Banco Macro S.A.
- Open
- 76.40
- Day high
- 79.69
- Day low
- 76.03
- Prev close
- 76.05
- Volume
- 301K
- Mkt cap
- $5.0B
- P/E (TTM)
- 17.2
- EPS (TTM)
- $4.57
- P/B
- 1.2
- P/S
- 1.5
- Yield
- 5.74%
- Per share
- $4.52
Banco Macro S.A. (BMA) is a Financial Services company listed on NYSE. The stock is up 36% over the past year. Drillr has 2 published research articles covering BMA.
Banco Macro S.A. (BMA) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BMA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 20, 2026 | $1.59 | $2.29 | +44.0% | $862M | -8.9% |
| May 28, 2026 | $1.42 | $1.73 | +21.8% | $1.2B | +47.0% |
| Nov 26, 2025 | $0.67 | $-0.39 | -158.2% | $1.0B | +38.2% |
| Aug 27, 2025 | $1.99 | $1.95 | -2.0% | $1.1B | — |
| May 28, 2025 | $1.66 | $0.65 | -60.8% | $1.1B | — |
| Nov 27, 2024 | $2.21 | $1.51 | -31.7% | $1.1B | +53.3% |
| Aug 22, 2024 | $1.49 | $-4.01 | -369.1% | $963M | — |
| May 23, 2024 | $2.18 | $5.02 | +130.3% | $2.5B | — |
| Nov 22, 2023 | $1.32 | $0.33 | -74.9% | $887M | — |
| Aug 23, 2023 | $2.94 | $2.69 | -8.5% | $937M | — |
| May 17, 2023 | $0.78 | $1.04 | +33.5% | $3.0B | — |
| Feb 23, 2023 | $1.24 | $1.47 | +18.5% | $1.9B | +483.3% |
BMA research & analysis
Supervielle (SUPV), Banco Macro (BMA): Argentine Cost Cuts Now Need Cash
Supervielle, Banco Macro and Telecom Argentina disclosed in August 2026 that disinflation ended peso wage-bill erosion, so cost cuts now require cash severance.
EDNIRSMELIBanco Macro (BMA), Supervielle (SUPV): Argentine Dollar Loans Reach Peso Earners
Argentina dropped the export-revenue test on bank dollar loans and capped each bank at 15% of its FX deposits, about $5.2bn, and Banco Macro now guides only its dollar book to grow.
BBARBLXGGAL
Banco Macro S.A. company profile
Overview
Banco Macro S.A. (NYSE:BMA) is one of Argentina's largest private banks, founded in 1966 and headquartered in Buenos Aires. The bank has grown through both organic expansion and strategic acquisitions to become a major player in Argentina's financial services sector. Operating through an extensive network of 466 branches, 1,779 ATMs, and 955 self-service terminals as of 2021, Banco Macro serves both retail and corporate customers across Argentina. The bank went public on the New York Stock Exchange in 2006 and has navigated Argentina's challenging macroeconomic environment while maintaining its position as a leading financial institution in the country.
Business
Banco Macro operates as a full-service commercial bank in Argentina's financial services sector, providing traditional banking products and services to both individual consumers and businesses. The banking industry in Argentina operates within a complex regulatory environment characterized by high inflation, currency controls, and frequent economic volatility that significantly impacts banking operations. The bank's core business is divided into two main segments. Retail banking constitutes a significant portion of operations, offering savings and checking accounts, time deposits, credit and debit cards, consumer finance loans, mortgage loans, automobile loans, and overdraft facilities. The bank also provides personal loans, residential mortgages, and credit card loans to individual customers. Additionally, retail services include home and car insurance coverage, tax collection services, utility payment processing, and money transfer services through their extensive ATM network. Corporate banking represents the other major business segment, serving businesses with deposit accounts, commercial lending, check cashing advances, factoring services, guaranteed loans, and credit lines for financing foreign trade operations. The bank provides cash management services, payroll processing, financial agency services, corporate credit cards, working capital facilities, credit for investment projects, and leasing arrangements. Corporate clients also have access to transaction services including collection services, supplier payments, foreign exchange transactions, and specialized foreign trade services. The bank also offers digital banking services through Internet and mobile platforms, along with information services like Datanet and Interpymes for corporate customers. Trust services and specialized financial products round out the comprehensive service offering. Based on recent earnings calls, retail and corporate banking appear to contribute relatively balanced revenue streams, though specific segment breakdowns are not consistently disclosed.
