Net interest income reached 957.6 billion ARS in 2026Q1, though profitability remains constrained by an efficiency ratio that has fluctuated between 40.3% and 88.5% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Net Interest Income | 2.35T | 3.58T | 1.61T | 1.8T | 2.08T | 800.1B | 284.48B | 179.62B | 2.16T | 1.11T | 234.49B | 136.74B | 53.32B | 26.29B | 16.11B | 11.42B | 8.7B | 8.93B | 5.5B | 3.34B | 2.33B | 1.35B | 880.93M |
| NII Growth % | 168.13% | 122.68% | -10.58% | -13.44% | 159.78% | 181.24% | 58.38% | -91.68% | 94.79% | 372.41% | 71.49% | 156.46% | 102.8% | 63.24% | 41.06% | 31.2% | -2.6% | 62.52% | 64.38% | 43.81% | 71.79% | 53.67% | - |
| Net Interest Margin % | 9.69% | 15.41% | 11.1% | 12.3% | 31.93% | 41.1% | 24.33% | 29.63% | 18.69% | 17.89% | 5.04% | 130.28% | 9.59% | 8.24% | 7.66% | 6.49% | 6.53% | 8.75% | 7.52% | 5.49% | 5.24% | 4.71% | 3.35% |
| Interest Income | 3.77T | 5.83T | 3.55T | 5.35T | 4.17T | 1.37T | 461.85B | 311.46B | 3.51T | 1.59T | 444.36B | 251.3B | 102.11B | 47.92B | 28.53B | 18.71B | 13.99B | 14.68B | 9.87B | 5.83B | 3.53B | 2.27B | 1.28B |
| Interest Expense | 1.42T | 2.25T | 1.94T | 3.55T | 2.09T | 574.16B | 178.87B | 131.84B | 1.35T | 478.77B | 209.87B | 114.56B | 48.79B | 21.63B | 12.42B | 7.29B | 5.28B | 5.75B | 4.37B | 2.48B | 1.21B | 918.02M | 398.2M |
| Loan Loss Provision | 500.62B | 626.94B | 108.11B | 100.1B | 46.78B | 15.75B | 23.11B | 8.93B | -1.31T | -478.77B | -195.52B | -114.56B | -48.79B | -17.13B | -12.42B | -7.29B | -3.78B | -4.04B | -2.73B | 291.92M | 182.83M | 213.08M | 109.01M |
| Non-Interest Income | 991.57B | -16.55B | 2.91T | 4.34T | 1.2T | 327.44B | 126.08B | 75.96B | -737.65B | 6.34B | -105.56B | -43.9B | -16.2B | -3.46B | -1.95B | 508.79M | -306.43M | -1.29B | -1.47B | 2.61B | 2.1B | 1.58B | 789.22M |
| Non-Interest Income % | 20.83% | -0.28% | 45.06% | 44.81% | 22.37% | 19.24% | 21.44% | 19.61% | -26.63% | 0.4% | -31.16% | -21.17% | -18.86% | -7.79% | -7.35% | 2.65% | -2.24% | -9.64% | -17.46% | 30.91% | 37.29% | 41.03% | 38.16% |
| Total Revenue | 4.76T | 5.82T | 6.46T | 9.69T | 5.37T | 1.7T | 587.93B | 387.42B | 2.77T | 1.59T | 338.79B | 207.4B | 85.9B | 44.46B | 26.57B | 19.22B | 13.68B | 13.39B | 8.4B | 8.43B | 5.63B | 3.85B | 2.07B |
| Revenue Growth % | 15.67% | -10.04% | -33.31% | 80.48% | 215.63% | 189.44% | 51.76% | -86.02% | 73.92% | 370.15% | 63.35% | 141.43% | 93.23% | 67.29% | 38.27% | 40.49% | 2.14% | 59.41% | -0.37% | 49.66% | 46.26% | 86.27% | - |
| Non-Interest Expense | 2.42T | 2.34T | 4.05T | 4.16T | 2.83T | 965.84B | 270.69B | 177.48B | 2.77T | 1.59T | 338.79B | 207.4B | 85.9B | 44.46B | 26.57B | 19.22B | 13.68B | 13.39B | 8.4B | 3.85B | 2.71B | 1.82B | 982.17M |
| Efficiency Ratio | 50.76% | 40.29% | 62.71% | 42.91% | 52.73% | 56.76% | 46.04% | 45.81% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 45.64% | 48.11% | 47.29% | 47.49% |
| Operating Income | 420.12B | 595.61B | 360.01B | 1.88T | 401.07B | 145.94B | 115.26B | 69.17B | 30.72B | 0 | 10.02B | 0 | 0 | 3.78B | 0 | 0 | 1.4B | 1.44B | 921.26M | 1.81B | 1.53B | 899.47M | 578.97M |
| Operating Margin % | 8.82% | 10.24% | 5.57% | 19.43% | 7.47% | 8.58% | 19.6% | 17.85% | 1.11% | 0% | 2.96% | 0% | 0% | 8.49% | 0% | 0% | 10.26% | 10.78% | 10.96% | 21.47% | 27.21% | 23.35% | 27.99% |
