Argentina-based Banco Macro has reported a net income of ARS156m for the first quarter ended March 31, 2009, an increase of 3% compared to ARS151.6m for the corresponding quarter of 2008.
The bank’s net financial income for the first quarter of 2009 was ARS496.7m, an increase of 40% on year to year basis. Banco Macro’s operating income rose 74% year to year to ARS309.5m in the first quarter of 2009.
According to the bank statement, the annualized return on average equity and return on average assets for the first quarter of 2009 were 21.7% and 2.6%, respectively.
Banco Macro’s financing to the private sector increased 11% year to year, or ARS1.2 billion. Loans to small and medium enterprises and export-financing increased 28% on year to year basis, while personal loans increased 8% year to year, said the bank.
In the first quarter of 2009, total deposits of the bank increased 9%, or ARS1.5 billion quarter to quarter, totaling ARS17.3 billion and representing 79% of the bank’s liabilities.
The bank’s non-performing loans to total loans ratio was 3.06% and the coverage ratio reached 121.16% in the first quarter of 2009.
