Banco Macro SA (B4W) Q2 2026 Earnings Report

The call presented a mix of constructive operational and financial achievements—strong quarterly profitability improvement, upgraded adjusted ROE guidance, robust capital and liquidity, high stage 3 coverage and continued execution of a multi-year digital and product transformation—balanced against ongoing challenges: muted loan growth, a sequential rise in NPLs (notably in consumer), significant one-time restructuring charges, some compression in asset yields, and macro/political uncertainty heading into an election year. Management provided conservative forward guidance for loan growth and cost-of-risk while highlighting capacity to invest and pursue strategic opportunities.

Management updated 2026 guidance raising adjusted ROE to about 12% (from ~8%) while reported ROE is guided around 9–10% for the year; they expect cost of risk to end 2026 near 6.5–7%, total NPLs to be ~5.5–6% (Stage 3 <4%) with Stage‑3 coverage to remain well above 100% (Q2 Stage‑3 coverage 148.8%) and total coverage not expected to fall below ~90% (Q2 coverage 95.4%). Loan growth was downgraded to roughly 2–5% real for 2026 (peso loans roughly tracking monthly inflation; USD lending ~2–2.5%/month; management assumes ~12–13% peso devaluation June–Dec), deposit growth is now targeted nearer ~10% real, liquidity remains ample (liquid assets ≈79% of deposits / ≈74% equivalent) and capital strong (Tier‑1 ~28% vs 11.5% requirement, ~ARS 2.7bn excess); margins should stay above ~20% NIM and restructurings (ARS 14.2bn after‑tax in Q2) will continue while the branch count is cut toward ~370 and headcount below 8k to fund digital/fee income initiatives.