August 2013 Investor Relations Sarmiento 447 3er piso (1041) CABA- Argentina Tel:(54-11) 5222-6682 investorelations@macro.com.ar
Company Representatives Jorge Scarinci, CFA Finance & IR Manager Ines Lanusse Investor Relations Disclaimer The information contained in this presentation is confidential and has been prepared solely for informational purposes. This presentation contains forward-looking statements which are based largely on our current beliefs, expectations and projections about future events and financial trends affecting our business. Many important factors could cause our actual results to differ substantially from those anticipated in our forward-looking statements among other things: inflation; changes in interest rates and the cost of deposits; government regulation; adverse legal or regulatory disputes or proceedings; credit and other risks of lending, such as increases in defaults by borrowers; fluctuations and declines in the value of Argentine public debt; competition in banking, financial services; deterioration in regional and national business and economic conditions in Argentina; and fluctuations in the exchange rate of the peso. Banco Macro financial results presented as of June 30, 2013 are stated in accordance with Central Bank Rules. 2
Agenda Investment Highlights Page 05 Argentine Macroeconomic and Financial Scenario Page 07 BMA Business Overview Page 13 BMA Financial Performance Page 24 Appendix Page 36 3
Agenda Investment Highlights Page 05 Argentine Macroeconomic and Financial Scenario Page 07 BMA Business Overview Page 12 BMA Financial Performance Page 23 Appendix Page 35 4
Investment Highlights 5
Agenda Investment Highlights Page 05 Argentine Macroeconomic and Financial Scenario Page 07 BMA Business Overview Page 13 BMA Financial Performance Page 23 Appendix Page 35 6
Macroeconomic Environment Net Exports 85 20 Real GDP Growth 18 15.0 16 45 9.2 9.2 9.0 8.9 8.8 8.7 8.5 10.0 14 6.8 (USD Billions) (USD Billions) 12 5.0 2.5 1.9 5 10 (%) 0.0 8 -1.0 (5.0) 6 -4.4 (35) (10.0) 4 -10.9 2 (15.0) 01 02 03 04 05 06 07 08 09 10 11 12 13 (1) (75) 0 01 02 03 04 05 06 07 08 09 10 11 12 13 (1) Exports Imports Balance 70 Debt to GDP Fiscal Result 34 4 Primary & Fiscal Result/ GDP (%) 60 Income Expenses/ GDP (%) 3 28 2 50 1 (%) 40 22 0 30 -1 16 20 -2 10 10 -3 01 03 05 07 09 11 13 (1) 0 Total Income/ GDP Total Expenses/ GDP 2006 2007 2008 2009 2010 2011 2012 2013 (1) Primary Result/ GDP Fiscal Result/ GDP 7 Notes: 1- Estimated (Source: BMA/MECON/REM/BCRA)
Monetary Performance and Financial Markets Exchange Rate Local Stock Market 2 4,000 5.50 3.00 5.00 3,000 2.50 4.50 $/USD $/BRL 2,000 2.00 4.00 1,000 1.50 3.50 0 3.00 1.00 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Merval Interest Rate - BADLAR 24.00 20.00 (%) 16.00 12.00 8.00 Jun-10 Oct-10 Feb-11 Jun-11 Oct-11 Feb-12 Jun-12 Oct-12 Feb-13 Jun-13 8 Source: BCRA/Yahoo Finance
Public Debt – As of December 2012 – Million USD TOTAL DEBT Plus contingent debt payment for GDP 208,945 cupon for USD 20,000 PERFORMING DEBT NON PERFORMING DEBT 191,355 (92%) 17,590 (8%) Paris Club & By type of debt Holdouts By Creditor By currency others 11,480 (65%) 6,110 (35%) Restructured debt Public sector In Ps 55,771 (29%) 114,767 (60%) 81,052 (42%) NY Legislation: 11,899 Under NY trial In Forign Private Sector London Legislation 1,330 (12%) Currency 76,588 (40%) 15,985 110,303 (58%) Tokio Legislation: 361 Argentine Legislation 27,625 Debt with BCRA 59,454 (31%) International Organizations 18,335 (10%) Other securites & loans 57.795 (30%) Source: BMA
Profitability and Financial System Loan Growth Rates (YoY) 1 Deposits-Loans / GDP 1 Avg Avg Avg Avg Avg Avg Avg Avg Avg Avg 2003 Avg 2010 2012 2008 2009 2011 2013 ∆: (34%) 2004 2005 2007 2006 32 ∆: 37% ∆: 30% ∆: 23% ∆: 8% ∆: 48% ∆: 32% ∆: 8% ∆: 33% ∆: 41% ∆: 41% 55 27 40 25 22 (%) 18 (%) 10 17 16 (5) 12 (20) 7 (35) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Commercial Consumer Total Private Deposits Private Sector Loans Source: BCRA Note: 10 1- As of June 2013 .
