Banco Macro 1Q26 First Take: Stronger Revenues Offset Higher Provisions

Banco Macro delivered a strong 1Q26 earnings beat of 46% relative to GS estimates, driven by revenue expansion and cost control despite rising NPLs and provisions.

Key Takeaways

• 1.Recurring earnings of Ar$140.2bn beat Goldman Sachs estimates by 46% due to higher-than-expected revenues and lower operating expenses.
• 2.Capital ratios and ROE remain significantly higher than Argentine peers Galicia and BBVA Argentina.
• 3.Asset quality is showing signs of deterioration with the NPL ratio jumping 155bps sequentially to 5.5%.

Table of Contents

• Capital and ROE notably stronger than peers
• Solid revenue trends
• Cost of risk rising with higher NPLs
• Detailed 1Q26 results for Banco Macro
• Valuation and Risks
• Disclosure Appendix

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