Banco Macro: 1Q26 Conference Call Highlights

研报英文原文证据摘录

Banco Macro: 1Q26 Conference Call Highlights

were reduced to 90% (in line with peers), 1Q26 adjusted e = Morgan Stanley Research estimates

ROE would have reached 15.7%, versus 10.9% reported. However, management is

deliberately maintaining a conservative stance. They want to confirm that early signs

of stabilization in asset quality are sustained.

Loan Growth. Loan growth guidance was maintained despite a weaker 1Q26 print,

arguing the softness was driven primarily by overdrafts, which are used tactically to

manage excess liquidity. Overdraft market share declined to 14.6% in March 2026

(from 18.1% a year earlier), creating a meaningful drag on growth. Adjusting for this,

underlying trends are more robust: pledge loans, personal loans, discounted

documents, and mortgages are all growing above 20% y/y. Importantly,

management highlighted a pickup in credit demand across both pesos and dollars in

April and May.

Funding. Deposit growth guidance was also maintained despite a sequential decline

in private-sector deposits in 1Q26. The weakness was attributed primarily to

seasonality, as the first quarter is typically the weakest period in Argentina due to

holidays. Transactional deposits (checking and savings accounts) were softer and

declined as a share of total deposits, but management expects this to normalize

over the coming quarters. As activity recovers, the bank sees room for both peso

and dollar deposit growth to re-accelerate. Depending on rates and credit demand,

the bank aims to grow deposits in line with or faster than loans and gradually gain

market share over the medium term.

Morgan Stanley does and seeks to do business withNIM. As inflation declines, nominal interest rates are also expected to move lower,

companies covered in Morgan Stanley Research.