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In 3Q 08, Banco Macro S.A.’s (Banco Macro) top-line grew robustly, driven by healthy expansion in Net Interest Income (NII). Strong loan portfolio growth was led by private sector loans and personal loans, reflecting healthy demand during the period. Growth in NII was supported by a strong increase in noninterest income, driven by higher fee income from credit card and deposit accounts. We expect a slowdown in…

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The Banco Macro S.A. (Banco Macro) common stock has depreciated significantly since we downgraded it to a HOLD on 22 October 2008, reflecting investor concerns over the economic and political situation in Argentina. Therefore, although we remain optimistic about the bank’s long term fundamentals, we are concerned about the near term prospects for the common stock. Consequently, although our target price implies a BUY, we maintain…

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In 2Q 08, Banco Macro S.A.’s (Banco Macro) top-line grew as a result of healthy expansion in Net Interest Income (NII). NII growth was driven by strong loan portfolio growth, particularly private sector loans and personal loans, reflecting solid economic growth in Argentina during the period. Meanwhile, although fee income rose y-o-y, net other income declined y-o-y as a result of lower loan recoveries and higher other expenses....