| Operating Income Growth % | - | 65.44% | -80.88% | 369.5% | 174.81% | 26.62% | 66.64% | 125.16% | - | -100% | - | - | -100% | - | - | -100% | -2.74% | 56.69% | -49.12% | 18.09% | 70.47% | 55.36% | - |
| Pretax Income | 420.12B | 595.91B | 360.01B | 1.88T | 401.07B | 145.94B | 115.26B | 69.17B | 391.68B | 404.16B | 158.07B | 97.11B | 40.33B | 20.31B | 10.31B | 7.78B | 5.47B | 5.39B | 3B | 1.81B | 1.53B | 899.47M | 578.97M |
| Pretax Margin % | 8.82% | 10.25% | 5.57% | 19.43% | 7.47% | 8.58% | 19.6% | 17.85% | 14.14% | 25.37% | 46.66% | 46.82% | 46.95% | 45.69% | 38.8% | 40.49% | 39.96% | 40.22% | 35.71% | 21.47% | 27.21% | 23.35% | 27.99% |
| Income Tax | 163.81B | 256.92B | 33.52B | 614.79B | 124.57B | 7.19B | 38.36B | 26.59B | 9.43B | 236.9B | 3.48B | 32.2B | 14.54B | 1.33B | 3.75B | 2.79B | 371.29M | 671.93M | 269.07M | 284.61M | 235.4M | 103.17M | 2.09M |
| Effective Tax Rate % | 38.99% | 43.11% | 9.31% | 32.65% | 31.06% | 4.93% | 33.28% | 38.45% | 2.41% | 58.61% | 2.2% | 33.16% | 36.06% | 6.56% | 36.36% | 35.87% | 6.79% | 12.47% | 8.97% | 15.72% | 15.35% | 11.47% | 0.36% |
| Net Income | 371.55B | 337.27B | 325.5B | 1.27T | 276.45B | 138.74B | 76.9B | 42.57B | -32.04B | 167.26B | 103.21B | 64.91B | 25.79B | 13.14B | 6.56B | 4.99B | 4.01B | 2.86B | 2.15B | 1.53B | 1.3B | 796.3M | 576.88M |
| Net Margin % | 7.8% | 5.8% | 5.04% | 13.08% | 5.15% | 8.15% | 13.08% | 10.99% | -1.16% | 10.5% | 30.46% | 31.3% | 30.02% | 29.56% | 24.69% | 25.97% | 29.34% | 21.35% | 25.59% | 18.1% | 23.03% | 20.67% | 27.89% |
| Net Income Growth % | 838.21% | 3.62% | -74.32% | 358.47% | 99.25% | 80.42% | 80.63% | 232.86% | -119.16% | 62.06% | 59.01% | 151.67% | 96.23% | 100.31% | 31.48% | 24.32% | 40.34% | 33.03% | 40.87% | 17.58% | 63% | 38.04% | - |
| Net Income (Continuing) | 372.13B | 338.98B | 326.49B | 1.27T | 276.5B | 138.75B | 76.9B | 42.57B | -32.04B | 167.27B | 6.54B | 64.91B | 25.79B | 13.14B | 6.56B | 4.99B | 4.01B | 771.58M | 683.39M | 1.53B | 1.3B | 796.3M | 576.88M |
| EPS (Diluted) | 5811.04 | 5281.60 | 5090.60 | 22388.80 | 846.10 | 457.80 | 1202.30 | 638.10 | -493.50 | 2468.70 | 1742.00 | 1110.30 | 435.80 | 222.10 | 110.30 | 84.40 | 66.70 | 47.50 | 9.90 | 22.20 | 19.00 | 13.00 | 9.50 |
| EPS Growth % | 877.52% | 3.75% | -77.26% | 2546.12% | 84.82% | -61.92% | 88.42% | 229.3% | -119.99% | 41.72% | 56.89% | 154.77% | 96.22% | 101.36% | 30.69% | 26.54% | 40.42% | 379.8% | -55.41% | 16.84% | 46.15% | 36.84% | - |
| EPS (Basic) | - | 5281.60 | 5090.60 | 22388.80 | 846.10 | 457.80 | 1202.30 | 638.10 | -493.50 | 2468.70 | 1742.00 | 1110.30 | 435.80 | 222.10 | 110.30 | 84.40 | 66.70 | 47.50 | 9.90 | 22.20 | 19.60 | 13.00 | 9.50 |
| Diluted Shares Outstanding | 63.94M | 63.94M | 63.94M | 63.94M | 63.94M | 63.94M | 63.94M | 63.9M | 64.84M | 67.73M | 59.22M | 58.45M | 59.22M | 59.21M | 59.45M | 59.21M | 60.21M | 60.21M | 68.4M | 68.4M | 68.4M | 61.02M | 61.02M |
Hyperinflationary margin compression
According to recent financial disclosures, Banco Macro's net interest income reached 957.6 billion ARS in 2026Q1, reflecting a 63.4% growth rate that highlights the bank's sensitivity to shifting monetary policy and the ongoing transition away from legacy central bank instruments toward private sector lending.
