Banco Macro Q1 2026 Earnings Call Transcript - Banco Macro (NYSE:BMA)
Banco Macro reported Q1 2026 net income of 139.8 billion pesos, up 28% quarter-on-quarter and 131% year-on-year, according to the earnings call transcript. Operating income before expenses fell 3% vs. Q4 2025 but rose 15% year-on-year. The bank kept 2026 loan growth guidance at 42% nominal and deposit growth at 34% nominal, assuming 28% inflation. NPL ratio was 5.4% with ~110% coverage; cost of risk guidance is 5.5%–6%.
How this was made
The 30-second read
Why it matters
Key trading inputs are unchanged 2026 growth guidance (nominal), cost of risk outlook (5.5%-6%), and ROE guidance (~8%) alongside a noted NPL deterioration (5.4%) but robust coverage (~110%). Management also indicates NIM pressure is more likely from asset yields than funding costs as inflation trends down.
Market read
For BMA, the market focus is likely on whether asset-yield pressure and rising NPLs can be offset by strong coverage and capital, given unchanged ROE guidance.
What to watch
Real growth is explicitly dependent on an assumed 28% inflation rate; if inflation undershoots/overshoots, loan/deposit growth and real ROE could diverge from the base case.
Background
The article is a transcript of Banco Macro’s Q1 2026 earnings call, including management’s guidance and commentary on profitability drivers (NIM, ROE) and credit quality (NPLs, coverage).
Ticker impact
Banco Macro reported Q1 2026 results and kept 2026 loan growth guidance at 42% nominal and deposit growth at 34% nominal.
Near-term repricing risk is moderate: investors may focus on NPL deterioration (5.4%) versus robust coverage (~110%) and unchanged ROE guidance (~8%).
The transcript provides specific operating metrics (NPL ratio, coverage, cost of risk range, ROE guidance) and management commentary on where NIM pressure may come from (asset yields > funding costs).
Market effects
Argentine bank read-through: management emphasizes asset-yield pressure as inflation cools, while provisioning/capital buffers remain key for earnings durability.
Could influence sentiment toward Argentine banking risk premia via guidance on cost of risk (5.5%-6%) and NPL/coverage dynamics.
Limited direct global spillover; relevant mainly for EM/LatAm financials and rate/inflation-linked banking models.
Counterpoint
Despite NPL ratio rising to 5.4%, the bank highlights it as best-in-peer with ~110% coverage, implying earnings resilience may be stronger than headline credit deterioration suggests.
Key entities
- companyBanco Macro S.A.
Argentine bank reporting Q1 2026 results and maintaining 2026 nominal loan/deposit growth guidance; discusses NPLs, coverage, cost of risk, and ROE.
- executiveNicolas Tojis
CFO speaking on profitability drivers (NIM pressure) and ROE guidance stance.
- executiveJorge Iscarincini
CFO speaking on asset quality, coverage, and cost of risk/ROE framing.
