Argentina-based Banco Macro S.A. (BMA: Quote) Tuesday reported second quarter net income of 332 million pesos, up 29% from 257.8 million pesos last year. On a quarter-over-quarter basis, profit was up 3%.
During the quarter, Banco Macro's annualized return on average equity and annualized return on average assets were 25.9% and 3.1%, respectively.
Banco Macro's financing to the private sector grew 3% or Ps.835.4 million quarter-over-quarter totaling Ps.26.2 billion, excluding liquidity administration credit lines.
The company said both commercial and consumer loans continued showing growth. Among commercial loans, overdrafts grew 42% quarter-over-quarter. Personal and credit cards loans rose 3% and 8% quarter-over-quarter, respectively.
During the quarter, the company's non-performing to total financing ratio was 1.58% and the coverage ratio reached 169.5%.
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by RTT Staff Writer
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