Macro Bank Q4 Net Income ARS100b Despite ARS82.9b Restructuring Charges
Macro Bank’s Q4 net income reached ARS 100 billion and full-year 2025 net income totaled ARS 290.7 billion, down 32% year-over-year, after ARS 82.9 billion in restructuring expenses. Management forecasts 2026 reported ROE near 5% (8% adjusted) as further one-off charges may trim ROE by about three percentage points.
1. Q4 and Full-Year Results
Macro Bank reported Q4 2025 net income of ARS 100 billion and full-year net income of ARS 290.7 billion, returning to profitability after a prior-quarter loss. The bank booked ARS 82.9 billion in restructuring expenses tied to early retirement and severance, and stated that excluding these charges net income would have been ARS 183 billion for Q4 and ARS 393.7 billion for the full year.
2. ROE and Profitability Guidance
In 2025, reported annualized ROE was 5.1% and ROA was 1.4%, compared with adjusted ROE of 6.6% and ROA of 1.8% excluding one-off charges. Management forecasts 2026 reported ROE near 5% with adjusted ROE around 8%, noting additional early-2026 charges could trim reported ROE by roughly three percentage points.
3. Asset Quality and Provisions
Fourth-quarter loan loss provisions totaled ARS 169.3 billion, up 243% year-over-year, driving full-year provisions to ARS 538.1 billion, a 274% increase. Non-performing loans rose in the consumer portfolio to 5.23% and improved in commercial loans to 0.68%, with management expecting overall NPLs to move toward the mid- to low-threes by H2 2026 and a cost of risk of about 5.2%.
4. Funding, Capital and Dividends
Total deposits increased 8% quarter-over-quarter to ARS 13.7 trillion and financing reached ARS 10.71 trillion, up 2%. The bank held excess capital of ARS 3.6 trillion with a 30.6% capital ratio and plans to propose a 100% cash dividend, while pursuing cost reductions, digital initiatives and a stake in Personal Pay.