Q2 2026 Banco Macro SA Earnings Call Transcript
Key Points
- Net income surged 39% quarter-over-quarter to P206.8 billion, with adjusted ROE improving to 14.3%.
- Funding costs dropped 550 basis points, with average deposit rates falling to 19%, supporting stable net interest income.
- Asset quality outperformed the system, with NPL ratio at 6.25% versus 7.7% system average and coverage ratio at 95.4% above the market's 86.3%.
- Efficiency program advanced with 18 branch closures and an 8% year-over-year reduction in employees, keeping the efficiency ratio stable at 33.9%.
- Strong capital position with Tier 1 ratio at 28%, well above the 11.5% regulatory requirement, and ample liquidity to support growth and strategic opportunities.
- Launched innovative initiatives including a first-mover loyalty program, conversational banking via WhatsApp, and a wealth management app, positioning for future growth.
- Loan growth remains challenging, with total lending down 5% year-over-year and guidance reduced to 2-5% real growth for 2026.
- Consumer NPLs increased to 8.4% from 6.9% last quarter, reflecting ongoing pressure in household delinquency.
- Reported NPL ratio rose to 6.25% from 5.4% in the prior quarter, impacted by mandatory customer reclassification.
- Net interest margin, including FX, declined from 25% to 24% due to lower FX contribution.
- Restructuring charges of P14.2 billion after-tax continue to weigh on reported profitability, with reported ROE at 13.4% versus adjusted 14.3%.
- Economic activity moderated, with GDP averaging 0.8% below the first quarter, and pre-election volatility poses risks to growth and asset quality.
Good morning, and welcome to Banco Micro's second quarter 2026 earnings conference call.
Thank you all for joining us today. Vaca Micro's second quarter earnings release was this reviewed yesterday, and it's available. On our Investor Relations website.
For this quarter's call, we are also introducing an earnings call presentation, which will be to accompany today from now. The presentation will be available on our website following the call.
Please note that this call may include forward-looking statements and please refer to our SEC filings for further information. All figures discussed today are narrative and pesos and have been restated in terms of the measurement unit currently at the end of the reporting period in accordance with central bank regulations. With that, let me briefly introduce today's speakers.
So we have with us today Juan Parna, Chief Executive Officer of Banco Macro, Coret Kalinsi, Chief Financial Officer at Banco Macro, and myself, Nicolas Torres, investor regulations from Banco Macro.
I will now briefly comment on the second quarter
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