Banco Macro S.A. (NYSE:BMA) Q2 2024 Earnings Conference Call August 23, 2024 12:00 PM ET

Company Participants

Nicolás Torres - Investor Relations
Jorge Scarinci - Chief Financial Officer

Conference Call Participants

Ernesto Gabilondo - Bank of America
Brian Flores - Citibank
Marina Mertens - Latin Securities
Yuri Fernandes - JPMorgan
Carlos Gomez - HSBC

Operator

Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to the Banco Macro's 2Q 2024 Earnings Conference Call.

We would like to inform you that the 2Q24 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; Mr. Jorge Scarinci, Chief Financial Officer; and Mr. Nicolás Torres, IR.

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

Nicolás Torres

Thank you, Nick.

Good morning, and welcome to Banco Macro's second quarter 2024 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 2024 press release was distributed yesterday and it's 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 of Argentina. 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 June 30, 2024.

I will now briefly comment on the bank's second quarter 2024 financial results.

In the six months ended June 30, 2024, Banco Macro's net income totaled ARS93.1 billion. This result was 55% or ARS115.9 billion lower than in the six months of 2023. As of the second quarter of 2024, the accumulated annualized return on average equity and accumulated annualized return on average assets were 5.4% and 1.7%, respectively.