Banco Macro rebounds in Q4 despite macro headwinds and non-recurring hits

Banco Macro (NYSE:BMA) reported a significant rebound in profitability for the fourth quarter of 2025, posting a net income of Ps. 100.1 billion.

The result marks a notable recovery from the net loss recorded in the previous quarter, though the figure remains 26% lower than the Ps. 134.5 billion reported in the same period of 2024.

For the full year 2025, the bank’s net income reached Ps. 290.7 billion.

The quarter was characterized by strong operational volume, with operating income before general and administrative expenses totaling Ps. 1.17 trillion, a 39% increase over the third quarter.

The bank’s balance sheet continued to expand, as total deposits reached Ps. 13.69 trillion—representing 76% of its total liabilities—while total financing stood at Ps. 10.71 trillion.

Despite the volatile macroeconomic environment in Argentina, Banco Macro maintains an exceptionally deep capital cushion.

The bank reported excess capital of Ps. 3.61 trillion, supporting a Basel III capital adequacy ratio and Tier 1 ratio of 30.6%.

This solvency is matched by a robust liquidity position, with liquid assets covering 73% of total deposits.

Asset quality showed some signs of pressure, with the non-performing loan (NPL) ratio landing at 3.87%.

However, the bank remains well-defended against potential credit losses, maintaining a high coverage ratio of 119.86%.

Excluding non-recurring expenses of Ps. 82.9 billion, the bank’s adjusted net income for the fourth quarter would have reached Ps. 183 billion, suggesting a higher underlying earning power.