Banco Macro SA (NYSE:BMA) Q4 2023 Earnings Conference Call February 29, 2024 11:00 AM ET
Company Participants
Nicolas Torres - IR
Jorge Scarinci - Finance Manager & IR Manager
Conference Call Participants
Ernesto Gabilondo - Bank of America Merrill Lynch
Carlos Gomez - HSBC
Operator
Good morning, ladies and gentlemen, and thank you for waiting. And at this time, we would like to welcome everyone to Banco Macro's fourth quarter 2023 earnings conference call. We would like to inform you that the fourth-quarter 2023 press release is available to download at the Investor Relations website of Banco Macro, and that is www.macro.com.ar/relaciones-inversores/. Also, this event is being recorded. [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; and Mr. Nicolas Torres, Investor Relations.
Now I'll turn the conference over to Mr. Torres. You may begin.
Nicolas Torres
Good morning, and welcome to Banco Macro's fourth quarter 2023 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 it's available at our website. Fourth-quarter 2023 press release was distributed yesterday and is 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 2020, the bank began reporting results applying hyperinflation accounting, in accordance with IFRS IAS 29, as established by the Central Bank. For ease of comparison, figures of previous quarters have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through December 31, 2023.
I will now briefly comment on the bank's fourth quarter 2023 financial results. Banco Macro's net income for the quarter was ARS460 billion, 3,894% higher or ARS448 billion higher than the third quarter and 789% or ARS408 billion higher than the result posted a year ago. The bank's accumulated ROE and ROA of 33.2% and 8.7% respectively, remains healthy and shows the bank's earnings potential.
In fiscal year 2023, net income totaled ARS587.7 billion, 338% higher than in fiscal year '22. Total comprehensive income totaled ARS627 billion and was 438% higher than fiscal year 2022.
Net operating income before general, administrative and personnel expenses for the fourth quarter of 2023 was ARS1.3 trillion, increasing ARS778 billion quarter-on-quarter. On a yearly basis, net operating income before general, administrative and personnel expenses increased 224% or ARS915 billion. In fiscal year 2023, net operating income before general and personnel expenses totaled ARS 2.84 trillion, 83% higher than in fiscal year 2022.