Macro Bank Inc. (BMA)

Price$78.57Cached quoteAs of 2026-09-05 01:03 UTC

AI: Fair-priced

Price checkThe shares look reasonably valued, with low earnings multiples offset by rising credit risk.

The stock trades at about nine times forecast earnings and about 1.24 times reported book value, which is shareholders' accounting equity. Its indicated dividend yield is about 5.5%. Those figures look inexpensive, but the discount is partly deserved: profits have been uneven and bad loans rose sharply in 2026. With both upside and clear balance-sheet risk, the evidence supports a Fair-priced verdict rather than an obvious bargain.

Big pictureProfitability is recovering, but inflation and Argentina's credit cycle still make earnings unusually unstable.

The supplied history shows net income falling from ARS 1.27 trillion in 2023 to ARS 326.5 billion in 2024. Operating cash flow swung from negative ARS 185.6 billion to positive ARS 2.00 trillion, while 2024 capital spending was ARS 124.5 billion. For a bank, operating cash flow is heavily moved by deposits and loans, so it is not the same clean cash measure used for factories. Second-quarter 2026 net income improved 39% from the prior quarter, but inflation accounting still complicates comparisons.

Business strengthCapital and liquidity are strong, but fast-rising bad loans are using that cushion.

Second-quarter 2026 capital equaled 28% of risk-weighted assets, with ARS 4.1 trillion of capital above the regulatory requirement, while liquid assets equaled 74% of deposits. That is a strong buffer. The problem is credit quality: bad loans rose to 6.25% of financing from 2.06% a year earlier, and consumer bad loans reached 8.42%. The supplied history shows 639.4 million shares unchanged from 2021 through 2024, limiting dilution, while 2024 dividends of ARS 466.9 billion exceeded ARS 326.5 billion of net income.

What could change the storyCredit stabilization and productive digital growth could unlock upside; further loan losses would erase it.

The bullish path is straightforward: keep second-quarter 2026 profitability near its 14.3% adjusted return on equity, stabilize bad loans, and turn the Personal Pay and Banco Sáenz strategy into profitable customer growth. The bearish path is also specific: private-sector loans were still 6% lower than a year earlier while bad loans kept climbing, which could force more provisions and reduce distributions. At this valuation, investors appear to assume earnings normalize without a severe credit loss cycle; that assumption is plausible, but not yet proven.

AI: News

Second-quarter profit reboundSecond-quarter profit improved, but worsening loan quality kept the earnings rebound from looking clean.

On August 19, 2026, Banco Macro reported second-quarter net income of ARS 206.8 billion, up 39% from the prior quarter and 4% from a year earlier. Financing grew 3% quarter over quarter, but bad loans rose to 6.25% from 5.4% in the first quarter and 2.06% a year earlier. The New York shares fell about 3% in the next session; that timing is consistent with investor concern, but it does not prove the earnings release caused the decline.

Dividend program completedThe bank completed a large cash dividend, rewarding shareholders while reducing capital available for growth.

Banco Macro's 2026 cash dividend totaled about ARS 147.1 billion in February 2026 purchasing power and was split into three monthly installments paid in May, June, and July. By the August 19 earnings release, all installments had been paid. The distribution supports the stock's income case and demonstrates regulatory capacity to return capital, but cash paid out cannot also absorb loan losses or fund expansion, so future payouts depend on profitability and credit quality remaining strong enough.

Banco Sáenz acquisitionThe Banco Sáenz deal extends the digital strategy by adding a banking platform for Personal Pay.

On March 20, 2026, Banco Macro and Fintech Digital agreed to acquire 100% of Banco Sáenz, subject to Argentine central-bank approval. The price is Banco Sáenz's closing equity value plus USD 2 million, with adjustments possible. Banco Macro said the deal would support its digital ecosystem and complement its 50% stake in Personal Pay. As of late June, approval was still pending, so the strategic upside is real but not yet reflected in completed integration or proven earnings.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	—	$5.95T	$8.08T	$3.28T	$1.13T	—	—	$58.67B	$55.94B	—
Operating income	—	$2.72T	$4.41T	$1.95T	$548.12B	$205.62B	$125.18B	$56.30B	$36.35B	—
Operating margin	—	45.68%	54.53%	59.56%	48.61%	—	—	95.97%	64.99%	—
EBITDA	—	$2.86T	$4.53T	$2.06T	$591.34B	$218.56B	$131.36B	$59.39B	$38.52B	—
EBITDA margin	—	48.00%	56.10%	62.71%	52.45%	—	—	101.23%	68.86%	—
Net income	—	$326.49B	$1.27T	$276.50B	$138.75B	$76.90B	$42.57B	−$1.50B	$9.13B	—
Net profit margin	—	5.49%	15.70%	8.43%	12.31%	—	—	−2.56%	16.33%	—
Basic EPSper basic share	ARS 4,527.54	ARS 509.06	ARS 1,982.22	ARS 432.35	ARS 216.99	ARS 120.27	ARS 66.58	-ARS 2.27	ARS 14.51	ARS 2.13
Diluted EPSper diluted share	ARS 4,527.54	ARS 5,069.38	ARS 9,185.05	ARS 673.09	—	—	—	—	—	—