BANCO MACRO: Profit Rises 12% In Q2 Boosted By Fees, Lower Spending

(RTTNews) - Argentina's Banco Macro reported that net income for the second quarter of 2017 was at 2.015 billion Argentinean pesos (US$ 112 million), 14% higher than in the first quarter of this year and 12% larger than in the second quarter of 2016.

In the period, Banco Macro's financial income totaled 8.354 billion pesos, 10% higher than in the first quarter of 2017 and 11% greater than the second quarter of the previous year. From the total financial income for the quarter, 77% came from interest on loans.

Financial expenses were 8% lower in the second quarter from a year before, at 3.109 billion pesos. Net fee income was 41% higher in the second quarter from a year before, at 1.8 billion pesos.

Total financing to the private sector grew 12% compared to the previous quarter, totaling 105.244 billion Argentinean pesos and rose 49% compared to the second quarter of 2016.

The efficiency ratio accumulated in the second quarter hit 45%, improving from the previous quarter, when it reached 47%, and from 46.3% in the same period of 2016. The non-performing to total financing ratio was at 1.27%, while the coverage ratio hit 168.08%.