The sharp rebound in NII suggests that the bank is successfully repricing its asset base, though the volatility in quarterly growth rates indicates significant exposure to the Argentine central bank's interest rate cycles. Investors should monitor whether this growth is sustainable or merely a byproduct of inflationary adjustments to the loan book.
As reported in quarterly filings, the net interest margin has fluctuated between 1.7% and 4.2% over the last ten quarters, suggesting that the bank's ability to maintain spread profitability is heavily constrained by the evolving regulatory environment and the cost of funding in a hyperinflationary economy.
The recent NIM of 4.0% appears to be a recovery from the lows observed in 2024, yet the historical volatility warrants caution regarding the bank's pricing power. The reliance on government-mandated payroll deposits provides a structural floor, but margin expansion remains elusive without a more stable macroeconomic backdrop.
Based on the provided income statement data, the efficiency ratio has remained elevated, oscillating between 40.3% and 88.5%, which indicates that the bank's extensive physical branch network creates a rigid cost structure that is difficult to optimize during periods of extreme domestic price instability.
The high efficiency ratio suggests that inflationary wage pressures and administrative costs are consistently challenging the bank's operating leverage. Management's ability to integrate recent acquisitions like Banco Itaú Argentina will be critical in determining whether they can achieve the scale necessary to lower this ratio over the long term.
As indicated by the latest financial statements, provision expenses for loan losses surged to 238.8 billion ARS in 2026Q1, a significant increase that may reflect management's proactive stance in anticipating credit deterioration within the retail and consumer segments of the interior provinces.
The uptick in provisioning appears to be a prudent response to the broader economic slowdown, suggesting that the bank is bracing for potential NPL growth. Analysts should monitor whether these provisions are sufficient to cover the risks inherent in the bank's exposure to public sector employees and private retail borrowers.
Based on the reported figures, the bank's heavy reliance on government-linked assets and central bank instruments creates a direct correlation between BMA's earnings quality and the Argentine state's creditworthiness, which may mask underlying operational risks during periods of fiscal volatility or regulatory shifts in monetary policy.
The bank's earnings appear to be a proxy for sovereign risk rather than a pure reflection of commercial banking performance. Investors should consider that any forced restructuring or devaluation of government-held assets could have a disproportionate impact on the bank's capital position and future profitability.
Quick answers to the most common questions about buying BMA stock.
Banco Macro S.A. (BMA) is profitable, generating $337.27B in net income for the fiscal year ending 2025 with a net profit margin of 5.8%.
Banco Macro S.A. (BMA) reported an operating income of $595.61B, resulting in an operating profit margin of 10.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Banco Macro S.A. (BMA) generated $2.94T in gross profit for the year, representing a gross profit margin of 50.5%. This demonstrates the company's core pricing power and production efficiency.