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Banco Macro SA

Banco Macro SA

BMA
$90.14USD↓-0.79%-0.72 today

MARKET CAP

8.93T

P/E (TTM)

0.1x

FWD P/E

0.1x

DAY RANGE

$87 – $90

52W RANGE

$37
$103

AI Summary

Stalk
Sell NowMedium

BMA remains in Stage 3 distribution with price capped by declining EMAs and failing to form new highs. The medium-term bias is bearish, supported by distribution‐biased volume and lower-high/low structure. Short-term tracking below the 9/21 EMA resistance offers a favorable entry to sell into rallies, with no exhaustion evident. We will sell now on EMA rejections rather than chase lower prices.

  • ↑Net income jumped 131% YoY to ARS139.8 B in Q1 2026.
  • ↑Net interest income up 27% YoY to ARS975.2 B.
  • ↓NPL ratio of 5.4% poses asset quality concerns.
Full analysis →

The case for & against

Bull & Bear analysis

Bearish

Banco Macro S.A. (NYSE: BMA) is a leading private bank in Argentina, primarily engaged in retail banking and financial services. It accommodates a diverse clientele with products ranging from traditional banking to digital financial services. Banco Macro demonstrates resilience amid Argentina's volatile economic environment, which is characterized by high inflation and political instability. The bank's strategic initiatives include digital expansion, evidenced by its recent acquisitions and joint ventures, positioning itself as a key player in the financial landscape.

Bull says

  • ↑Net income jumped 131% YoY to ARS139.8 B in Q1 2026.
  • ↑Net interest income up 27% YoY to ARS975.2 B.
  • ↑Capital adequacy at 32.4% with ~ARS4 T excess capital.
  • ↑Digital push via Personal Pay acquisition enhances fintech reach.
  • ↑High interest rate sensitivity could boost margins if rates rise.
  • ↑Analysts see ~29.7% stock upside amid Argentina’s recovery.

Bear says

  • ↓NPL ratio of 5.4% poses asset quality concerns.
  • ↓Inflation ~28% may drive up risk costs and compress margins.
  • ↓Weak profitability factors suggest cost management challenges.
  • ↓Stock trades ~184% above GF Value, flagging overvaluation risk.
  • ↓Low liquidity may strain deposit growth versus 20% loan target.
  • ↓Negative earnings yield and dimming analyst sentiment may pressure stock.

Investment themes with BMA

Argentina↑ +3.08%

Emerging economy driven by commodities, agriculture, and energy

MELI · YPF · GGAL

Earnings Call · Q1 2025 · Mgmt. Guidance

Updated 06-06-2026neutral

Transcript signals

Bull points

  • the bank's total financing reached 7.7 trillion pesos, increasing 22% of 1.4 trillion pesos quarter on quarter, and increasing 97% of 3.8 trillion pesos year on year.
  • private sector loans increased 22% or 1.3 trillion pesos. On a yearly basis, private sector loans increased 94% or 3.6 trillion pesos.
  • Banco Macro's market share over private sector loans as of March 2025 reached 9.5%.

Bear points

  • In the first quarter of 2025, Banco Macro's net income totaled 45.7 billion pesos. This result was 59% or 65.3 billion pesos lower than the fourth quarter of 2024.
  • In the first quarter of 2025, provision for loan losses totaled 66 billion pesos, 62% or 25.3 billion pesos higher than the fourth quarter of 2024, given the loan growth experience in the quarter. On a yearly basis, provision for loan losses increased 124% or 36.6 billion pesos.
  • 21% decrease in income from interest on government securities
Read full transcript analysis ›