Banco Macro SA B

What it is

Banco Macro is the second-largest domestically owned private bank in Argentina, offering everyday accounts, loans, cards and insurance to individuals and businesses across the country. It serves as the official financial agent for four Argentine provinces and maintains one of the largest branch networks in the country, giving it a reach that city-based rivals rarely match.

Argentina’s credit-to-GDP ratio stands at just 11%, against 30–70% in comparable Latin American economies — a gap management openly cites as the bank’s single biggest long-term opportunity.

Who owns it

The ownership is dispersed: Argentina’s state social-security fund ANSES holds roughly 30% of the capital, with significant further stakes held by foreign investors and entities linked to the Carballo family; no formal controlling group has been identified. The EODHD data shows insiders hold about 35.5% and institutional investors about 33.2%, implying a free float of roughly 31% (our calculation).

The bank’s roots lie with the Brito and Carballo families. In 1978, Jorge Horacio Brito and his co-founder together established Macro Compañía Financiera S.A., the entity that became Banco Macro.

The Central Bank of Argentina granted it a full commercial-banking licence in 1988. Jorge Horacio Brito died in a helicopter accident in November 2020; his son, Jorge Pablo Brito, now chairs the board.

Who runs it

In March 2025, the board appointed Juan Parma as the bank’s new CEO. Parma had previously served as CEO of HSBC Argentina before that business was sold to Grupo Galicia.

Jorge Pablo Brito chairs the board, with Carlos Alberto Giovanelli as vice-chairman. Jorge Scarinci serves as Chief Financial Officer, as confirmed in regulatory filings and the Q1 2026 earnings call.

The money, in plain words

The bank keeps about 7.6 cents of profit from every peso of revenue — a net margin of 7.6%, which is thin by global standards but reflects the heavy interest costs typical of Argentine banking. For every peso that owners have invested, the bank earns about 11 cents back annually — a return on equity of 10.8%, modest for an emerging-market bank but improving fast.

The balance sheet is substantial: shareholders’ equity stands at roughly ARS 5.86 trillion (US$4.0 bn) ($4.0 billion) as of Q1 2026, up sharply from ARS 4.05 trillion (US$2.8 bn) at end-2024 ($2.77 billion). The bank carries no disclosed net debt — cash on the books at end-2024 was ARS 2.78 trillion (US$1.9 bn) ($1.90 billion), with no short-term or long-term debt reported (our calculation).

At 25.4 times earnings, the stock prices in a great deal of Argentina’s recovery story.

What it is doing now

In the first quarter of 2026, the bank posted net income of ARS 139.8 billion (US$96 mn), up 28% from the prior quarter and 131% year on year. The board approved a cash dividend of approximately ARS 147 billion (US$100 mn), to be paid in three monthly instalments.

In March 2026, Banco Macro signed an agreement to acquire Banco Sáenz S.A. — another step in a long acquisition strategy that previously included buying Banco Itaú Argentina’s entire local operation for $50 million, completed at end-2024. The Banco Sáenz deal was still awaiting Central Bank of Argentina approval as of June 2026.

What to watch

• Loan growth: management has guided for 42% nominal loan growth in 2026; whether Argentina’s stabilising economy delivers the credit demand to support that will be the key test.
• Asset quality: the non-performing loan ratio rose to 5.4% in early 2026, with elevated consumer delinquencies; management expects the cost of risk to remain between 5.5% and 6% for coming quarters.
• Banco Sáenz approval: regulatory uncertainty and pending Central Bank clearance remain a live risk to the bank’s inorganic growth plan.
• Macro environment: Argentina’s peso volatility and inflation make all local-currency figures hard to read across periods; the bank reports under IAS 29 inflation-adjustment rules, which every user of its accounts must bear in mind.

This is news, not investment advice.