BANCO MACRO: Net Profit Rises 59% In The Third Quarter To 2.6 Billion Pesos

(RTTNews) - Argentina's Banco Macro saw net profit rise 59% in the third quarter from a year before to 2.598 billion Argentinean pesos (US$ 148.15 million).

The bank's net financial income reached 6.026 billion pesos in the third quarter, up 52% from the same period in the previous year. Total financing to the private sector grew by 54%.

The accumulated efficiency ratio reached 43.3%, lower than the 45% posted in the second quarter of this year and the 47% in the third quarter of 2016. Net fee income over administrative expenses was 58%, higher than the 53.6% registered in 3Q16.

Total deposits grew 10% in the third quarter compared to the second quarter to 136.6 billion pesos. Private sector deposits were up 6%.

Banco Macro had an excess capital of 31.5 billion pesos in the third quarter and a 25.8% regulatory capital ratio as set in Basel III.