Banco Macro S.A. (NYSE:BMA) Q1 2024 Earnings Call Transcript May 24, 2024 12:00 PM ET

Company Participants

Nicolas Torres - IR
Jorge Scarinci - CFO
Gustavo Manriquez - CEO

Conference Call Participants

Ernesto Gabilondo - Bank of America
Brian Flores - Citibank
Marina Mertens - Latin Securities
Carlos Gomez - HSBC
David Pardo - Puente Hermanos

Operator

Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Banco Macro's First Quarter 2023 Earnings Conference Call. We would like to inform you that first quarter 2023 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 a 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; Mr. Jorge Scarinci, Chief Financial Officer; and Mr. Nicolas Torres, IR.

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

Nicolas Torres

Thank you, Dave. Good morning and welcome to Banco Macro's first quarter 2024 conference call. Any comments we make today may include forward-looking statements which are subject to various conditions and these are applied in our 20-F which was filed to the SEC and it's available at our website. First quarter 2024 press release were distributed on Wednesday and it's available at our website. All figures are in Argentine pesos and have been restated in terms of the measurement 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 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 March 31, 2024.

I will now briefly comment on the bank's first quarter 2024 financial results. Banco Macro's net income for the quarter was ARS275.2 billion, 61% or ARS422 billion lower than in the fourth quarter of 2023 and 626% or ARS237.3 billion higher than the result posted a year ago. The bank's analyzed ROE and ROA of 37.4% and 11.9%, respectively, remained healthy and shows the bank earnings potential.