Revenue model
Banco Macro generates revenue through traditional banking mechanisms common to commercial banks worldwide. The primary revenue source is net interest income, which represents the difference between interest earned on loans and investments and interest paid on deposits and borrowed funds. This spread-based model means the bank profits from borrowing money at lower rates (through customer deposits) and lending it at higher rates (through various loan products). Fee-based income provides another significant revenue stream, generated through account maintenance fees, transaction fees, credit card fees, foreign exchange services, cash management services, and various banking service charges. The bank also earns commission income from insurance products, investment services, and financial advisory services provided to both retail and corporate clients. The bank's customers are primarily Argentine individuals and businesses across various sectors including agribusiness, energy, mining, and traditional commercial enterprises. Recent earnings indicate the bank holds approximately 8.3% market share in private sector loans and 7% in private sector deposits, positioning it as a significant player in Argentina's banking sector. Several factors significantly impact Banco Macro's profitability margins. Inflation dynamics create both opportunities and challenges - while high inflation can boost nominal loan growth and fee income, it also increases operational costs and creates asset-liability matching complexities. Interest rate policies set by Argentina's Central Bank directly affect net interest margins, particularly given the bank's significant holdings of government securities. Currency devaluation impacts the bank's peso-denominated operations and affects customers' ability to service dollar-denominated obligations. Economic growth influences loan demand and credit quality, with stronger economic conditions typically supporting loan growth and reducing defaults. Regulatory changes regarding capital requirements, reserve ratios, and lending restrictions can significantly impact profitability. Finally, competition from other banks affects pricing power and market share, particularly in deposit gathering and commercial lending markets.
Competitive moat
Banco Macro's competitive moat appears moderate but geographically constrained, primarily stemming from its established market position within Argentina's banking sector. The bank benefits from scale advantages as one of Argentina's largest private banks, with 8.3% market share in private sector loans providing operational efficiencies and negotiating power with regulators and counterparties. The bank's extensive physical distribution network of 466 branches and 1,779 ATMs creates switching costs for customers and provides competitive advantages in a market where physical presence remains important for banking relationships. This infrastructure represents significant capital investment that would be costly for new entrants to replicate. Additionally, established customer relationships and local market knowledge accumulated over nearly six decades of operation provide informational advantages in credit underwriting and customer service. However, the moat faces several significant limitations. Regulatory and political risks in Argentina create substantial uncertainty, with government policies frequently changing banking regulations, capital controls, and monetary policy in ways that can dramatically impact profitability. The bank's geographic concentration in Argentina exposes it entirely to the country's volatile macroeconomic conditions, limiting diversification benefits available to international banks. Technological disruption poses increasing threats as fintech companies and digital banks enter the Argentine market with lower cost structures and innovative service offerings. Traditional banks like Banco Macro must invest heavily in digital transformation to remain competitive. Currency and inflation risks create ongoing challenges that are largely outside management's control, potentially eroding real returns and complicating long-term planning. The competitive landscape includes both domestic and international banks operating in Argentina, with competition intensifying for deposits and quality lending opportunities. While Banco Macro's market position provides some protection, the overall banking sector in Argentina faces structural challenges that limit the strength of any individual bank's moat.
Risks & safety
Banco Macro demonstrates strong financial safety metrics with exceptionally high capital levels providing substantial cushion against potential losses. • Capital Position: Capital adequacy ratio of 32.4% and Tier 1 ratio of 31.6% significantly exceed regulatory minimums, with excess capital of Ps. 2.8 trillion providing substantial buffer • Liquidity: Liquid assets to total deposits ratio of 79% indicates strong liquidity position; cash and short-term investments of $2.58 billion represent substantial liquid resources • Asset Quality: Non-performing loans ratio of 1.15% with coverage ratio of 177.6% suggests well-managed credit risk • Debt Levels: Debt-to-equity ratio of 11.0% indicates minimal leverage and low solvency risk • Valuation Metrics: - Price-to-earnings ratio of 12.2x appears reasonable for emerging market bank - Price-to-book ratio of 1.57x suggests modest premium to book value - Return on equity of 3.2% in Q4 2024, though management targets 12-15% ROE for 2025 • Other Considerations: Primary risks stem from Argentine macroeconomic volatility rather than bank-specific financial weakness; substantial government securities holdings create mark-to-market volatility but provide inflation hedge; strong deposit base provides stable funding source
Recent development
Over the past few years, Banco Macro has undertaken several strategic initiatives while navigating Argentina's challenging economic environment. The most significant development was the acquisition of Itaú Argentina's operations for $50 million in 2023, which was completed with legal integration finalized by Q4 2024. This acquisition expanded the bank's market presence and customer base while consolidating the competitive landscape. The bank has been repositioning its balance sheet in response to changing economic conditions, particularly reducing exposure to Central Bank securities (Leliqs) while maintaining significant holdings of inflation-linked government bonds as a hedge against Argentina's persistent high inflation. Management has been gradually shifting from securities investments toward loan growth as economic conditions stabilize. Digital transformation initiatives have been ongoing, with continued investment in Internet and mobile banking platforms to compete with emerging fintech competitors and meet changing customer preferences. The bank has also expanded its information services offerings, including Datanet and Interpymes services for corporate customers. Strategically, Banco Macro has maintained an opportunistic approach to mergers and acquisitions, with management indicating openness to additional consolidation opportunities in Argentina's banking sector, particularly as economic conditions potentially improve under the Milei administration. The bank's substantial excess capital provides flexibility for both organic growth and potential acquisitions. Recent earnings calls indicate management is positioning for accelerated loan growth, targeting 60% real loan growth in 2025 as economic conditions improve, with particular focus on commercial lending in sectors like agribusiness, energy, and mining. The bank expects to fund this growth through deposit expansion and partial reduction of its securities portfolio.
BMA company profile · for informational purposes only — not investment advice.
Track BMA with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free