is now my pleasure to introduce our speakers. Joining us from Argentina are Mr. Gustavo Manriquez, Chief Executive Officer; Mr. Jorge Scarinci, Chief Financial Officer, Mr. Nicolas Torres, IR.

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

Nicolas Torres

Thank you, Gary. Good morning, and welcome to Banco Macro's fourth quarter 2022 conference call. Any comments 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 is available at our website.

Fourth quarter 2022 press release was distributed yesterday and it’s also available at our website. All figures are in Argentine pesos and have been restated in terms of the measuring unit current at the end of the reporting period.

As of the first quarter of 2020, the bank began reporting results applying hyperinflation accounting in accordance with IFRS IAS 29 as established by the Central Bank of Argentina. For ease of comparison, figures of previous quarters have been restated applying IAS 29 to reflect the cumulated effect of the inflation adjustment for each period through December 31, 2022. I will now briefly comment on the bank's fourth quarter 2022 financial results.

Banco Macro's net income for the quarter was Ps.16.6 billion, 59% higher than the third quarter of 2022 and 19% lower than the result posted a year ago. The bank's fourth quarter 2022 ROE and ROA of 16.9% and 3.3% respectively remained healthy and showed the bank's earnings potential. In fiscal year 2022, total comprehensive income totaled Ps.37.5 billion, which was 32% lower than the result posted in fiscal year 2021.