Banking System Market Share / Group of Banks 1 Loans to the private sector Deposits from the private sector Private Bank (foreign) 30% Private Bank (foreign) 26% Private Bank (local) Private Bank 31% (local) 28% Public Bank Macro Public Bank 39% 26% 46% Macro 18% Loans/Deposits evolution with the private sector (YoY) Financial System 2 50 46 42 40 37 32 32 30 30 29 28 30 26 ( %) 20 20 20 9 10 7 0 Source: BCRA 2007 2008 2009 2010 2011 2012 2013 Note: 1- As of March 2013. 11 Loans to Private Sector Deposits from Private Sector 2 – As of June 2013.
Agenda Investment Highlights Page 05 Argentine Macroeconomic and Financial Scenario Page 07 BMA Business Overview Page 13 BMA Financial Performance Page 24 Appendix Page 36 12
Successful Business Model Leveraging our nationwide presence to serve our target customer markets
BMA Strategy Focus on mantaining healthy Loans to private sector grew 27% in LTM. volumes Deposits from private sector grew 18% in LTM. Shareholder value through Net Fees covering of 63.8% of operating expenses. operational excellence and Buying back equity and debt securities if applicable. market initiatives Operational Efficiency Cost to Income ratio of 52.8%. Liquidity: liquid assets at 29.5% of total deposits. Asset quality: Coverage ratio at 143.93% of NPLs and NPLs ratio Risk Management at 1.9%. Currency: net long USD position since 3Q08. Capitalization: capital ratio at conservative 21.7%. Loans growth (organic and/or inorganic). Opportunities Increase business in branches. Increase our market share in the credit card market. 14
Unique Branch Network Largest private sector branch network in Argentina and exclusive financial agent in 4 provinces Nationwide Presence 2 Strongest presence outside buenos Aires 1 Branches 428 Macro 79% 14% 7% 628 Nacion 60% 30% 10% 159 Patagonia 47% 27% 26% 104 Supervielle 47% 22% 31% 251 Credicoop 43% 41% 16% 139 HSBC 40% 27% 33% 428 branches throughout the country 331 Santander Rio 35% 35% 30% 1088 ATMs 104 838 TAS ICBC 33% 36% 32% 55 Service points 244 BBVA Frances 32% 34% 34% 261 Galicia 29% 38% 33% Provinces with Branches 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Financial Agency Agreements Interior of Argentina BA Province BA City Financial Agency Agreements Exclusive and Long Term Relationships with Provincial Governments Provincial Large Customer Government’s Branch Agreement Cross Selling Base Bank Provinces Population Market Share expires Employees and relatives Salta 1,2 m 46% 2016 Low - Cost + Companies with Funding government contracts Misiones 1,1 m 52% 2019 Jujuy 0,7 m 47% 2014 Companies operating in Public regional economies Tucumán 1,5 m 44% 2021 Employees Fee Income Payroll Accounts Source: BCRA / BMA Notes: 15 1- As of March 2013 except Macro as of June 2013. Bank´s with 100 branches or more. 2- As of June 2013.
Branch Network: Buenos Aires Keep increasing our market share in Buenos Aires Bank (total branches) Total Market Share 1 SANTANDER RIO 156 11% 2 GALICIA 144 10% 3 BBVA FRANCES 133 9% 4 PROVINCIA DE BS AS 130 9% 5 NACION 113 8% 6 CREDICOOP 87 6% 7 HSBC 68 5% Metropolitan Area 8 ITAU 67 5% & Great Buenos Aires 1 9 PATAGONIA 67 5% 10 CIUDAD DE BS AS 60 4% 11 ICBC 59 4% 12 MACRO 50 4% 13 COMAFI 49 3% 14 SUPERVIELLE 48 3% Others 185 13% Financial System 1416 100% Bank (total branches) Total Market Share 1 PROVINCIA DE BS AS 212 30% 2 NACION 137 19% 3 SANTANDER RIO 60 8% 4 CREDICOOP 55 8% Rest of Buenos 5 GALICIA 42 6% Aires Province 1 6 MACRO 41 6% 7 BBVA FRANCES 32 5% 8 PATAGONIA 17 2% 9 HSBC 16 2% 10 BANCO DE LA PAMPA 13 2% Others 83 12% Financial System 708 100% Source: BCRA Notes: 1 - As of March 2013 except Macro as of June 2013.
Loan & Deposit Breakdown Deposits (Ps. 39,530 million Ps.) 1 Loans (Ps. 33,966 million Ps) 1 Public & Fin Public Financial 22% 2% 1% Private 97% Private 78% Pub & Fin 3% Pub & Fin 22% Institutional 28% Corporate Consumer 45% 52% Consumer 50% Dollar Dollar 6% 9% Source: BMA Notes: Peso 17 1 - As of June 2013. Peso 94% 91%
Recommend
More recommend
